Bulgaria’s trade deficit in August fell by over 30% YoY, reaching 287.8 million euros compared to 413.8 million euros during the same month last year. However, in the first eight months of this year, the deficit rose by just over 42%, amounting to 2.953 billion euros, up from 2.077 billion euros for the same period in 2023, according to preliminary data from the Bulgarian National Bank (BNB).
Exports of Bulgarian goods in August totaled 3.500 billion euros, reflecting an increase of 54.8 million euros (+1.6%) compared to the previous year. From January to August, exports reached 28.514 billion euros, a decline of 709.6 million euros (-2.4%) year-on-year from 29.224 billion euros. In contrast, exports for the first eight months of 2023 saw a sharper contraction of 7.5%.
Imports of goods for August were valued at 3.788 billion euros, decreasing by 71.2 million euros (-1.8%) compared to August 2023, which recorded 3.859 billion euros. Over the first eight months, imports totaled 31.467 billion euros, showing a modest increase of 165.7 million euros (+0.5%) compared to the same period in 2023, when imports decreased by 7.8%.
The central bank indicates that the current and capital account is currently positive, amounting to 1.193 billion euros, with a surplus of 283.2 million euros reported in August of the previous year. In the first eight months of this year, the current account showed a positive balance of 2.841 billion euros, compared to a surplus of 1.868 billion euros for January to August 2023.
In August, the current account balance stood at 1.070 billion euros, significantly higher than the positive balance of 219.2 million euros recorded in August 2023. In the first eight months, the current account remained positive at 1.537 billion euros, compared to 904.5 million euros for the same period last year.
According to the BNB, the balance on services was also positive, totaling 1.014 billion euros, compared to 1.076 billion euros in August 2023. In the first eight months of this year, the positive balance in services was 5.213 billion euros, slightly down from 5.344 billion euros during the same period in 2023.
The capital account showed a surplus of 123.3 million euros, an increase from 64 million euros a year ago. However, in the January to August period, the capital account was in deficit at 1.303 billion euros, contrasting with a surplus of 963.7 million euros reported in the same timeframe last year.
The financial account for August registered a positive balance of 550.1 million euros, an increase from the positive value of 206 million euros noted in August 2023. In January to August, the financial account also remained positive at 727 million euros, although it was lower than the 1.472 billion euros reported for the same period in 2023.
The central bank’s data revealed that the balance under the Direct Investment category showed a deficit of 90.5 million euros, a notable improvement from a negative balance of 564.7 million euros in August 2023. Over the first eight months, the balance remained in the red at 331.1 million euros, compared to a significant deficit of 2.690 billion euros during the same period last year.
Direct investment assets rose by 72.3 million euros compared to an increase of 279.6 million euros for August 2023. From January to August, they increased by 892.1 million euros, while the rise was 937.4 million euros in the same period last year.
Liabilities for direct investments grew by 162.9 million euros, a decline from a rise of 844.3 million euros in August 2023. In the first eight months, liabilities rose by 1.223 billion euros, contrasting with an increase of 3.627 billion euros recorded in the same period in 2023. (Novinite)