Exports Fell in February for the Second Time in Nearly Two Years

The reason is fewer sales to non-EU countries and a slowdown in the growth rate towards trading partners in the EU.

For the second time in the last two years, exports of goods have declined and the reason is again in the reduced trade with non-EU countries. In February, total exports amounted to BGN 3.83 billion, down by 5.3% on an annual basis, according to data from the National Statistical Institute, published on Thursday.

The decline in third-country exports started in November last year, with reductions in fuel, food and cigarettes. In most of the previous months, exports to the EU managed to offset the minus to third countries. Now statistics show a slowdown in the growth of the partners in the union to 6.5%, compared to 27% in January. 

The decline in exports of goods to third countries continues to deepen in February, with statistics accounting for a 25% reduction. It comes mainly from commodity groups of fuels and oils, soft drinks, alcoholic beverages and tobacco, food and live animals. On an annual basis, reductions in each of these industries are between 38% and 69%. Statistical data also shows a significant decrease in the value of sales to one of our major foreign trade partners outside the EU - Turkey. For the first two months of the year, the drop was almost 30% on an annual basis.

By contrast, imports continue to grow, which is expected, given that consumption is one of the main drivers of the economy lately. For the first two months, the increase was over 11% to BGN 9.6 billion. Only in February growth is smaller - 3.1% on an annual basis. The trend remains that a large part of the import goods originates in other EU countries - for the first two months, imports from member states are over BGN 5.78 billion, or about 60% of the total.

Bilyana Ninova

Bilyana Ninova is a Marketing specialist, content creator and hobby photographer.

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