Despite exports drop, Bulgaria records shrinking trade gap in H1 2016

Bulgaria’s foreign trade gap in the first half of this year stood at 2.14 billion leva, or 1.1 billion euro, shrinking from 3.07 billion leva recorded in the same period of 2015, according to figures released by the National Statistical Institute on August 9.

Exports, calculated in free-on-board (FOB) prices, fell by 3.2 per cent to 21.7 billion leva in H1, mainly because of the period between March and May, when exports declined by between 5.4 per cent and 6.9 per cent, on an annual basis.

Imports, calculated using cost, insurance and freight (CIF) prices, declined at a faster pace of 6.4 per cent and stood at 23.84 billion leva for the first six months of the year.

At FOB/FOB prices (after elimination of transport and insurance costs on imports), the foreign trade balance was also negative in the first half and amounted to 601.2 million leva, down from 1.33 billion leva in the first six months of 2015.

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(Photo: Frank Schwichtenberg)