What Products Did Bulgaria Export in 2023: Focus on Ruse
In 2023, Bulgaria's exports fell from 6.5%, reaching a value of BGN 86.9 billion, according to data from the National Statistical Institute (NSI). Despite this decline, exports are up by approx BGN 18 billion more compared to 2021 and has grown by approx 50% for the last five years. For enterprises in Ruse and the region that are actively involved in international trade, these data are essential, as they reflect both the potential and the challenges that local business faces.
Key Export Sectors and The Contribution of Ruse
The biggest export revenues for Bulgaria in 2023 come from copper and copper products, fuels, as well as electrical components such as switches, relays and fuses. In the Ruse region, companies such as Steiner Elektronik, Bulmarket Group and Prista Oil Holding play an important role in these sectors by providing products and services to international markets.
Bulmarket Group JSC is a leading company in the trade of mineral fuels and biodiesel. The company's products make a significant contribution to fuel exports, which in 2023 decreased by over BGN 3 billion compared to the previous year. While in 2022 Ukraine was a key market for Bulgarian fuels, in 2023 this changed.
Steiner Elektronik Ltd, one of the leading manufacturers of electronic components in Europe, contributes to the stable export of electrical parts. Revenues from this sector have grown by approx 10-12%, bringing the country revenue from BGN 2-3 billion. The company is a key player in the production of printed circuit boards and electronic assembly, which places it among the strategic companies in the region.
Prista Oil Holding also plays an important role in regional and national exports. The company is a leading manufacturer of motor and industrial oils and lubricants, which are exported to over 45 countries around the world. The products of Prista Oil established themselves on the international market thanks to their high quality and technological innovation. This emphasizes the importance of the company in the Bulgarian export economy.
Challenges to Exports
Despite the increase in some sectors, Bulgaria's total exports decreased due to lower revenues from vegetable oils (base oil), chemicals and natural gas. For example, revenues from vegetable fats decreased by over 1 billion BGN compared to the previous year, while those from chemical products also saw a significant decline. These trends create challenges for companies from Ruse that are involved in the trade of these products.
Business Partners and Development Opportunities
Bulgaria's main trade partners remain Germany, Romania, Italy, Turkey and Greece, which form over 40% from Bulgarian exports. Companies from Ruse also maintain active trade relations with these countries, continuing to expand their customer base.
Ruse companies that produce electrical components, fuels and lubricants have the potential to increase their contribution to exports, despite global challenges. They must continue to invest in innovation and adapt to new market conditions to remain competitive on the international stage.
Conclusion
Bulgaria's exports continue to be an important driver of economic growth, despite short-term declines in some sectors. For companies like Bulmarket Group, Steiner Elektronik and Prista Oil Holding, these challenges and opportunities will determine their strategic plans to develop and strengthen their positions in the international market.
The original article was published by Vasil Minkov in the online edition "Capital". You can read it here.
