Bulgaria: Cotton Yarn Market 2024

Cotton Yarn Market Size in Bulgaria

In 2022, the Bulgarian cotton yarn market increased by 2.3% to $X, rising for the second consecutive year after three years of decline. The market value increased at an average annual rate of +1.0% over the period from 2012 to 2022; the trend pattern remained consistent, with only minor fluctuations being recorded in certain years. As a result, consumption attained the peak level of $X. From 2014 to 2022, the growth of the market failed to regain momentum.

Cotton Yarn Production in Bulgaria

In value terms, cotton yarn production fell markedly to $X in 2022 estimated in export price. Over the period under review, the total production indicated a noticeable expansion from 2012 to 2022: its value increased at an average annual rate of +2.4% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, production increased by +41.4% against 2018 indices. The most prominent rate of growth was recorded in 2021 when the production volume increased by 46%. As a result, production reached the peak level of $X, and then shrank dramatically in the following year.

Cotton Yarn Exports

Exports from Bulgaria

In 2022, after two years of growth, there was significant decline in shipments abroad of cotton yarn, when their volume decreased by -22.5% to X tons. Overall, total exports indicated strong growth from 2012 to 2022: its volume increased at an average annual rate of +6.2% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports increased by +52.5% against 2017 indices. The most prominent rate of growth was recorded in 2021 when exports increased by 75%. As a result, the exports reached the peak of X tons, and then declined notably in the following year.

In value terms, cotton yarn exports shrank to $X in 2022. Over the period under review, exports, however, posted a prominent expansion. The pace of growth was the most pronounced in 2021 when exports increased by 60%. As a result, the exports attained the peak of $X, and then shrank in the following year.

Exports by Country

Greece (X tons) was the main destination for cotton yarn exports from Bulgaria, with a 46% share of total exports. Moreover, cotton yarn exports to Greece exceeded the volume sent to the second major destination, Germany (X tons), fourfold. The third position in this ranking was taken by Italy (X tons), with a 7.1% share.

From 2012 to 2022, the average annual growth rate of volume to Greece amounted to +7.4%. Exports to the other major destinations recorded the following average annual rates of exports growth: Germany (+8.9% per year) and Italy (+9.4% per year).

In value terms, Greece ($X), Germany ($X) and Italy ($X) were the largest markets for cotton yarn exported from Bulgaria worldwide, together comprising 56% of total exports. Norway, Spain, France, the Netherlands, Turkey, Romania, Poland, Serbia and North Macedonia lagged somewhat behind, together comprising a further 27%.

In terms of the main countries of destination, the Netherlands, with a CAGR of +16.9%, recorded the highest growth rate of the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2022, the average cotton yarn export price amounted to $X per ton, surging by 10% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +2.2%. The growth pace was the most rapid in 2016 when the average export price increased by 29%. The export price peaked in 2022 and is likely to see gradual growth in the immediate term.

There were significant differences in the average prices for the major export markets. In 2022, amid the top suppliers, the country with the highest price was Poland ($X per ton), while the average price for exports to Serbia ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Serbia (+8.8%), while the prices for the other major destinations experienced more modest paces of growth.

Cotton Yarn Imports

Imports into Bulgaria

In 2022, cotton yarn imports into Bulgaria reduced markedly to X tons, with a decrease of -17.7% compared with the year before. In general, imports showed a relatively flat trend pattern. The pace of growth was the most pronounced in 2013 with an increase of 30%. As a result, imports reached the peak of X tons. From 2014 to 2022, the growth of imports remained at a somewhat lower figure.

In value terms, cotton yarn imports shrank slightly to $X in 2022. The total import value increased at an average annual rate of +3.2% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth was the most pronounced in 2021 with an increase of 46% against the previous year. As a result, imports attained the peak of $X, and then declined slightly in the following year.

Imports by Country

In 2022, Turkey (X tons) constituted the largest cotton yarn supplier to Bulgaria, accounting for a 56% share of total imports. Moreover, cotton yarn imports from Turkey exceeded the figures recorded by the second-largest supplier, India (X tons), fourfold. Pakistan (X tons) ranked third in terms of total imports with an 11% share.

From 2012 to 2022, the average annual growth rate of volume from Turkey was relatively modest. The remaining supplying countries recorded the following average annual rates of imports growth: India (+4.3% per year) and Pakistan (+17.5% per year).

In value terms, Turkey ($X) constituted the largest supplier of cotton yarn to Bulgaria, comprising 54% of total imports. The second position in the ranking was held by India ($X), with a 10% share of total imports. It was followed by Pakistan, with a 9.8% share.

From 2012 to 2022, the average annual growth rate of value from Turkey amounted to +3.1%. The remaining supplying countries recorded the following average annual rates of imports growth: India (+7.1% per year) and Pakistan (+17.4% per year).

Import Prices by Country

The average cotton yarn import price stood at $X per ton in 2022, growing by 18% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +3.4%. The growth pace was the most rapid in 2021 when the average import price increased by 24% against the previous year. Over the period under review, average import prices hit record highs in 2022 and is expected to retain growth in the near future.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Italy ($X per ton), while the price for India ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Uzbekistan (+10.4%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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