site.btaBulgaria Posts EUR 759.6 Mln Trade Deficit for August 2023 - Central Bank

The balance on goods recorded a deficit of EUR 759.6 million in August 2023, compared with a deficit of EUR 131.9 million in August 2022, the Bulgarian National Bank reported here on Wednesday.

In January – August 2023 the balance on goods was negative amounting to EUR 2,298.5 million (2.4% of GDP), compared with a deficit of EUR 2,363 million (2.8% of GDP) in January – August 2022.

Exports of goods amounted to EUR 3,118.2 million in August 2023, decreasing by EUR 903.7 million (22.5%) from EUR 4,021.8 million in August 2022.

In January – August 2023 exports of goods totalled EUR 28,658 million (30% of GDP), dropping by EUR 2,920.1 million (9.2%) year-on-year (from EUR 31,578 million, 37.3% of GDP).

Imports of goods amounted to EUR 3,877.8 million in August 2023, decreasing by EUR 275.9 million (6.6%) from August 2022 (EUR 4,153.7 million).

In January – August 2023 imports of goods totalled EUR 30,956.5 million (32.4% of GDP), dropping by EUR 2,984.5 million (8.8%) from January – August 2022 (EUR 33,941 million, 40.1% of GDP).

Services recorded a positive balance of EUR 968.3 million in August 2023, compared with a surplus of EUR 891.3 million in August 2022. In January – August 2023 services recorded a surplus of EUR 4,552.6 million (4.8% of GDP), compared with a positive balance of EUR 3,577.1 million (4.2% of GDP) in the same period of 2022.

The current and capital account recorded a surplus of EUR 329.8 million in August 2023, compared with a surplus of EUR 529.5 million in August 2022. In January – August 2023 the current and capital account was positive amounting to EUR 2,124.6 million (2.2% of GDP), compared with a deficit of EUR 175.9 million (0.2% of GDP) in January – August 2022.

The current account was positive amounting to EUR 224.5 million in August 2023, compared with a positive balance of EUR 520.1 million in August 2022. In January – August 2023 the current account was positive and amounted to EUR 1,315.5 million (1.4% of GDP), compared with a surplus of EUR 239.3 million (0.3% of GDP) in January – August 2022.

The capital account recorded a positive balance of EUR 105.3 million, compared with a positive balance of EUR 9.3 million in August 2022. In January – August 2023 the capital account recorded a positive balance of EUR 809.1 million (0.8% of GDP), compared with a negative balance of EUR 415.3 million (0.5% of GDP) in January – August 2022.

The financial account recorded a positive balance of EUR 642.2 million, compared with a positive balance of EUR 890 million in August 2022. In January – August 2023 the financial account recorded a net inflow of EUR 1,625.2 million (1.7% of GDP), compared with an inflow of EUR 2,511.1 million (3% of GDP) in January – August 2022.

Foreign direct investment in Bulgaria (under the directional principle) grew by EUR 171.5 million in August 2023 according to preliminary data, compared with an increase of EUR 113.5 million in August 2022.

In January – August 2023 foreign direct investment in Bulgaria grew by EUR 2,228.3 million, compared with an increase of EUR 1,666.5 million in January – August 2022.