site.btaEurostat: Bulgaria Records 2% International Trade Deficit

The first estimate for extra-EU exports of goods in May 2023 was EUR 216.9 billion, down by 1.9% compared with May 2022 (EUR 221.2 billion). Imports from the rest of the world stood at EUR 218.2 billion, down by 15.6% compared with May 2022 (EUR 258.6 billion). As a result, the EU recorded a EUR 1.3 billion deficit in trade in goods with the rest of the world in May 2023, compared with EUR -37.4 billion in May 2022. Intra-EU trade fell to EUR 352.2 billion in May 2023, -3.8% compared with May 2022. 

In January to May 2023, extra-EU exports of goods rose to EUR 1,058.9 billion (an increase of 4.5% compared with January-May 2022), and imports fell to EUR 1,087.4 billion (a decrease of 7.8% compared with January-May 2022). As a result, the EU recorded a deficit of EUR 28.5 billion, compared with EUR -166.4 billion in January-May 2022. Intra-EU trade rose to EUR 1,761.0 billion in January-May 2023, which is an increase of 3.2% compared with January-May 2022. 

The first estimate for euro area exports of goods to the rest of the world in May 2023 was EUR 241.9 billion, a decrease of 2.3% compared with May 2022 (EUR 247.6 billion). Imports from the rest of the world stood at EUR 242.2 billion, a fall of 12.8% compared with May 2022 (EUR 277.9 bln). As a result, the euro area recorded a EUR 0.3 billion deficit in trade in goods with the rest of the world in May 2023, compared with EUR -30.3 billion in May 2022. Intra-euro area trade fell to EUR 226.3 billion in May 2023, down by 5.7% compared with May 2022.

In January to May 2023, euro area exports of goods to the rest of the world rose to EUR 1,181.9 billion (an increase of 3.7% compared with January - May 2022), and imports fell to EUR 1,199.5 billion (a decrease of 5.1% compared with January - May 2022). As a result the euro area recorded a deficit of EUR -17.6 billion, compared with EUR-124.7 billion in January-May 2022. Intra-euro area trade rose to EUR 1,137.7 billion in January-May 2023, up by 2.2% compared with January-May 2022.

Bulgaria's total exports for the period January-May 2023 were worth EUR 19 billion and remained unchanged compared to the same period of 2022. Imports were worth EUR 20.9 billion, which is a 2% decrease compared to the same period in 2022. As a result, Bulgaria recorded a trade deficit of EUR 2 billion, compared to a deficit of 2.4% in May-January 2022.

In May 2023 compared to May 2022, eight EU member states registered an increase in exports and 19 member states recorded a decrease. The largest growth was recorded in Romania (7.9%), Denmark (6.7%), Hungary (5.3%) and France (4.8%). Belgium (-16.6%), Cyprus (-15.7%), Greece (-15.5%) and Estonia (-15.2%) recorded the largest declines. 

The import picture is slightly different. In May 2023 compared to May 2022, only two Member States registered a slight growth - Slovenia (0.8%) and Romania (0.7%), while the other EU member states recorded a significant decrease, mainly due to the smaller impact of energy imports. The largest declines were recorded in Finland (-19.8%), Belgium (-16.5%), Malta (-16.3%) and Cyprus (-15.3%).