Bulgaria’s Exports to Germany Grow to Record Highs Despite Pandemic

Business | February 25, 2021, Thursday // 13:35
Bulgaria: Bulgaria’s Exports to Germany Grow to Record Highs Despite Pandemic

 

In 2020, Bulgaria exported EUR 3.6 billion worth of goods to Germany, according to data from the German statistical service. According to it, the export increased by 0.1% and scored a record for the period after 1989, calculations show.

Bulgaria's export to the largest economy in Europe for the fourth consecutive year (and for the fifth time since the beginning of the transition) outstrips import. The trade deficit for the Federal Republic in 2020 is in the amount of EUR 991.75 m. The import from Germany is worth of EUR 3.6 billion. This is a decline of 8.1% compared to 2019. The total trade exchange with Germany in 2020 reached EUR 8.2 billion, which means that the Federal Republic keeps its place as the leading trade partner for Bulgaria.

Traditionally, Germany exports to Bulgaria machines, equipment, cars, spare parts for them, chemical products, while at the beginning of the transition period textiles, clothes and prefabricated good prevailed in the Bulgarian export to Germany.

 From 2009 Bulgaria started to export goods of higher value which led to the increase in exported goods and exports even began to exceed imports, told Money.bg Mitko Vasilev, CEO of German-Bulgarian Chamber of Industry and Commerce.

 

 

 

 

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Tags: Bulgaria, Germany export-import
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