Bulgaria expects negative spillover effect from US tariffs

An analysis by the Ministry of Economy and Industry shows that in 2024, Bulgaria's trade with the United States accounted for 1.7% of the country’s total trade volume, with exports to the U.S. making up 2.6% of total exports and imports from the U.S. comprising 0.8% of total imports. This was announced by Minister of Economy and Industry Petar Dilov during a parliamentary session in response to a question about US trade restrictions.

Given the relatively small volume of overall trade between Bulgaria and the US, the export tariffs imposed by Washington are not expected to have a significant direct impact on the Bulgarian economy. However, Dilov emphasised:

“In 2024, the EU accounts for 64% of Bulgaria’s exports and 57.3% of its imports. Given this, we can expect an indirect negative impact of the US tariffs on our main EU trading partners, which in turn could affect Bulgaria's bilateral trade with these countries".

According to Dilov, the Ministry of Economy and Industry is in dialogue with businesses and is analysing the impact of the US import restrictions. The aim is to implement effective measures to support the national economy and mitigate the negative impact of the US tariffs on the EU.