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This country, located in southeastern Europe, is one of the world's most developing and fastest-growing. It has a coastline that borders the Black Sea and is home to a variety of manufacturing industries and businesses.
This country's economy has grown rapidly as a result of its excellent connectivity and transportation system, and it has attracted more businesses to locate there.
Bulgaria has one of the world's busiest airports, handling massive air traffic from all over the world, including passenger and cargo flights.
Bulgarian trade has grown and thrived in recent years.
In 2019, the country earned a lucrative profit of $34.5 billion from exports and 37.9 billion dollars from imports.
This has created numerous opportunities for foreign trade expansion, as well as aided in the establishment of friendly relations with neighboring foreign countries.
Employment opportunities have also increased, giving people in Bulgaria the opportunity to grow and expand.
Per capita product exports and imports generated 4.95 thousand and 5.43 thousand Dollars in revenue, respectively.
Bulgaria’s Top Trading Partners
Bulgaria exported 31.8 billion dollars in goods to the rest of the world in 2020, up 19 percent since 2016, but down by minus 5 percent from 2019 to 2020.
Using a continental perspective, 77.8 percent of Bulgaria's exports by value were delivered to other European countries, while 15.6 percent were sold to Asian importers.
Africa with 3.4 percent, North America with 2.6 percent, Latin America excluding Mexico but including the Caribbean with 0.4 percent, and Oceania led by Australia received smaller percentages of 0.2 from Bulgaria.
The following is a list of 15 of Bulgaria's top trading partners, countries that imported the most Bulgarian shipments in terms of dollar value in 2020.
Each import country's percentage of total Bulgarian exports is also shown.
Germany with 5.1 billion dollars is responsible for 16 percent of total Bulgarian exports
Romania's trade with Belgium is worth 2.9 billion dollars or 9.2 percent
Italy receives 2.2 billion dollars valued at 6.9 percent
Greece receives 2.1 billion dollars valued at 6.7 percent
2 billion dollars for Turkey accounts for 6.4 percent
France with 1.2 billion dollars accounts for 3.9 percent
Belgium with 1.1 billion dollars accounts for 3.4 percent
1.1 billion dollars in China accounts for 3.3 percent
840.9 million dollars in the Netherlands account for 2.6 percent
795.7 million dollars for Poland accounts for 2.5 percent
Spain receives 766.5 million dollars account 2.4 percent
760.4 million from the United Kingdom account for 2.4 percent
The Czech Republic account with 743.4 million accounts for 2.3 percent
Serbia received 647.7 million which stands for 2 percent
614.9 million dollars in the United States account for 1.9 percent
More than two-thirds or 72.1 percent of Bulgarian exports in 2020 were delivered to the 15 trade partners listed above.
China is up by 15.1 percent, Belgium is up by 13.8 percent, and Poland increased their consumption of Bulgarian exports at the fastest rate between 2019 and 2020 was up by 10.1 percent.
Serbia went down by 18.1 percent, Turkey was down by minus 16.4 percent, Spain was down by minus 15.8 percent, and Italy led the decliners down by minus 10.3 percent.
Bulgaria’s Top 10 Import Countries
Bulgaria imports a wide range of products in bulk quantities that are required for the production of specific goods.
Because the countries are well connected to other countries, these goods are imported via air and sea.
Germany leads the way, accounting for 12 percent of total imports worth 4.53 billion dollars.
Russia and Italy follow, accounting for 9.87 percent and 7.43 percent of total imports, respectively.
Romania, Turkey, and Greece are also on the list, with values of 2.69 billion, 2.46 billion, and 1.74 billion USD, respectively.
Not only that, but China, Spain, the Netherlands, and Hungary are also on Bulgaria's list of import countries.
These countries have aided in the mass production of goods and products used by the Bulgarian people, with a few of them exported to other parts of the world.
Germany with 12 percent is valued at 4.53 billion dollars
Russia with 9.87 percent is valued at 3.72 billion US dollars
7.43 percent or 2.8 billion dollars for Italy
7.14 percent or2.69 billion dollars for Romania
Turkey with 6.51 percent, receives 2.46 billion dollars
Greece with 5.8 percent boasts of 1.73 billion dollars worth of trade
4.51 percent or 1.7 billion dollars with China
3.75 percent or 1.41 billion dollars for Spain
3.57 percent or 1.35 billion dollars for the Netherlands
3.53 percent or 1.33 billion dollars for Hungary
Bulgaria’s Top 10 Import Goods
Bulgaria imports raw materials and finished goods from its neighbors. Oils and mineral fuels required by industry are imported on a large scale, accounting for approximately 13.8 percent of total Bulgarian imports.
A total of 3.65 billion dollars in machinery is imported from foreign countries.
Industry machinery, motor vehicles, and parts are also imported, with a combined value of 3.49 billion dollars and 2.58 billion dollars.
Plastic, pharmaceutical products, ores, iron, and steel material are also heavily imported and rank high on Bulgaria's list of top imports.
These products are of high quality and will last a long time.
Oil and mineral fuels: 13.8 percent valued at 5.23 billion US dollars.
Electrical Machinery: 9.66 percent valued at 3.65 billion US dollars.
Industrial Machinery: 9.24 percent valued at 3.49 billion US dollars.
Automobiles and Parts: 6.83 percent valued at 2.58 billion US dollars.
Plastics: 4.43 percent is valued at 1.67 billion US dollars.
4.14 percent valued at 1.56 billion US dollars went to Pharmaceuticals
Ores with 4.55 percent are valued at 1.72 billion US dollars
Iron and steel with 3.58 percent is valued at 1.35 billion US dollars
Bulgaria’s Top 10 Exports
In 2020, the Republic of Bulgaria shipped 31.8 billion dollars in goods around the world, up 19 percent since 2016, but down by minus 5 percent from 2019 to 2020.
According to the average 2020 exchange rate, the Bulgarian lev has increased by 2.9 percent against the US dollar since 2016 and by 1.8 percent from 2019 to 2020.
Because of Bulgaria's stronger domestic currency, exports paid for in weaker US dollars are relatively more expensive for international buyers.
According to the most recent country-specific data, importers in Germany account for 16 percent of the global total, Romania with 9.2 percent, Italy with 6.9 percent, Greece with 6.7 percent, Turkey 6.4 percent, France 3.9 percent, Belgium 3.4 percent, China 3.3 percent, the Netherlands with 2.6 percent, Poland with 2.5 percent, Spain with 2.4 percent, and the United Kingdom purchased 65.8 percent of Bulgarian exports.
From a continental standpoint, 77.8 percent of Bulgaria's exports were delivered to other European countries, while 15.6 percent were sold to Asian importers.
Africa with 3.4 percent, North America with 2.6 percent, Latin America excluding Mexico but including the Caribbean with 0.4 percent, and Oceania led by Australia)received smaller percentages of 0.2 percent.
With a population of 6.9 million people, Bulgaria's total of 31.8 billion dollars in 2020 exports equates to approximately 4,600 dollars for each resident of the Southeast European country.
The export product groups listed below have the highest dollar value in Bulgarian global shipments in 2020.
The percentage share of each export category in terms of total Bulgarian exports is also shown.
3.5 billion dollars for electrical machinery and equipment which stand at 11 percent of total exports
2.7 billion dollars of copper account for 8.7 percent
2.7 billion dollars for machinery, including computers, account for 8.4 percent
Mineral fuels, including oil, are worth 1.4 billion dollars which is 4.5 percent
Cereals are worth 1.3 billion dollars which is 4.2 percent
1.2 billion dollars for automobiles which is 3.8 percent
1.1 billion dollars in pharmaceuticals stand at 3.6 percent
Plastics and plastic products valued at 1.1 billion dollars account for 3.4 percent
1 billion dollars in ores, slag, and ash accounts for 3.2 percent
780 million for furniture, bedding, lighting, signs, and prefabricated buildings accounts for 2.5 percent.
Bulgaria's top ten exports accounted for 53.2 percent of total global shipments.
Copper was the fastest-growing of the top ten export categories, increasing by 15.9 percent between 2019 and 2020.
Ores, slag, and ash came in second with an 11.8 percent increase in export sales.
Bulgarian shipments of furniture, bedding, lighting, signs, and prefabricated buildings experienced the third-fastest increase in value, rising 5.8 percent.
Mineral fuels, including oil, were the biggest loser among Bulgaria's top ten export categories, falling by minus 55 percent year on year.
Refined copper is Bulgaria's most valuable export product standing at 3.7 percent of the total.
Following that are processed petroleum oils with 3.5 percent, medication mixes in dosage with 3.3 percent, unrefined copper with 3 percent, wheat with 2.2 percent, precious metal ores and concentrates with 2.1 percent, insulated wire or cable with 1.7 percent, sunflower seeds also with 1.7 percent, corn with 1.6 percent, and electric circuit parts, fuses, or switches with 1.6 percent.
In terms of macroeconomics, Bulgaria's total exported goods account for 19.4 percent of its overall GDP in 2020 164.1 billion dollars in Purchasing Power Parity US dollars.
In 2020, exports will account for 19.4 percent of total GDP in PPP terms, up from 19.5 percent in 2019.
Based on a short timeframe, this suggests that Bulgaria's total economic performance is becoming less reliant on products sold in international markets.
The unemployment rate is another important indicator of a country's economic performance.
According to Trading Economics, Bulgaria's unemployment rate was 6.9 percent in February 2021, up from 6.7 percent the previous year.
Sofia is Bulgaria's capital city.
Sources :
https://www.trackingdocket.com/bulgaria-exports-imports/
https://www.worldstopexports.com/bulgarias-top-10-exports/
https://www.worldstopexports.com/bulgarias-top-15-import-partners/
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