Bulgaria’s 2023 trade deficit shrank 31.3% YoY to BGN 10.3bn

12.02.2024 Source: NSI; FFBH

According to preliminary data, foreign trade with third countries in Dec’23 resulted in a trade deficit of BGN 455.5m, compared to a deficit of BGN 1.0bn a year earlier. Imports/CIF (BGN 3.1bn) declined 12.7% YoY, while exports/FOB (BGN 2.6bn) added 3.7% YoY. Dec’23 exports to the EU (BGN 3.9bn) declined 7.8% YoY, while imports (BGN 4.8bn) decreased 2.8% YoY over the same period. This resulted in a negative trade balance with the EU for the month of BGN 0.9bn, compared to a BGN 0.7bn shortfall in the corresponding period of 2022. Total trade balance in Dec’23 was negative and amounted to BGN 1.3bn (-20.9% YoY) as total exports declined by 3.5% to BGN 6.5bn, while total imports decreased at a faster pace of 6.9% YoY and amounted to BGN 8.4bn. Total trade balance FOB/CIF for 2023 came to negative BGN 10.3bn, declining by 31.3% YoY from negative BGN 15.0bn in the comparable period of 2022. Total exports decreased 6.8% YoY to BGN 86.6bn while total imports decreased 10.2% YoY to BGN 96.9bn.