site.btaSofia Does Not Expect Considerable Direct Impact of US Tariffs on National Economy

An analysis of the Ministry of Economy and Industry shows that in 2024 Bulgaria's trade with the US accounted for 1.7% of the country's total trade, with exports to the US accounting for 2.6% of total exports and imports accounting for 0.8% of total imports, Minister of Economy and Industry Petar Dilov said during Parliament's Question Time on Tuesday, quoted by the Ministry's press centre. Dilov stressed that overall, the share of bilateral trade between Bulgaria and the US represents a relatively small part of Bulgaria's total trade, therefore the export tariffs imposed will not have a significant direct effect on the Bulgarian economy.

"In 2024, the EU accounted for 64% of our country's exports and 57.3% of imports. Given this, a negative indirect effect can be expected from the duties imposed by the US on our main EU trading partners, they will also affect Bulgaria's bilateral trade with these countries," he said.

The Economic Minister pointed out that in any case, the impact on value chains is inevitable. "There is a possibility that this could lead to shortages of certain supplies, a reduction in market shares, but it could also lead to stimulating the development of new industries and the implementation of new business collaborations," Dilov said.

He added that the Ministry and business representatives are studying and analyzing the impact of the restrictions introduced on imports to the US, in order to implement an effective policy to support the Bulgarian economy and mitigate the negative effect of the US customs policy towards the EU.