Bulgaria's trade deficit with Russia more than doubles y/y in Jan-Aug

The value of Bulgaria's imports of goods (CIF) from Russia, which don't include natural gas since April when Gazprom stopped deliveries, rose to some 8.1 billion levs from 3.57 billion levs in the like period of 2021, the National Statistical Institute (NSI) said in a monthly report, citing preliminary data.

Exports (FOB) from Bulgaria to Russia were 8.2% higher year-on-year at 570.6 million levs in January-August, having posted an annual increase for the second month in a row since the start of the war in Ukraine.

Ukraine was Bulgaria's third-largest non-EU trading partner in the review period, after Turkey and Serbia. Bulgaria's eight-month deficit in trade in goods with Ukraine also significantly widened year-on-year, to 979.6 million levs from 513.3 million levs.

Bulgarian exports (FOB) to Ukraine jumped by a yearly 131.1% to roughly 1.2 billion levs, while imports (CIF) from Ukraine rose 111% to some 2.17 billion levs. Bulgaria has been importing grain from Ukraine after the EU earlier this year enabled duty-free imports of Ukrainian grain in the bloc's member states.

Bulgaria's overall deficit in trade in goods with third countries reached 11 billion levs in the first eight months of 2022.

(1 euro = 1.95583 levs)