FOREIGN TRADE EXCHANGE BETWEEN BULGARIA AND ITS MAIN TRADE PARTNERS FROM THE EU FOR THE PERIOD 2012-2021

Abstract

The current study is focused on the EU countries with which Bulgaria has had the largest foreign trade
exchange in the previous ten years. These are Germany, Romania, Italy and Greece. These countries are leading in
terms of Bulgaria's exports to the rest of the world. Germany is also first in importing Bulgaria. With these four
countries, Bulgaria carries out more than a third of the entire foreign trade, and the trend is towards an increase. The
purpose of the development is to analyze the trends in those groups of goods with which the country carries out the
largest exports and imports with its main trading partners from the EU. These commodity groups, which have the
largest relative share in Bulgaria's exports and imports with the four mentioned countries, have been examined.
Commodity groups are presented at the second level of disaggregation according to the Harmonized Commodity
Description and Coding System. These commodity groups, having the largest relative weight and forming about
50% of Bulgaria's exports and imports, are taken into account, carried out with these four countries.The most
significant trade flows in terms of the country's exports to the main trade partners from the EU are goods, such as:
electrical machines, apparatus and electrical materials; mechanical machines, appliances and parts; fuels and oils. At
the same time, Bulgaria carries out the largest import in terms of products from these commodity groups. Other
products in which the country has a relatively large exchange of goods (exports and imports) are plastics and plastic
products. Goods that the country mainly exports are: copper and copper products; base metals and products thereof;
different types of ores; Timber; cereals and clothing. The goods that Bulgaria mainly imports are: land vehicles and
their parts; iron, steel and articles thereof; fruits; wool; shoes; tobacco and tobacco products.It can be summarized
that Bulgaria specializes in the export of various types of materials and raw materials, but at the same time imports
other ones. The country also exports various electrical and mechanical components, but also imports these in larger
quantities, including vehicles. The analysis does not give an absolute picture of Bulgaria's foreign trade
diversification, but it is a basis for identifying important trends related to the country's foreign trade orientation,
since the country carries out the largest trade within the EU with the four countries in question. The results can be
used as a starting point for a more in-depth analysis of specific export-oriented industries and sub-sectors of the
economy.