The Bulgarian National Bank: Bulgaria’s trade deficit for the first 10 months of 2015 has decreased

Bulgaria’s trade deficit for the first 10 months of 2015 has decreased compared with the same period of the 2014, as exports rose faster than imports, according to statistical data released by the Bulgarian National Bank (BNB).

Bulgaria ran a trade deficit of EUR 2.40 B for January-October, lower than a shortfall of EUR 3.26 B recorded a year earlier, the Bulgarian National Bank (BNB) said in a statement.

Exports FOB for January – October 2015 amounted to EUR 19.48 B, increasing by EUR 1.09 B, or 5.9% year-on-year.

Imports CIF totalled EUR 21.88 B in January – October 2015, growing by EUR 236.4 M, or 1.1% over the prior period.

Exports to the European Union increased by EUR 1.034 B, or 9% on a year-on year basis, with their share in total exports growing from 62.4% in January – October 2014 to 64.2% in the same period of 2015.

Exports to Germany had the highest share in total exports (12.6%), followed by Italy (9.4%), non-EU Turkey (8.8%), and Romania (8.2%).

Imports from the EU increased by 5.8% year-on-year for the first 10 months of 2015. Their share in total imports increased to 52.4% from 50.1% in January – October 2014.

The highest increase in imports from other EU member states was registered in trade with Germany (+9.7%), followed by Italy (+5.7%), the Netherlands (+20.8%), and Poland (+11%).