Why Bulgaria is a Top Choice for New Businesses: Low Taxes and Qualified Labor
Bulgaria is emerging as a top destination for starting a new business, praised for its favorable conditions
In 2022, goods worth BGN 94.3 billion were exported from Bulgaria, which is 37.9% more than in 2021, according to NSI data. Imports during the year were for goods worth BGN 108.3 billion, or 41.1% more compared to the previous year.
In December 2022, total exports amounted to BGN 6.9 billion and increased by 14.5% compared to the same month of the previous year. For this month, imports increased by 13.5% compared to the same month of the previous year and amounted to BGN 8.3 billion.
Trade with the EU
In November 2022, exports to the EU increased by 29% compared to the same month of the previous year and amounted to BGN 5.6 billion.
In the period January - November 2022, the export of goods from Bulgaria to the EU increased by 41.3% compared to the same period in 2021 and amounted to BGN 58.4 billion. Bulgaria's main trading partners are Germany, Romania, Italy, Greece, France and Spain, which form 66% of exports to EU member states.
The largest growth in exports compared to the same period of 2021 was noted in the sectors "Mineral fuels, oils and similar products" (214.2%) and "Fats, oils and waxes of animal and vegetable origin" (136.8%). A decline was observed in the "Non-alcoholic and alcoholic beverages and tobacco" sector (10.2%).
The import of goods into Bulgaria from the EU in the period January - November 2022 increased by 31.7% compared to the same period in 2021 and was worth BGN 55.1 billion. The value volume of the goods imported from Germany, Romania, Greece, Italy and the Netherlands is the largest. The largest increase compared to the same period of the previous year was recorded in the sector "Mineral fuels, oils and similar products" (86.2%).
With third countries
In 2022, the export of goods from Bulgaria to third countries increased by 35.5% compared to 2021 and was worth BGN 31.3 million. Bulgaria's main trading partners are Turkey, Ukraine, Serbia, the USA, China, North Macedonia and the United Kingdom, which form 51.8% of exports to third countries. The biggest growth compared to 2021 was noted in the sectors "Mineral fuels, oils and similar products" (218.7%) and "Fats, oils and waxes of animal and vegetable origin" (195.4%). The largest decrease was observed in the sector "Goods classified mainly according to the type of material" (6.8%).
The import of goods into Bulgaria from third countries in 2022 increased by 58.8% compared to 2021 and was worth BGN 48.2 billion. The largest value volume of goods imported from Russia, Turkey, China and Ukraine.
In December 2022, the import of goods into Bulgaria from third countries increased by 20.3% compared to the same month of the previous year and amounted to BGN 3.4 billion. Exports to third countries in the month increased by 11.2% compared to December 2021 and amounted to BGN 2.3 billion.
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