Exporting to Bulgaria
Strengthening import market
Bulgaria has steadily imported more goods year on year for the past five years. This trend is projected to continue until at least 2024 (IMF, 2019). Bulgaria already imports a wide range of products and services from the UK.
Top goods imports include beverages, medicinal and pharmaceutical products, specialised machinery, electrical goods and industrial machinery. Top services imports include travel, financial, business, telecommunications, computer and information and transport services (ONS, 2019). If you are a UK business looking to export these products, you may find opportunities in Bulgaria.
Bulgaria is bordered by large countries such as Turkey, Greece, Serbia and Romania, while its eastern coast borders the Black Sea. If your business is looking to export to a larger Eastern European market, Bulgaria may be a good place to base your operations.
Strengthening economic conditions
Since 2014, unemployment has decreased every year, whilst GDP growth has been positive. GDP per capita has increased year on year over the same period, and is expected to continue to rise until at least 2024 (IMF, 2019). This should lead to a healthy increase in spending power for local consumers.