BIA: Bulgaria's Exports Grow Thanks to Bigger Quantities
Some 60% of the growth of Bulgaria's exports is the result of an increase in the quantity of the exported goods, according to an analysis of the Bulgarian Industrial Association (BIA).
BIA points out that in 2010 Bulgaria's export did manage to surpass the 2008 level – the highest recorded export the country had before it was massively affected by the global financial and economic crisis.
Thus, in 2010, Bulgaria's exports amounted to BGN 30.5 B, which is BGN 7.6 B more than in 2009, or a 33.2% increase compared with 2009.
Compared with 2008, Bulgaria's 2010 exports grew by 2.5%, or BGN 752 M, which shows that the 2009 collapse caused by the global crisis has been overcome, BIA says in its analysis submitted to Finance Minister Simeon Djankov.
While 60% of the export growth results from increase in exported quantities, the other 40% of the increase is due to changes in the average prices of the goods.
There are increases of Bulgaria's exports in 92% of the major product categories, which is taken to mean that the producers have used the more favorable situation for Bulgarian products on the international markets.
Eleven of the major product categories have seen export growth of more than BGN 100 M each; they make up 48% of the growth in Bulgaria's exports in 2010, and include:
Mineral fuels and oils – export growth by BGN 1.160 B (2010 compared with 2009);
Electric machines and equipment – BGN 483 M;
Grain – BGN 387 M;
Copper and copper products – BGN 320 M;
Plastic and plastic products – BGN 287 M;
Iron and steel – BGN 259 M;
Oil crops and fruit – BGN 237 M;
Fertilizers – BGN 153 M;
Car parts and tractors – BGN 116 M;
Aluminuim products – BGN 108 M;
Non-organic chemical products – BGN 106 M;
As far as the imports are concerned, BIA points out that the imports continue to grow by already at a slower pace. Thus, Bulgaria's 2010 total imports amounted to BGN 37.5 B, an increase of BGN 4.5 B, or 13.5%.
There is growth in 70% of the main product categories, and the major factor for import growth is the higher average prices of the imported products. The quantity increase is responsible for only 7% of the import growth worth.
Fourteen of the main product categories saw import growth of more than BGN 100 M; they account for 76% of the import growth in 2010.
Mineral fuels and oils – Import growth by BGN 1.707 B (2010 compared with 2009)
Copper and copper products – BGN 1.017 B
Electric machines and equipment – BGN 475 M
Ores – BGN 474 M
Machinery and equipment – BGN 469 M
Iron and steel – BGN 439 M
Cars and tractors – BGN 267 M
Pharmaceuticals – BGN 165 M
Aluminum products – BGN 151 M
Timber and timber products – BGN 127 M
Plastic and plastic products – BGN 124 M
Sugar and sugar products – BGN 105 M
Cellulose – BGN 102 M
Iron and steel products – BGN 101 M
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These numbers are very impressive and one must look closely at the counter affects and results.
Are the workers protected with dignity and quality of life to warrant the increase in the production process? The taxes collected should be applied to infrastructure to sustain the production initiative.
Hopefully the Environment is not being abused in the interest of economic goals.
Therefore, the Bulgarian Economist must be more Transparent at arriving at the bottom line.