Foreign trade gap contracts 64% YoY

Bulgarian foreign trade gap contracted for 63,8% in the first eight months of 2011 compared to the same period in year 2010, to 1.13 billion BGN from 3.13 billion BGN. Lower deficit is a consequence of fast growth in exports for 34% compared to imports that only rose by 20,3%. Foreign trade was the only component of Bulgarian economy that benefited from the global economic recovery. Export-oriented companies brought their levels of sales back to pre-crisis levels and some began to increase the salaries as well. Because exports rose mainly due to increased commodity prices and industrial production, sustainability is questionable.

Source: Sofiaecho