Crisis Helps Bulgaria Cut in Half Negative Trade Balance in 2009
Bulgaria’s negative trade balance declined by almost 50% in 2009 compared to the 2008 levels largely thanks to the effects of the global economic crisis.
The county’s negative balance has dropped down to BGN 9,6 B in 2009, according to data provided by the National Statistical Institute.
Bulgaria’s total foreign trade declined by 29,3% in 2009 compared to the 2008 levels. It amounted to BGN 55,7 B.
Bulgaria’s 2009 export amounted to BGN 23 B (22,5% drop), whereas its import was BGN 32,7 B (33,4% drop).
64% of Bulgaria’s export went to fellow EU member states, and 60,2% of its import originated in elsewhere in the EU.
Compared to 2008, Bulgaria’s export to the EU declined by 16,9%, and its import from the EU – by 29,3%.
Bulgaria’s major non-EU trading partners are Russia and Turkey. Bulgaria’s trade with non-EU countries declined by 36%; its export to non EU states dropped by 31%, and its import – by 39%.
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