Germany is Bulgaria's Largest and Most Important Trading Partner

Politics » DOMESTIC | February 4, 2019, Monday // 11:23| Views: | Comments: 0
Bulgaria: Germany is Bulgaria's Largest and Most Important Trading Partner

Reduced trade with Turkey and Russia reported by Bulgarian Chamber of Commerce and Industry.

Germany is Bulgaria's largest and most important trading partner, and more than 43% of the companies in Bulgaria designate the country as an object of economic cooperation. This shows the results of a survey of the Bulgarian Chamber of Commerce and Industry (BCCI).

In last year's survey, Germany took second place after China, but due to trade disputes with the US, the language barrier and the long distance this year, China remained in the back position.

Turkey, Russia, Switzerland, and the United Arab Emirates are the other countries in the top five. According to the last BCCI data with Turkey and Russia, we have seen a reduced trade turnover. The reason for this in our southern neighbor is the depreciation of the pound and the impossibility of buying the same quantities of raw materials and in Russia the still existing embargo in some sectors.

Interest in foreign partners has over 77% of Bulgarian companies in order to increase the export of their products. 28% of companies need a good partner for import of goods, and 44% need a partner for joint investment in Bulgaria and 14% for investment abroad.

Trade with third countries is one of the main topics of interest to business in Bulgaria. The Free Trade Agreements with the European Union, the Eurasian Economic Union, and the China-CEE Cooperation Initiative are emerging as a priority trade relationship.

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Tags: import of goods, partner, China, Germany, Bulgarian Chamber for Commerce and Industry
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