Year over year, the overall value of Bulgarian exports dropped by -4.8% starting from $50.3 billion for 2022.
The top 5 Bulgarian trading partners for buying Bulgaria’s exported products are Germany, Romania, Italy, Türkiye and Greece. Added together, that cohort of 5 major buyers accounted for 41.4% of overall Bulgarian exports by dollar value.
Applying a continental lens, 75.6% of Bulgaria’s exports by value was delivered to other European countries while 16% was sold to importers in Asia. Bulgaria shipped another 4.8% worth of goods to Africa.
Smaller percentages went to buyers in North America (3.1%), Latin America (0.3%) excluding Mexico but including the Caribbean, then Oceania (0.1%) led by Australia and New Zealand.
On January 1, 2007 Bulgaria joined the European Union. Fellow EU member states generated 63.5% of Bulgarian export revenues in 2023.
Bulgaria’s Top Trading Partners
Below is a list showcasing 25 of Bulgaria’s top trading partners, countries that imported the most Bulgarian shipments by dollar value during 2023. Also shown is each import country’s percentage of total Bulgarian exports.
- Germany: US$6.5 billion (13.6% of Bulgaria’s total exports)
- Romania: $4.4 billion (9.2%)
- Italy: $3.4 billion (7.2%)
- Türkiye: $2.8 billion (5.8%)
- Greece: $2.6 billion (5.5%)
- France: $1.6 billion (3.3%)
- Belgium: $1.5 billion (3.1%)
- Spain: $1.3 billion (2.6%)
- Serbia: $1.17 billion (2.4%)
- United States: $1.13 billion (2.4%)
- Poland: $1.12 billion (2.3%)
- mainland China: $1.1 billion (2.3%)
- Austria: $986.8 million (2.1%)
- Netherlands: $961.7 million (2%)
- Ukraine: $909.8 million (1.9%)
- Czech Republic: $903.9 million (1.9%)
- North Macedonia: $903.8 million (1.9%)
- Egypt: $819.7 million (1.7%)
- United Kingdom: $774 million (1.6%)
- Hungary: $609.8 million (1.3%)
- Algeria: $592.1 million (1.2%)
- Slovakia: $561 million (1.2%)
- Russia: $538.5 million (1.1%)
- Sweden: $436.5 million (0.9%)
- Switzerland: $392 million (0.8%)
About four-fifths (79.5%) of Bulgarian exports in 2023 was delivered to the above 25 trade partners.
Increasing their demand of Bulgaria’s exported goods at the greatest pace from 2022 to 2023 were mainland China (up 33%), Egypt (up 20.5%), Slovakia (up 18.7%), Switzerland (up 18.4%), Belgium (up 17.8%) and Sweden (up 16.3%).
There were 6 double-digit percentage decliners among the major Bulgarian customers, namely: Hungary (down -30.7% from 2022), Netherlands (down -25.6%), Ukraine (down -24.8%), Greece (down -18.8%), Romania (down -13.4%) and Serbia (down -10.2%).
Countries Creating Bulgaria’s Largest Trade Deficits
Bulgaria incurred an overall trade deficit of -US$7.8 billion during 2023, expanding by 56% from -$5 billion in red ink one year earlier in 2022.
As defined by Investopedia, a country whose total value of all imported goods is higher than its value of all exports is said to have a negative trade balance or deficit.
It would be unrealistic for any exporting nation to expect across-the-board positive trade balances with all its importing partners. Similarly, that export country doesn’t necessarily post a negative trade balance with each individual partner with which it exchanges exports and imports.
Bulgaria incurred the highest trade deficits with the following countries.
- Russia: -US$3 billion (country-specific trade deficit in 2023)
- mainland China: -$1.8 billion
- Türkiye: -$1.6 billion
- Hungary: -$1.25 billion
- Netherlands: -$1.23 billion
- Poland: -$967 million
- Czech Republic: -$606.8 million
- Austria: -$442.8 million
- Brazil: -$380.8 million
- Azerbaijan: -$308.3 million
Among Bulgaria’s trading partners that cause the greatest negative trade balances, Bulgarian deficits with Brazil (up 72.9%), Austria (up 61.8%) and Hungary (up 32.2%) grew at the fastest pace from 2022 to 2023.
These cashflow deficiencies clearly indicate Bulgaria’s competitive disadvantages with the above countries, but also represent key opportunities for Bulgaria to develop country-specific strategies to strengthen its overall position in international trade.
Countries Generating Bulgaria’s Best Trade Surpluses
Based on Investopedia’s definition of net importer, a country whose total value of all imported goods is lower than its value of all exports is said to have a positive trade balance or surplus.
Bulgaria incurred the highest trade surpluses with the following countries.
- Romania: US$769.4 million (country-specific trade surplus in 2023.)
- United States of America: $561.2 million
- Algeria: $520 million
- Egypt: $438.6 million
- United Kingdom: $340 million
- North Macedonia: $331.5 million
- Belgium: $310.4 million
- Greece: $294.2 million
- Spain: $234.8 million
- Iraq: $207.5 million
Among Bulgaria’s trading partners that generate the greatest positive trade balances, Bulgarian surpluses with Spain (up 162.3%), United States of America (up 135.4%) and Iraq (up 80.1%) grew at the fastest pace from 2022 to 2023.
In addition, Greece reversed its -$201.8 million trade deficit in 2022 to post its $294.2 million trade surplus for 2023.
These positive cashflow streams clearly indicate Bulgaria’s competitive advantages with the above countries, but also represent key opportunities for Bulgaria to develop country-specific strategies to optimize its overall position in international trade.
Companies Servicing Bulgarian Trading Partners
Not one Bulgarian corporation ranks among Forbes Global 2000.
Wikipedia lists companies from Bulgaria including international trade players. Selected examples are shown below.
- Armimex (weapons, ammunition)
- Astika Brewery (beer)
- Bulgartabac (cigarettes)
- Chimimport (chemicals)
- Kremikovtzi AD (cast iron, steel)
- LUKOIL Neftochim Burgas (petrochemical products)
- Maxeurope (bicycles, childcare products)
- Navibulgar (shipping company)
- Sofia Mel (bread)
- Vitta Foods (frozen pastry products)
See also Bulgaria’s Top 10 Exports, Germany’s Top Trading Partners, Romania’s Top Trading Partners and Italy’s Top Trading Partners
Research Sources:
Central Intelligence Agency, The World Factbook Europe: Bulgaria. Accessed on May 30, 2024
Forbes Global 2000 rankings, The World’s Biggest Public Companies. Accessed on May 30, 2024
International Monetary Fund, World Economic Outlook Database (GDP based on Purchasing Power Parity). Accessed on May 30, 2024
International Trade Centre, Trade Map. Accessed on May 30, 2024
Investopedia, Net Exports Definition. Accessed on May 30, 2024
Wikipedia, Bulgaria. Accessed on May 30, 2024
Wikipedia, List of Companies of Bulgaria. Accessed on May 30, 2024