Bulgaria's export and import shrank by almost one third in the first quarter of 2009 compared to the first quarter of 2008 as a result of the global financial and economic crisis.

Preliminary data of the Bulgarian Statistical Institute shows that Bulgaria's export was BGN 5,2 B in the first quarter of 2009 compared to BGN 7,1 B in the same period of 2008, a drop of 26,8%.

Bulgaria's import declined by 29,9% - from BGN 11,2 B in January-March 2009 to BGN 7,8 B in the same period of 2009. Thus, for the first quarter of 2009, Bulgaria's foreign trade balance is negative BGN 2,6 B.

Bulgaria's main trading partner, the EU (60% of the foreign trade) has received Bulgarian goods and services worth BGN 3,5 B, a 22,9% decline compared to a year ago.

In January-March 2009, Bulgaria imported from the EU goods and services worth BGN 4,7 B, a drop of 26,1%.

Bulgaria's export to its largest individual trading partner, Germany, has declined by 19,8%, and its import from Germany - by 21,3%.

Bulgaria's second largest individual trading partner, Greece, has imported 34,3% fewer Bulgarian goods and services; its exports to Bulgaria dropped by 32,4%. The decline is mostly due to the shrinking of the activity of Greek-owned Bulgarian firms in the textile and cement industry, among others.

Bulgaria's import from its main non-EU trading partner, Russia, was worth 35% less than in the first quarter of 2008. Bulgaria imports from Russia mainly energy resources, and while the quantities have not decreased, the decline is due to the smaller global prices of the oil and natural gas.

Bulgaria's export to Russia have dropped by 30,7%. In sum, Bulgaria's import from Russia amounted to BGN 930 M, whereas its export to Russia was worth BGN 130 M.

The closure of the Kremikovtzi steel plant has affected Bulgaria's import from the Ukraine, which was the major source of coal and iron ore for the factory. In the first quarter of 2009, Bulgaria's import from the Ukraine dropped by 58,8%.

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