Bulgaria's Export Jumps by 500% in 15 years
For the past 15 years, Bulgarian exports measured in US dollars, grew by 500%. A drop was recorded only in 2009 and 2015. Two thirds of this increase is due to the large quantities of goods, and a third - of higher export prices, an analysis by the Center for Foreign Economic Cooperation at BIA shows.
There has been a record boom in the production of car parts, with serious pace increasing exports of grain and electronics.
According to the report, the USD-BGN exchange rate affected our exports in the short term - with Bulgaria's export able to adapt to changes in the dollar exchange rate with some delay. During the period from 2001 to 2015 the rate of the US dollar has been rather important for commodities (raw materials) and barely affected the goods with higher added value.
Leading markets for Bulgarian goods have been Germany and Italy in the period, followed by Balkan neighbors Turkey, Romania and Greece. Seriously marked increase appeared in Bulgaria's exports to China, Poland, Czech Republic and Egypt, while the United States and Macedonia have seen a serious setback.
The exports of electronics jumped 13-fold in the past 15 years and climbed from seventh to second place in Bulgaria's exports list.
Cereals also added to the boom, as their exports grew 14 times, while that of pharmaceuticals increased by 12 times.
The largest jump, however, appeared in the exports of vehicles and their parts, with a 3400% boom.
Noticeably above the average was the growth in the exports of copper and copper products, plastic products, furniture and fixtures, weapons and ammunition. Below the average, however, was the growth in the exports of wood products, except furniture. Much less decline was present in the export of clothing and textiles and ferrous metals.
The good news is that most of the growing exports of goods was of those with higher added value. In 2001 exports of raw materials and products with a very low degree of processing was 36%, while before the crisis in 2008 it fell back to about 33%. In 2015, just about 30% of Buglaria's exports was of low added value.
Petroleum products continue to play a leading role in Bulgaria's exports, new industries lead to a nearly 400 times increase in the export of oil.
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