Analysis of Bilateral Trade between Bulgaria and Ukraine

Abstract

This study examines the state of trade in goods between Bulgaria and Ukraine for the 2016-2022 period. One of this research’s main objectives is to analyze each trading partner’s role in bilateral trade. Using statistical analysis methods, we estimate each country’s share of bilateral trade for imports and exports of the top imported/exported products. Based on the analysis, it is found that in some product groups such as Group 72 “Iron and Steel”, Group 86 “Railway or Tramway Locomotives, Rolling Stock and Parts Thereof” and Group 27 “Petroleum Oils and Oils Obtained From Bituminous Minerals”, Bulgaria and Ukraine have already established long-term relationships. For the five-year 2016-2021 period, Ukrainian exports to Bulgaria have increased by 100%, and imports have increased by 214%. The results of this study may contribute to further scientific research to determine the direction of development of international trade in both countries. The positive trends in each country’s exports to the other encourage additional investments, particularly in the manufacture of these products and in the search for new market niches.