Bulgaria's Exports Exceed 50 Billion Dollars
Bulgarian exports continue to grow and in 2022 reached 50.25 billion dollars, or 21% more than in 2021, when it was 41.9 billion dollars. This is stated in an analysis of the Bulgarian Chamber of Commerce.
Bulgaria climbed to 57th place in the world in terms of exports from 59th place a year earlier. In the EU, the country retains 20th place - both for 2021 and 2022.
Bulgaria holds 36.7% of the world export of duck liver, 26% of the export of frozen duck meat and 18% of the export of fresh duck meat, although not large volumes - in total for about 150 million USD. Temporarily preserved cherries have a 17.6% share, brass sheets and strips - 15%, rubber pipes and hoses with accessories - 13.5%, sunflower meal - 12.4%, copper rods and profiles - 12%, sunflower oil and raw sunflower oil – 10.9% each.
For the last 5 years, Bulgarian exports have grown by 11% on average. This means that Bulgaria continues to gain positions in world markets.
In 7 of the ten leading export markets, Bulgaria achieves a positive trade balance, incl. with the largest European exporters – Germany, Italy, France, Belgium. Bulgaria has the largest negative balance with Russia, China, Turkey and the Netherlands.
The groups of goods with the largest exports are energy carriers (fuels and electricity), electrical engineering and electronics, copper and copper products, machines and apparatus. These 4 groups of goods form more than 1/3 of the country's exports.
Thanks to a growth of 147% in one year, energy carriers managed to climb to the first position. The largest contribution is made by the export of fuel to Ukraine - 892 million USD, but also to Egypt, Turkey and Gibraltar, to which Bulgaria exports fuel for over 400 million dollars each. In quantitative terms, the export of fuels increases almost 2.5 times in 2022 compared to 2021, of petroleum gas - by 1/3. Electricity exports are for just over 1 billion USD, mainly to Slovenia, Serbia and North Macedonia. The quantitative decline in the export of electricity is almost 2 times in one year.
Products of electronics and electrical engineering registered 7% average annual growth for the last five years, with a growth of world imports for the same period also 7%. The increase in prices contributes to the fact that the export of copper and copper products occupies the third position. Exports of machinery and apparatus are steadily accelerating and showing an average annual growth of 8%, while world imports are growing by 4%. This means that the Bulgarian producers of these products are competitive on global markets and displace other suppliers.
Grain exports occupy the fifth position, with the leading products in this group being wheat - with a growth of 15% on average per year with no increase in quantity, and corn - a growth of 4% in value and a decrease in quantity of 11% on average over the 5-year period. Significant growth in rice is observed, but with volumes far behind wheat and corn.
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