Bulgaria’s 3-mo trade gap widened to BGN 3.3bn

13.05.2022 Source: NSI; FFBH

According to preliminary data, foreign trade with third countries in March’22 resulted in a trade deficit of BGN 1.2bn (+90.4% YoY) compared to a deficit of BGN 614.4m a year earlier, as imports/CIF (BGN 3.7bn) grew 35.8% YoY, while exports/FOB (BGN 2.5bn) increased 19.6% YoY. Mar’22 exports to the EU (BGN 5.6bn) jumped 49.5% YoY, while imports (BGN 5.3bn) grew 32.2% YoY over the same period. Note, that while inflation is a factor in increases in both imports and exports, the jump in exports may be further supported by exports of weapons, due to the conflict in Ukraine. This resulted in a positive trade balance with the EU for the month of BGN 313.7m, compared to a BGN 252.3m deficit in the corresponding period of 2021. Total trade balance in Mar’22 was negative and amounted to BGN 0.9bn (-1.2% YoY) as total exports increased by 38.9 % to BGN 8.1bn, while total imports jumped 33.7% YoY and amounted to BGN 8.9bn. Total trade balance FOB/CIF for Jan-Mar 2022 came at negative BGN 3.3bn, increasing by 117.2% YoY from negative BGN 1.5bn in the comparable period of 2021. Total exports were up by 34% YoY to BGN 21bn while total imports grew 41.4% YoY to BGN 24.3bn.