Terms of trade in Bulgarian post-crisis international trade

Abstract

The study aims to assess the impact of Bulgaria’s accession to the EU and of the Global financial crisis through an analysis of the changes in the country’s international trade for the period 2004-2016. Firstly it summarizes the general trends in dynamics of the country’s trade flows in terms of value and volume, then it assesses the economy’s dependence on international trade and the dynamics of intra-EU trade. To assess the benefits of trade of Bulgarian post-crisis international trade relations an index of terms of trade is calculated and then the results are analyzed and compared with the results for the EU as a whole and the Central and Eastern European Member States. The conclusion summarizes the main implications from the analysis and draws some recommendations regarding some possible measures in Bulgaria’s international trade policy.