The National Statistical Institute (NSI) reported a huge recovery in the exports in March. According to the data, total exports increased by 27% on an annual basis – pace unseen since 2017. And while the ups at the time were mainly due to the rise in prices of raw materials, which we export mainly to third countries, now the increase is uniform. A double-digit increase is reported in sales to both member-states (29.9%) and non-EU states (21.7%).
On one hand, the impressive growth rate is due to the lows in March 2020 – when Europe “closed”, there were problems with interstate supplies and many companies both in Bulgaria and all over the continent had temporarily stopped working.
However, NSI data show that the value volume of goods exported from our country has grown to BGN 5.72 billion – such a value has never been reported – and it is due to both the crisis recovery and the jump in the prices of commodities. Some raw materials, such as copper, for example, have doubled in price over the last 12 months, and Bulgaria is one of the biggest exporters of this metal and its products. Oil rose by more than 100% for the year, which caused the price of products exported from the Bulgarian refinery to rise.
In total, Bulgarian companies have exported products for BGN 15.4 billion in the first three months of the year.
The breakdown by groups of goods exported for the period January – March 2021 shows that the value of raw materials increased by 23.6%. Ready-to-use products such as paper, cardboard, textiles, processed leather, metal products, reported a growth of 15%. Another group, which is growing significantly compared to the first quarter of 2020, are machinery and equipment (8%).
However, the value of fuel and other petrol products is decreasing (-37%), despite the huge rise in oil prices. This means that the sold quantities have strongly decreased.