Bulgaria slashed deficit in trade with third countries to BGN 105 M (exports FOB - imports CIF) in the first quarter of 2016, compared with a shortfall of BGN 625 M a year earlier, National Statistical Institute (NSI) said.

Bulgarian exports to third countries dropped by 8.8% year-on-year in the first quarter of the year, reaching BGN 3.53 B, NSI said in a statement citing preliminary data.

Bulgaria’s main export destinations in January - March 2016 were Turkey, China, Macedonia, Serbia, the United States and Russia, which together absorbed 50.9% of exports to non-EU countries.

Imports from third countries decreased by 19.2% on the year and amounted to BGN 3.64 B (at CIF prices).The largest importers into Bulgaria were Russia, Turkey, China and Ukraine.

Bulgaria’s total exports (to both EU and third countries) totalled BGN 10.59 B in January-March, down by 1.6% compared with the first quarter of 2015. Imports decreased by 6.8% on the year, reaching BGN 11.48 B.

Deficit in Bulgaria’s foreign trade with the EU and third countries for the first quarter amounted to BGN 892.8 M, a decrease compared with BGN 1,563.7 deficit in the same period of 2015.