The Minister of Economy emphasised that a negative indirect effect may be expected from the export duties imposed by the US on our main EU trading partners.
An analysis by the Ministry of Economy and Industry shows that in 2024, Bulgaria’s trade with the US accounted for 1.7% of the country’s total trade volume, with exports to the US making up 2.6% of total exports and imports accounting for 0.8% of total imports.
This was announced by the Minister of Economy and Industry, Peter Dilov, during parliamentary question time, in response to a question concerning the US-imposed trade restrictions.
Minister Dilov underlined that overall, the share of bilateral trade between Bulgaria and the US is relatively small within the country’s total trade, therefore, the imposed export duties are not expected to have a significant direct impact on the Bulgarian economy.
“In 2024, the EU accounted for 64% of our country’s exports and 57.3% of imports. In this context, a negative indirect effect may also result from the US duties imposed on our key EU trading partners, which could in turn affect Bulgaria’s bilateral trade with those countries,” he noted.
The Minister of Economy also pointed out that, in any case, the impact on global value chains is inevitable. “This may lead to shortages in certain supplies and a decline in market share. At the same time, however, it may stimulate the development of new production lines and the establishment of new business partnerships,” Dilov stated.
According to him, the Ministry of Economy and Industry is in dialogue with business community, researching and analysing the impact of the import restrictions imposed by the US, in order to implement effective policies to support our economy and mitigate the negative effects of the US’s tariff policy towards the EU.
Minister Dilov informed that at the Foreign Affairs Council in the Trade Ministers format, held on 7 April 2025, the Bulgarian side emphasised that the United States is not only the EU’s principal trading partner, but also a key strategic and geopolitical ally. “Given this, it is essential to maintain a consistent and constructive dialogue across all areas of mutual interest and to remain open to negotiations, with the aim of reaching a mutually beneficial solution and avoid further escalation,” he stressed.