The export of goods in Bulgaria per capita has increased 5 times for 13 years to a little more than TEUR 3.

More and more Bulgaria companies will start exporting goods. Apart from the volume increase, goods exported to foreign markets will be diversified too. This is what Kristofor Pavlov, UniCredit Bulbank’s Chief Economist said at the global conference on credit risk management organized by COFACE. He explained that the export volume in Bulgaria per capita is close to the usual levels for industrial countries

“However, the slow recovery of the economy is still a problem. The average annual inflation rate is expected to reach 0.3%”, said Andrea Casini, UniCredit Bulbank’s COO. He thinks that a favourable ratio of the attracted funds to granted loans has to be achieved now when we are witnessing a reduction of the costs to take out a loan.

The export of goods per capita in Bulgaria has increased 5 times for 13 years to a little more than TEUR 3. In contrast, in 2013 the export of goods per capita in Poland was EUR 4036, approximately TEUR 5 in Latvia, EUR 2477 in Romania, EUR 2152 in Croatia.

“Bulgaria has so far specialized in low-technology manufacturing of products which require a lot of power and workforce. Gradually, the country will start playing a more and more important role and will migrate to the manufacturing of more complex components”, explained Kristofor Pavlov. Bulgaria’s role in the international division of labour will change. In this way the country which now is providing mainly raw materials and low-wage workforce will gradually become an economy with an increasingly important role in innovations and the development of new technologies, manufacturing more and more its own end products and offering its own trademarks.

The analysis made by the economic team of UniCredit Bulbank shows that the flow of foreign savings to the Bulgarian economy will be directed to the fields and sectors with the most advanced restructuring process or to the sectors least affected by the crisis in 2008-2009.

For instance, sectors such as agriculture, food production and pharmaceutical and cosmetics manufacturing, some business service sectors and, in the smallest degree, car parts manufacturing will continue to play an important role for the economy. As a result, the sector structure of the economy will not undergo any fundamental changes in the next decade.

“UniCredit is seeking and financing successful projects and companies. We are always ready to support their sustainable development in this high risk environment”, said Andrea Casini. In conclusion, he said that success depends on the way a company manages risk.

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