Bulgaria's overall foreign trade for the first half of this year was estimated to be $5.94 billion, up 11 per cent from the same period in 2000, the National Statistics Institute (NSI) announced on Friday. Exports between January and June rose by 8.9 per cent to reach $2.49 billion.

Imports totaled $3.45 billion in CIF terms, nearly 39 per cent more than the value of exports. First-half imports increased 12.6 per cent over last year. Bulgaria had a $694.2 million trade deficit for January-June 2001. Imports exceeded exports for every month of this period, with the monthly deficits increasing during the second quarter and accounting for 67 per cent of the first-half gap, said the NSI.

The European Union remained Bulgaria's main trading partner, accounting for 56.2 per cent of exports and 48.8 per cent of imports in the first half of this year. Within the EU, the largest partners were Germany, Italy, Greece and France.

Bulgaria's trade with Italy and Greece is in a surplus, whereas imports from Germany are double the value of Bulgaria's exports to Germany. Bulgaria also has a favourable trade balance with Belgium and Spain, and is running a deficit with the rest of the EU members.

Bulgaria imported materials for manufacturing clothing and footwear from its principal European partners and exported finished goods to the same markets. Exports to the Commonwealth of Independent States (CIS) countries increased by 12 per cent in the first half of 2001 while imports dropped three per cent. Exports to Russia declined by four per cent and imports from Russia shrank by nearly seven per cent. Imports from the Ukraine soared to 28 per cent and exports to the Ukraine rose by seven per cent.

Bulgarian exports consisted mainly of manufactured goods and articles, chemical products and fuels, machinery and equipment. Bulgaria imports mainly machinery and transport equipment, mineral fuels and manufactured articles.