16.02.2022

SCALE, STRUCTURE AND FOREIGN TRADE EUROPEAN INTEGRATION OF THE BALKAN COUNTRIES

Borislav Georgiev, foreign trade expert

Making the necessary strategic decisions for the change and development of the economy in Bulgaria requires a clear definition of the current situation. In this sense, it is important to look for a correct comparison with the scale, structure and degree of European integration of the foreign trade turnover of other Balkan countries.

Average annual trade turnover of the Balkan countries (2016-2021), in billion euros

Source: Author's calculations based on www.trademap.org - February 2022

The names and positions of the leading partners for each Balkan country, accounting for half and 90% of foreign trade in euros, are as follows:

For Turkey - 11 countries are markets for 50% of Turkish exports with sustainable and recurring leaders of Germany and Britain. Another 46 countries follow, with exports reaching 90%. Bulgaria ranks 23rd with an average annual share of 1.6% of Turkish exports. In terms of Turkish imports, 11 countries are major suppliers, led by China, Germany and the Russian Federation. Next are 31 countries that supplement the volume of up to 90% of Turkish imports in euros. Bulgaria is on the 28th position with a share of 1.1%;

In Romania, 6 countries are markets for 50% of Romanian exports with sustainable and recurring leaders in Germany, Italy and France. There are 22 more countries with which exports reach 90%. Bulgaria ranks 6th with an average annual share of 3.5%. In the case of Romanian imports, 6 countries are again the main suppliers, led by Germany, Italy and Hungary. Another 16 countries follow, supplementing the volume of up to 90% of Romanian imports in euros. Bulgaria is on the 11th position with a share of 3%;

For Greece - 9 countries are markets for 50% of Greek exports with sustainable and recurring leading positions in Italy and Germany. There are 31 more countries with which exports reach 90%. Bulgaria is on the 5th position with an average annual share of 5%. In terms of Greek imports, 8 countries are the main suppliers, led by Germany, Italy and China. Next are 23 countries that supplement the volume of up to 90% of Greek imports in euros. Bulgaria is on the 12th position with a share of 3.2%;

In Bulgaria - 7 countries are markets of 50% of Bulgarian exports with sustainable and recurring leading positions in Germany, Romania and Italy. There are 39 more countries with which exports reach 90%. In terms of Bulgarian imports, 8 countries are again led by Germany, Romania and Italy. There are 23 more countries that supplement the volume of up to 90% of Bulgarian imports in euros;

In Serbia, 8 countries are markets for 50% of Serbian exports with sustainable and recurring leaders in Germany and Italy. There are 17 more countries with which exports reach 90%. Bulgaria is on the 12th position with an average annual share of 3.3%. In terms of Serbian imports, 7 countries are the main suppliers, led by Germany and China. Another 21 countries follow, supplementing the volume of up to 90% of Serbian imports in euros. Bulgaria is on the 27th position with a share of 2%;

For Northern Macedonia - 2 countries are markets for 50% of their exports with a sustainable, recurring and predominant place of Germany and Serbia. There are 12 more countries with which exports reach 90%. Bulgaria is on the 3rd position with an average annual share of 4.7%. In their imports, 6 countries are the main suppliers, led by Great Britain and Germany. The last 3 years have seen a steady increase in the share of Great Britain. Next are 21 countries that supplement the volume of up to 90% of imports in euros. Bulgaria is on the 8th position with a share of 4.1%;

Of course, these data on trade must be supplemented with those on exports and imports of services and capital.