Bulgarian exporters worried about business post-Brexit

Brexit – the proposed exit of the UK from the EU – could have a major economic effect on Bulgaria. The UK is the seventh largest market for Bulgarian goods with a value of BGN1.15bn (US$653m) in 2015, with textiles one of the leading export sectors: the UK is Bulgaria’s fifth largest market for clothing and third largest for textiles.

The UK’s decision to leave the EU will lead to a slowdown in economic growth in Bulgaria of 0.2% this year and 1.1% next year, said Kristofor Pavlov, chief economist of UniCredit Bulbank.

The devaluation of the pound, possible custom duties and increased bureaucracy could make exports to the UK more difficult and expensive overall.

For the full story, see the August 2016 edition of Textiles Eastern Europe. Not a subscriber? Sign up HERE