That dollar amount results from a 43% upturn compared to $33.5 billion five years prior in 2019.
Since 2022, the overall value of Bulgarian exports fell -4.8% from $50.3 billion.
Based on the average exchange rate for 2023, the Bulgarian lev depreciated by -3.5% against the US dollar since 2019 but appreciated by 2.8% from 2022 to 2023. Bulgaria’s weaker local currency after 2019 makes its exports paid for in stronger US dollars relatively less expensive for international buyers.
Largest International Customers for Bulgaria’s Exports
The latest available country-specific data shows that 59.9% of products exported from Bulgaria was bought by importers in: Germany (13.6% of the Bulgarian total), Romania (9.2%), Italy (7.2%), Türkiye (5.8%), Greece (5.5%), France (3.3%), Belgium (3.1%), Spain (2.6%), Serbia (2.45%), United States of America (2.36%), Poland (2.35%) and mainland China (2.29%).
From a continental perspective, about three-quarters (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.
Bulgaria joined the European Union on January 1, 2007. Fellow EU member states bought 63.5% of Bulgarian export sales in 2023.
Given Bulgaria’s population of 6.41 million people, its total $47.8 billion in 2023 exports translates to roughly $7,500 for every resident in the Southeast European nation. That dollar metric exceeds the average $7,400 per person one year earlier during 2022.
Bulgaria’s Top 10 Exports
The following export product groups represent the highest dollar value in Bulgarian global shipments during 2023. Also shown is the percentage share each export category represents in terms of overall exports from Bulgaria.
- Electrical machinery, equipment: US$5.4 billion (11.2% of total exports)
- Machinery including computers: $3.9 billion (8.1%)
- Mineral fuels including oil: $3.8 billion (7.9%)
- Copper: $3.7 billion (7.7%)
- Cereals: $2.3 billion (4.8%)
- Vehicles: $1.7 billion (3.5%)
- Plastics, plastic articles: $1.43 billion (3%)
- Pharmaceuticals: $1.34 billion (2.8%)
- Ores, slag, ash: $1.22 billion (2.5%)
- Optical, technical, medical apparatus: $1.1 billion (2.4%)
Bulgaria’s top 10 exports accounted for 53.9% of the overall value of Bulgarian shipments.
Ores, slag and ash was the fastest grower among the top 10 export categories, up by 29.7% from 2022 to 2023.
In second place for improving export sales was cereals via a 16% advance, led by wheat.
Bulgaria’s shipments of electrical machinery and equipment posted the third-fastest gain in value, up by 15.9%.
The severest decliner among Bulgaria’s top 10 export categories was mineral fuels including oil, pulled down by a -38.2% year-over-year drop.
At the more granular four-digit Harmonized Tariff System (HTS) code, Bulgaria’s most valuable export products are processed petroleum oils (5.6% of the Bulgarian total). Following that are Bulgarian exports of wheat (3.5%), refined copper plus unwrought alloys (3.3%), medication mixes in dosage (2.5%), unrefined copper (2%), sunflower, safflower or cotton-seed oil (1.8%), precious metals ores and concentrates (1.7%), sunflower seeds (1.6%), biodiesel (also 1.6%), then insulated wire or cable (1.5%).
Products Generating Bulgaria’s Largest Trade Surpluses
The following types of Bulgarian product shipments represent positive net exports or a trade balance surplus. Investopedia defines net exports as the value of a country’s total exports minus the value of its total imports.
In a nutshell, net exports represent the amount by which foreign spending on a home country’s goods or services exceeds or lags the home country’s spending on foreign goods or services.
- Copper: US$2.4 billion (Down by -18.2% since 2022)
- Cereals: $2.1 billion (Up by 19.4%)
- Glass: $574.4 million (Up by 2.1%)
- Animal/vegetable fats, oils, waxes: $408.3 million (Down by -55.4%)
- Oil seeds: $402.9 million (Reversing a -$170.1 million deficit)
- Food industry waste, animal fodder: $330.1 million (Down by -9.7%)
- Clothing, accessories (not knit or crochet): $324.8 million (Up by 13.2%)
- Zinc: $193.8 million (Down by -13.2%)
- Furniture, bedding, lighting, signs, prefabricated buildings: $184.8 million (Down by -17.8%)
- Live animals: $179 million (Up by 455.5%)
Bulgaria has positive net exports in the international trade of copper. In turn, these cashflows indicate Bulgaria’s strong competitive advantages under the copper product category.
Products Causing Bulgaria’s Worst Trade Deficits
Bulgaria incurred an overall trade deficit of -US$5.7 billion during 2023, reducing by -27.2% from -$7.8 billion in red ink one year earlier in 2022.
Below are exports from Bulgaria that result in negative net exports or product trade balance deficits. These negative net exports reveal product categories where foreign spending on home country Bulgaria’s goods trail Bulgarian importer spending on foreign products.
- Vehicles: -US$2.5 billion (Up by 26.6% since 2022)
- Mineral fuels including oil: -$2.2 billion (Down by -40.6%)
- Machinery including computers: -$1.4 billion (Up by 5.6%)
- Electrical machinery, equipment: -$1.1 billion (Down by -29.4%)
- Ores, slag, ash: -$1 billion (Down by -36.4%)
- Pharmaceuticals: -$892 million (Up by 21.4%)
- Iron, steel: -$839.6 million (Down by -27.6%)
- Plastics, plastic articles: -$838.9 million (Down by -5%)
- Paper, paper items: -$397.2 million (Down by -11.3%)
- Meat: -$385.6 million (Up by 33.4%)
Bulgaria has highly negative net exports and therefore deep international trade deficits for vehicles and mineral fuels-related goods. Deficit leaders include cars, tractors and trucks as well as crude oil, petroleum gas and coal.
Bulgarian Export Companies
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)
In macroeconomic terms, Bulgaria’s total exported goods represent 22.1% of its overall Gross Domestic Product for 2023 ($216.5 billion valued in Purchasing Power Parity US dollars). That 22.1% for exports to overall GDP in PPP for 2023 compares to 24.5% for 2022. Those percentages suggest a relatively decreasing reliance on products sold on international markets for Bulgaria’s total economic performance, albeit based on a short timeframe.
Another key indicator of a country’s economic performance is its unemployment rate. Bulgaria’s unemployment rate averaged 4.6% for 2023, up from an average 4.243% one year earlier in 2022 according to the International Monetary Fund statistics.
Bulgaria’s capital city is Sofia.
See also Bulgaria’s Top Trading Partners, 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 April 28, 2024
Forbes Global 2000 rankings, The World’s Biggest Public Companies. Accessed on April 28, 2024
International Monetary Fund, Exchange Rates selected indicators (Domestic Currency per U.S. dollar, period average). Accessed on April 28, 2024
International Monetary Fund, World Economic Outlook Database (GDP based on Purchasing Power Parity). Accessed on April 28, 2024
International Trade Centre, Trade Map. Accessed on April 28, 2024
Investopedia, Net Exports Definition. Accessed on April 28, 2024
Wikipedia, Gross domestic product. Accessed on April 28, 2024
Wikipedia, Bulgaria. Accessed on April 28, 2024
Wikipedia, List of Companies of Bulgaria. Accessed on April 28, 2024
Wikipedia, Purchasing power parity. Accessed on April 28, 2024