Bulgaria: Ball Bearing Market 2024

Ball Bearing Market Size in Bulgaria

For the third consecutive year, the Bulgarian ball bearing market recorded decline in sales value, which decreased by -16.3% to $X in 2021. In general, consumption recorded a deep contraction. Ball bearing consumption peaked at $X in 2013; however, from 2014 to 2021, consumption remained at a lower figure.

Ball Bearing Production in Bulgaria

In value terms, ball bearing production declined to $X in 2021 estimated in export price. Over the period under review, production continues to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2013 when the production volume increased by 24% against the previous year. Over the period under review, production attained the maximum level at $X in 2014; however, from 2015 to 2021, production stood at a somewhat lower figure.

Ball Bearing Exports

Exports from Bulgaria

In 2021, shipments abroad of ball bearings increased by 22% to X tons, rising for the second year in a row after two years of decline. In general, total exports indicated a buoyant expansion from 2012 to 2021: its volume increased at an average annual rate of +5.1% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, exports increased by +40.4% against 2019 indices. The pace of growth appeared the most rapid in 2014 when exports increased by 44% against the previous year. As a result, the exports attained the peak of X tons. From 2015 to 2021, the growth of the exports remained at a lower figure.

In value terms, ball bearing exports skyrocketed to $X in 2021. The total export value increased at an average annual rate of +4.5% over the period from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The pace of growth was the most pronounced in 2013 when exports increased by 24%. Over the period under review, the exports hit record highs in 2021 and are expected to retain growth in the immediate term.

Exports by Country

Italy (X tons) was the main destination for ball bearing exports from Bulgaria, accounting for a 86% share of total exports. Moreover, ball bearing exports to Italy exceeded the volume sent to the second major destination, Turkey (X tons), tenfold. The third position in this ranking was held by Hungary (X tons), with a 0.9% share.

From 2012 to 2021, the average annual growth rate of volume to Italy amounted to +4.5%. Exports to the other major destinations recorded the following average annual rates of exports growth: Turkey (+26.9% per year) and Hungary (-3.5% per year).

In value terms, Italy ($X) remains the key foreign market for ball bearings exports from Bulgaria, comprising 94% of total exports. The second position in the ranking was taken by Turkey ($X), with a 2.3% share of total exports. It was followed by Hungary, with a 0.5% share.

From 2012 to 2021, the average annual growth rate of value to Italy totaled +4.7%. Exports to the other major destinations recorded the following average annual rates of exports growth: Turkey (+36.7% per year) and Hungary (-3.0% per year).

Export Prices by Country

In 2021, the average ball bearing export price amounted to $X per ton, dropping by -2% against the previous year. Over the period under review, the export price saw a relatively flat trend pattern. The growth pace was the most rapid in 2016 an increase of 5.8%. The export price peaked at $X per ton in 2013; however, from 2014 to 2021, the export prices stood at a somewhat lower figure.

There were significant differences in the average prices for the major export markets. In 2021, the country with the highest price was Italy ($X per ton), while the average price for exports to Turkey ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Turkey (+7.6%), while the prices for the other major destinations experienced more modest paces of growth.

Ball Bearing Imports

Imports into Bulgaria

Ball bearing imports into Bulgaria rose remarkably to X tons in 2021, with an increase of 13% against the year before. The total import volume increased at an average annual rate of +2.1% from 2012 to 2021; the trend pattern remained consistent, with only minor fluctuations being observed throughout the analyzed period. The pace of growth appeared the most rapid in 2014 with an increase of 16% against the previous year. As a result, imports attained the peak of X tons. From 2015 to 2021, the growth of imports remained at a somewhat lower figure.

In value terms, ball bearing imports soared to $X in 2021. Overall, imports, however, recorded a relatively flat trend pattern. Imports peaked at $X in 2014; however, from 2015 to 2021, imports failed to regain momentum.

Imports by Country

In 2021, China (X tons) constituted the largest supplier of ball bearing to Bulgaria, with a 58% share of total imports. Moreover, ball bearing imports from China exceeded the figures recorded by the second-largest supplier, Germany (X tons), fourfold. Italy (X tons) ranked third in terms of total imports with a 7.7% share.

From 2012 to 2021, the average annual rate of growth in terms of volume from China totaled +5.5%. The remaining supplying countries recorded the following average annual rates of imports growth: Germany (+0.5% per year) and Italy (+14.1% per year).

In value terms, Germany ($X), China ($X) and Italy ($X) appeared to be the largest ball bearing suppliers to Bulgaria, with a combined 62% share of total imports. These countries were followed by the Netherlands, France, Sweden, Poland, Slovakia, Turkey, the Czech Republic and the United Arab Emirates, which together accounted for a further 27%.

The Netherlands, with a CAGR of +15.9%, saw the highest rates of growth with regard to the value of imports, in terms of the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The average ball bearing import price stood at $X per ton in 2021, increasing by 10% against the previous year. In general, the import price, however, recorded a perceptible decline. The import price peaked at $X per ton in 2012; however, from 2013 to 2021, import prices stood at a somewhat lower figure.

There were significant differences in the average prices amongst the major supplying countries. In 2021, the country with the highest price was Sweden ($X per ton), while the price for China ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by the United Arab Emirates (+7.6%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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