Trade and economic relations between the Republic of Bulgaria and the Republic of Yemen
The commercial and economic cooperation between Bulgaria and Yemen has good traditions in a number of areas of mutual interest. The current state of Bulgarian-Yemeni cooperation in the commercial and economic field does not correspond to the real opportunities and interests of both countries. The Bulgarian export of special products dominates.
Currently, there are opportunities to activate bilateral cooperation in areas of mutual interest, such as agriculture, energy, construction – of irrigation facilities, dams, roads, railways. lines where Bulgaria can have an active participation, especially in line with the targeted aid provided by the EU and individual countries. For this purpose, a more active dialogue is needed between the official institutions of the two countries, as well as between the business circles.
1. Bilateral Trade:
Statistical data on the development of trade between Bulgaria and Yemen:
(in million USD)
Year | Trade (million USD) | growth/decline, % | Export | growth/decline% | import | growth/decline, % | Balance |
2017 | 11.2 | 4.7 | 9.1 | -5.2 | 2.1 | 90.9 | 7 |
2018 | 16 | 42.9 | 13.9 | 52.7 | 2.1 | 0.0 | 11.8 |
2019 | 12.3 | -23.1 | 9.6 | -30.9 | 2.7 | 28.6 | 6.9 |
2020 | 10 | – 18.7 | 6.9 | -28.1 | 3.1 | 14.8 | 3.8 |
2021 | 14.32 | 43.2 | 13.6 | 97.1 | 0.72 | -76.8 | 12.88 |
I-VI 2022 | 1.7 | -20.9 | 1.3 | -27.8 | 0.4 | 14.3 | 0.9 |
In the first six months of 2022, bilateral trade reached 1.7 million USD, which is a decrease from 20.9 in the same period of 2021. Bulgarian exports for the specified period were worth 1.3 million USD, which is a decrease of 27.8% compared to the same period in 2021. Imports from Yemen for the said period were valued at 0.4 million USD, which is a growth of 14.3%. Compared to the same period in 2021.
Our trade with Yemen for 2021 . amounted to 14.32 million USD. of which export 13.6 million USD , and the import 0.72 million USD. The export for Yemen during the period mainly consists of: Bread, dough confectionery or biscuit products, even with the addition of cocoa; wafer, empty medicated dough capsules, dry dough sheets of flour, starch or starch and similar products, medicated (other than products of NN 3002, 3005 or 3006), composed of mixed or unmixed products prepared for therapeutic or prophylactic purposes , put up in dosage form or put up for retail sale, insecticides, rodenticides, fungicides, herbicides, germination inhibitors and plant growth regulators, disinfectants and the like, presented.
Compared to the exchange of goods with 2020, a significant growth is observed. Bulgarian exports to Yemen reached nearly 97% growth, while imports marked a significant drop of 76%.
In 2020, trade was worth USD 10 million, a decrease of about 28% compared to the same period in 2019. Bulgarian exports mainly consist of bakery, pastry, confectionery or biscuit products, even with a surplus of cocoa (54.9%); foodstuffs not elsewhere specified or included (17%); medicaments (excluding products of NN 3002, 3005 or 3006), consisting of mixed or unmixed products, prepared for therapeutic or prophylactic purposes, put up in dosage form or put up for retail sale (14.9%) and others.
In 2019, there was a decrease in trade, which reached 12.3 million USD. Bulgarian exports are equal to USD 9.6 million. e., and the export is worth 2.7 million USD.
In 2018, bilateral trade reached a value of 16.1 million USD, which is one of its highest points in the last ten years.
For 2017, Bulgarian exports reached 9.1 million USD, consisting mainly of bakery, pasta, confectionery or biscuit products (86.63%), medicines (3.98%), electrical transformers (2.08%), petroleum oils (2.03%) ), hair maintenance preparations (1.8%), etc.
2. Leading goods by export
Leading positions in Bulgaria’s exports for 2017:
Export from Bulgaria | % of total exports |
Wheat and a mixture of wheat and rye | 86.63 |
Medications | 3.98 |
Electric transformers | 2.08 |
Petroleum oils | 2.03 |
Leading positions in Bulgaria’s exports for 2018:
Export from Bulgaria | % of total exports |
Wheat and a mixture of wheat and rye | 53.2 |
Pastry, pastry or biscuit products | 32.5 |
Medications | 4.2 |
Packaging sacks and bags | 1.0 |
Leading positions in Bulgaria’s exports for 2019:
Export from Bulgaria | % of total exports |
Pastry, pastry or biscuit products | 61.1 |
Wheat and a mixture of wheat and rye | 21.9 |
Medications | 9.6 |
Vegetables with dry leguminous peppers, without skins, whether or not peeled or broken | 1.5 |
Leading positions in Bulgaria’s exports for the period January-June 2020:
Export from Bulgaria | % of total exports |
Pastry, pastry or biscuit products | 54.9 |
Foodstuffs not elsewhere specified or included | 17.0 |
Medicinal products (excluding products of NN 3002, 3005 or 3006), consisting of mixed or unmixed products, prepared for therapeutic or prophylactic purposes, put up in dosage form or put up for retail sale | 14.9 |
Insecticides, rodenticides, fungicides, herbicides, germination inhibitors and plant growth regulators, disinfectants and the like | 4.7 |
Leading positions in Bulgaria’s exports for 2021:
Export from Bulgaria | % of total exports |
Pastry, pastry or biscuit products | 64.8 |
Foodstuffs not elsewhere specified or included | 16.9 |
Medicinal products (excluding products of NN 3002, 3005 or 3006), consisting of mixed or unmixed products, prepared for therapeutic or prophylactic purposes, put up in dosage form or put up for retail sale | 8.6 |
Insecticides, rodenticides, fungicides, herbicides, germination inhibitors and plant growth regulators, disinfectants and the like | 2.3 |
3. Investments
According to BNB data in the period 2014-2021. Annual data; Net foreign investments in Bulgaria; Position at the end of the period; Total financial assets/liabilities;
in EUR million:
Year | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 |
Yemen | 0.0 | 0.0 | 0.0 | 0.5 | 0.0 | -0.1 | -0.1 | 0.0 |
4. Contractual legal basis
After the unification of North and South Yemen in 1990, all treaties and agreements effective as of 05/22/1990 remain in force for the newly formed Republic of Yemen.
The beginning of the updating of the contractual and legal basis of the Bulgarian-Yemen relations was the signing of the Cooperation Agreement between the Republic of Bulgaria and the Republic of Yemen in September 2006, during the 61st session of the UN General Assembly.
On October 17, 2008, an intergovernmental Agreement on Economic Cooperation was signed. The Republic of Yemen is among the first partners of Bulgaria to conclude this type of agreement, in line with EU directives.
Current Agreements:
- Agreement between the Government of the Republic of Bulgaria and the Government of the Republic of Yemen to amend and supplement the Agreement dated 9.12.1983 between the Government of the People’s Republic of Bulgaria and the Government of the People’s Democratic Republic of Yemen for the exchange of real estate for the needs of diplomatic missions. Effective from 2.07.1997. Confirmed by Decision of the Ministry of Justice No. 66/16.01.1997.
- Agreement between the Government of the Republic of Bulgaria and the Government of the Republic of Yemen on cooperation in the field of health care and medical science – signed in Sofia on 25.02.1999. Effective from 25.12.1999.
- Memorandum of Understanding between the Ministry of Foreign Affairs of the Republic of Bulgaria and the Ministry of Foreign Affairs of the Republic of Yemen – signed in Sofia on 11.11.1999. Effective from 11.11.1999.
- Agreement between the Government of the Republic of Bulgaria and the Government of the Republic of Yemen for mutual promotion and protection of investments – signed in Sofia on 12.04.2002. Ratified by the Bulgarian side and promulgated in State Gazette No. 97 of 15.10.2002 – Negotiation of amendments pending under the Agreement.
- Agreement on cooperation between the Bulgarian Chamber of Commerce and Industry and the Chamber of Commerce and Industry of Yemen – signed in Sana’a in October 2004.
- Agreement on economic cooperation between the Republic of Bulgaria and the Republic of Yemen – signed in Sofia on October 17, 2008.
- Memorandum of Understanding between the Executive Agency for the Promotion of Small and Medium Enterprises, Republic of Bulgaria and the Small Enterprise Development Fund (SEDF), Republic of Yemen – signed in Sofia on October 17, 2008.
- October 17, 2008 – Agreement on economic cooperation between the Republic of Bulgaria and the Republic of Yemen, signed in Sofia. The agreement was approved by Government Decree No. 31 of January 23, 2009 and entered into force on April 24, 2009, SG No. 45 of 16.06.2009
- Memorandum of Understanding between the Executive Agency for the Promotion of Small and Medium Enterprises, Republic of Bulgaria and the Small Enterprise Development Fund (SEDF), Republic of Yemen.
- December 16, 2012 – Agreement between the Government of the Republic of Bulgaria and the Government of the Republic of Yemen on maritime commercial shipping, signed in Sana’a.
Draft agreements:
- Draft Additional Protocol to the Agreement between the Government of the Republic of Bulgaria and the Government of the Republic of Yemen for mutual promotion and protection of investments, signed on April 12, 2002 – in the process of agreement.
5. Intergovernmental Commission
The third session of the intergovernmental Bulgarian-Yemen Joint Commission for Economic and Scientific-Technical Cooperation was held in Sofia in the period October 15-17, 2008.
The first session of the Intergovernmental Commission for Economic Cooperation was held on 15-16 December 2012 in Sana’a.
The chairman of the Bulgarian part of the commission is the Deputy Minister of Economy, Energy and Tourism Mr. Ivo Marinov, and of the Yemeni part – Mr. Mohsen Al-Nakib, Deputy Minister of Industry and Trade of the Republic of Yemen.
During the session, the prospects for further cooperation between the Republic of Bulgaria and the Republic of Yemen were discussed in detail.
The two sides conducted an in-depth analysis of trade-economic, energy cooperation and opportunities for future interaction. A number of other areas were also discussed, such as the defense industry; finance; tourism; information technology and communications; transportation; health and agriculture.
During the session, the two countries signed an Agreement between the Government of the Republic of Bulgaria and the Government of the Republic of Yemen on maritime commercial shipping.