This paper aims at identifying the strengths and weaknesses of the Bulgarian economy�s transformation to a more dynamic and export-oriented growth model. By referring to two groups of countries � Central European EU member states as well as the Western Balkans, the study puts an emphasis on the impact the EU membership and the 2009 crisis year have on the Bulgarian foreign trade and export performance in particular. The first chapter gathers arguments in favour of the export-oriented growth model but also addresses potential risk factors of such long-term policy. Despite some drawbacks as increasing vulnerability and dependence on external factors, this development path is justified as the better way for achieving sustainable economic growth of small economies like Bulgaria. The second chapter deals with the global financial crisis and its influence on the exports and foreign trade in general. Then, the author focuses on Bulgaria�s export performance in the EU and on a regional comparison by stressing on the role of foreign direct investments in the export orientation of the country. Finally, the paper concludes by summarizing measures and instruments for catching-up export-driven economic development and by formulating policy recommendations supporting the successful implementation of such an export-led growth model.