OVERVIEW

Bulgaria is a country located in the Southeast side of Europe, known for its rich cultural heritage dating back to ancient Trance, historic landmarks and unique traditions.

As a member of the European Union since 2007, it plays an important role in the political and economic scenarios of the Balkans.

In 2023, Bulgaria ranked

  • 69th in terms of GDP, currently valued as $102B, out of 195 economies in the world;
  • 59th in terms of total exports out of 226 countries;
  • 72nd in terms of GDP per capita, valued with current US$, out of 196 economies in the world.

ECONOMIC COMPLEXITY RANKING

EXPORT

In 2023 it was estimated that the principal products that were exported from Bulgaria were

  • Refined Petroleum - $2.32B;
  • Refined Copper - $1.94B;
  • Wheat - $1.78B;
  • Petroleum Gas - $1.35B;
  • Packaged Medicaments - $1.2B.

On the other hand, the commonest destinations for Bulgarian exports were

  • Germany - $6.84B;
  • Romania - $5.63B;
  • Italy - $4.06B;
  • Greece - $3.04B;
  • Turkey - $2.73B.

Lastly, in the latest year it was revealed that Bulgaria was the world’s largest exporter of Iron Pyrites, with a total trade amount of $33.8M.

IMPORT

In 2023 the most imported product from other countries to Bulgaria were

  • Crude Petroleum - $3.14B;
  • Copper Ore - $1.97B;
  • Cars - $1.74B;
  • Packaged Medicaments - $1.69B
  • Electricity - $1.22B.

These goods are mainly produced by

  • Germany - $6.08B;
  • Turkey - $4.45B;
  • Romania - $4.03B;
  • Russia - $3.51B;
  • Italy - $3.15B.

YEARLY TRADE

During the last five years, the exports of Bulgaria have increased by $15.7B, from $34.8B in 2018 to $50.5B in 2023.

CONCLUSIONS

In 2023, Bulgaria continued its path of economic development, showing growth in sectors such as information technology, tourism and energy.

While challenges like inflation and emigration persist, the country is gradually strengthening its place within the European market, while reminding us that progress isn’t always linear, but it’s shaped by resilience, adaptation and the human drive to create meaning beyond material wealth.

Source: https://oec.world/en

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