Thanks to the Weapons for Ukraine, Bulgaria’s Exports Break All-Time Records

Business » FINANCE | May 13, 2022, Friday // 09:22
Bulgaria: Thanks to the Weapons for Ukraine, Bulgaria’s Exports Break All-Time Records @Pixabay

Bulgaria's exports in March broke all-time records. This is shown by the data on the foreign trade of our country of the National Statistical Institute.

Never in history has Bulgaria exported products worth over BGN 8 billion in one month.

There is still no breakdown of data by sector, but it is very likely that the main reason for the excellent data is Bulgaria's arms exports to the Ukrainian army, which passes through intermediary companies from Poland, the Czech Republic and Slovakia. The other main reasons are the export of electricity (our country continues to be a net exporter) and grain - goods that are currently traded at record prices on world markets.

Here is how the top economist Lachezar Bogdanov commented on the news on his Facebook profile:

Bulgaria's exports break another record (again) in March:

- the highest value in history in general - over BGN 8 billion;

- growth compared to March 2021 - 38.9%; the effect is not only from inflation - prices for the international market in industry increased by 22.7%;

- the growth compared to March 2019 (the year before the pandemic) is 68.2%.

- for the first quarter exports increased by 34%.

All this - in a war, great political uncertainty and the peak of energy prices (reached in the first 10 days of March).

Bulgarian industry has higher costs for energy and raw materials, but also manages to sell more and at higher prices on global markets.”

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