Exporting to Bulgaria

Bulgaria is a Balkan nation with a population of 7 million people (ONS, 2019). In the year up to June 2019, total exports from the UK to Bulgaria amounted to £963 million (ONS, 2019).

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.

Strategic location

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.

Ease of doing business

61st

out of 190 countries (World Bank, 2019)

Currency

Lev

Business language

Bulgarian

You may need a translator

GDP per capita

$9,314

UK is $41,030 (IMF, 2019)

Economic growth

3.1%

(IMF, 2019)

Time zone

GMT +2

Next steps

DIT can advise you on doing business abroad, and help put you in touch with other people who can help such as lawyers and distributors.