Turkey is the second-largest importer of goods in Bulgaria, the negative balance in bilateral trade has grown rapidly over the past 4 years, exceeding 1.8 billion euros. This was reported specifically for BGNES by the Ministry of Economy and Industry.
In the first nine months of 2023, Turkey ranks fourth among Bulgaria's trading partners in terms of exports and second in terms of imports, with shares of 6.1% and 8.3% respectively of the total import and export figures for the world. In the first nine months of 2023, the growth of imports exceeded that of exports, as a result of which we registered a negative balance for Bulgaria, which is 11.9% less compared to the same period of 2022.
"Turkey is one of Bulgaria's leading economic partners. The geographical proximity and the potential of the Turkish economy and market predetermine high economic activity between Bulgarian and Turkish companies", emphasized the Ministry of Economy.
In 2022, trade with Turkey will amount to 7.415 billion euros /growth of 41.9%, a share of 7.2%/. Exports to Turkey amounted to 2.778 billion euros /growth of 29.2%, a share of 6.1%/. The import is for 4.636 billion euros /growth of 50.8%, share 7.8%/.
Trade data for the period from 2010 to 2022 shows its smooth increase from 2.368 billion euros to 7.415 billion euros. We only have a more serious decline in the year of the pandemic 2020, when it amounted to 3.986 billion euros and decreased by 8.8% compared to 2019, when it was 4.370 billion euros. In the following years 2021 and 2022, the exchange of goods recovers very quickly and reaches EUR 5.224 billion and EUR 7.415 billion, respectively.
In the period from 2010 to 2018, the bilateral trade balance was positive for Bulgaria, with the most successful years being 2011 and 2012, when we were in surplus with 666.4 million and 769 million euros, respectively. The last year we had a positive balance was 2018 when it amounted to EUR 150 million.
Since 2019, Turkish imports have been steadily growing and outpacing our exports, with the gap widening from €25m to €922.7m in 2021 and €1.857bn in 2022.
We export refined copper and copper alloys, petroleum and bituminous mineral oils, unwrought lead and zinc, wires, cables, and other insulated conductors to Turkey.
From Turkey, we import petroleum gas and other gaseous hydrocarbons, electrical energy, unprocessed aluminum, etc.
Turkey's direct investments in Bulgaria as of January 1, 2023, /the latest for which we have official BNB data/, amount to 1.176 billion euros.
Among the leading Turkish investors in our country are: "Trakia Glass Bulgaria" - glass production; Teklas Bulgaria - production of rubber and plastic products for the automotive industry; "Alcomet" JSC - aluminum rolled and pressed products sector; "Sark Bulgaria" - production of copper wires; "Odelo Farba" - production of car lights; "Spiner Bulgaria" - production of metalworking machines, etc.
The interest of Turkish companies in Bulgaria is focused on projects related to the construction of transport and energy infrastructure, the construction of residential, commercial, and office buildings, the production of parts and details for the automotive industry, etc. Some of the Turkish companies invest in us through their European affiliates, such as the investment of Shishejam in the modernization of the plant for the production of clinker and cement in the city of Devnya. /BGNES
