Bulgaria: Market for Articles of Goldsmiths’ or Silversmiths’ Wares of Precious Metals other than Silver 2024

Market Size for Articles of Goldsmiths’ or Silversmiths’ Wares of Precious Metals other than Silver in Bulgaria

For the third year in a row, the Bulgarian market for articles of goldsmiths’ or silversmiths’ wares of precious metals other than silver recorded growth in sales value, which increased by 70% to $X in 2022. Over the period under review, consumption posted significant growth. Consumption of peaked in 2022 and is likely to see steady growth in years to come.

Production of Articles of Goldsmiths’ or Silversmiths’ Wares of Precious Metals other than Silver in Bulgaria

In value terms, production of articles of goldsmiths’ or silversmiths’ wares of precious metals other than silver stood at less than $X in 2022 estimated in export price. In general, production recorded a relatively flat trend pattern.

Exports of Articles of Goldsmiths’ or Silversmiths’ Wares of Precious Metals other than Silver

Exports from Bulgaria

For the third year in a row, Bulgaria recorded decline in overseas shipments of articles of goldsmiths’ or silversmiths’ wares of precious metals other than silver, which decreased by -73.1% to X kg in 2022. Overall, exports faced a dramatic setback. The growth pace was the most rapid in 2019 with an increase of 50%. Over the period under review, the exports of attained the maximum at X kg in 2012; however, from 2013 to 2022, the exports failed to regain momentum.

In value terms, exports of articles of goldsmiths’ or silversmiths’ wares of precious metals other than silver fell markedly to $X in 2022. In general, exports saw a sharp reduction. The growth pace was the most rapid in 2019 when exports increased by 62%. The exports peaked at $X in 2012; however, from 2013 to 2022, the exports failed to regain momentum.

Exports by Country

Hong Kong SAR (X kg) was the main destination for exports of articles of goldsmiths’ or silversmiths’ wares of precious metals other than silver from Bulgaria, with a 86% share of total exports. Moreover, exports of articles of goldsmiths’ or silversmiths’ wares of precious metals other than silver to Hong Kong SAR exceeded the volume sent to the second major destination, Switzerland (X kg), sixfold.

From 2012 to 2022, the average annual rate of growth in terms of volume to Hong Kong SAR amounted to -2.8%.

In value terms, Hong Kong SAR ($X) remains the key foreign market for articles of goldsmiths’ or silversmiths’ wares of precious metals other than silver exports from Bulgaria, comprising 92% of total exports. The second position in the ranking was taken by Switzerland ($X), with a 7.9% share of total exports.

From 2012 to 2022, the average annual growth rate of value to Hong Kong SAR was relatively modest.

Export Prices by Country

In 2022, the average export price for articles of goldsmiths’ or silversmiths’ wares of precious metals other than silver amounted to $X per kg, surging by 133% against the previous year. Over the period under review, the export price saw buoyant growth. As a result, the export price reached the peak level and is likely to continue growth in the immediate term.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Hong Kong SAR ($X per kg), while the average price for exports to Switzerland totaled $X per kg.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Switzerland (+25.6%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Articles of Goldsmiths’ or Silversmiths’ Wares of Precious Metals other than Silver

Imports into Bulgaria

Imports of articles of goldsmiths’ or silversmiths’ wares of precious metals other than silver into Bulgaria skyrocketed to X kg in 2022, with an increase of 44% against 2021. Overall, imports showed a noticeable increase. The most prominent rate of growth was recorded in 2013 with an increase of 340% against the previous year. As a result, imports attained the peak of X kg. From 2014 to 2022, the growth of imports of failed to regain momentum.

In value terms, imports of articles of goldsmiths’ or silversmiths’ wares of precious metals other than silver soared to $X in 2022. Over the period under review, imports recorded resilient growth. The pace of growth was the most pronounced in 2013 when imports increased by 2,358%. As a result, imports reached the peak of $X. From 2014 to 2022, the growth of imports of remained at a somewhat lower figure.

Imports by Country

In 2022, Turkey (X kg) constituted the largest non-silver precious metal goldsmiths ware articles supplier to Bulgaria, with a 38% share of total imports. Moreover, imports of articles of goldsmiths’ or silversmiths’ wares of precious metals other than silver from Turkey exceeded the figures recorded by the second-largest supplier, Israel (X kg), fivefold. The third position in this ranking was held by Hungary (X kg), with a 7.7% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from Turkey amounted to +10.7%. The remaining supplying countries recorded the following average annual rates of imports growth: Israel (0.0% per year) and Hungary (0.0% per year).

In value terms, Turkey ($X) constituted the largest supplier of articles of goldsmiths’ or silversmiths’ wares of precious metals other than silver to Bulgaria, comprising 86% of total imports. The second position in the ranking was held by Hong Kong SAR ($X), with a 6.9% share of total imports. It was followed by the United States, with a 1.7% share.

From 2012 to 2022, the average annual rate of growth in terms of value from Turkey stood at +14.2%. The remaining supplying countries recorded the following average annual rates of imports growth: Hong Kong SAR (+3.1% per year) and the United States (+0.8% per year).

Import Prices by Country

The average import price for articles of goldsmiths’ or silversmiths’ wares of precious metals other than silver stood at $X per kg in 2022, reducing by -19.4% against the previous year. Overall, the import price, however, saw a strong increase. The pace of growth appeared the most rapid in 2013 when the average import price increased by 459% against the previous year. As a result, import price attained the peak level of $X per kg. From 2014 to 2022, the average import prices remained at a lower figure.

There were significant differences in the average prices amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was Turkey ($X per kg), while the price for China ($X per kg) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Switzerland (+21.1%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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