Bulgaria: Cranks And Crankshafts Market 2024

Cranks And Crankshafts Market Size in Bulgaria

After five years of growth, the Bulgarian cranks and crankshafts market decreased by -78.9% to $X in 2022. Over the period under review, consumption continues to indicate a deep contraction. Over the period under review, the market hit record highs at $X in 2021, and then reduced remarkably in the following year.

Cranks And Crankshafts Production in Bulgaria

In value terms, cranks and crankshafts production rose modestly to $X in 2022 estimated in export price. Over the period under review, production, however, recorded resilient growth. The pace of growth was the most pronounced in 2016 with an increase of 36%. Over the period under review, production hit record highs at $X in 2020; however, from 2021 to 2022, production remained at a lower figure.

Cranks And Crankshafts Exports

Exports from Bulgaria

In 2022, overseas shipments of cranks and crankshafts decreased by -28.7% to X tons, falling for the second year in a row after nine years of growth. Over the period under review, exports, however, enjoyed a significant expansion. The pace of growth appeared the most rapid in 2015 with an increase of 842%. Over the period under review, the exports attained the maximum at X tons in 2020; however, from 2021 to 2022, the exports remained at a lower figure.

In value terms, cranks and crankshafts exports reduced slightly to $X in 2022. Overall, exports, however, posted a significant expansion. The pace of growth appeared the most rapid in 2015 with an increase of 424% against the previous year. Over the period under review, the exports hit record highs at $X in 2021, and then fell slightly in the following year.

Exports by Country

Austria (X tons) was the main destination for cranks and crankshafts exports from Bulgaria, accounting for a 73% share of total exports. Moreover, cranks and crankshafts exports to Austria exceeded the volume sent to the second major destination, Turkey (X tons), sixfold. Russia (X tons) ranked third in terms of total exports with a 3.6% share.

From 2012 to 2022, the average annual growth rate of volume to Austria was relatively modest. Exports to the other major destinations recorded the following average annual rates of exports growth: Turkey (+86.1% per year) and Russia (+23.6% per year).

In value terms, Austria ($X), Turkey ($X) and Russia ($X) appeared to be the largest markets for cranks and crankshafts exported from Bulgaria worldwide, with a combined 85% share of total exports.

Turkey, with a CAGR of +94.7%, saw the highest rates of growth with regard to the value of exports, in terms of the main countries of destination over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The average cranks and crankshafts export price stood at $X per ton in 2022, rising by 38% against the previous year. Overall, the export price continues to indicate a relatively flat trend pattern. The pace of growth was the most pronounced in 2021 an increase of 97% against the previous year. Over the period under review, the average export prices hit record highs in 2022 and is expected to retain growth in years to come.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Turkey ($X per ton), while the average price for exports to Saudi Arabia ($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 Austria (+9.2%), while the prices for the other major destinations experienced mixed trend patterns.

Cranks And Crankshafts Imports

Imports into Bulgaria

In 2022, supplies from abroad of cranks and crankshafts increased by 13% to X tons, rising for the second year in a row after two years of decline. Over the period under review, imports recorded strong growth. The most prominent rate of growth was recorded in 2021 when imports increased by 53%. Over the period under review, imports reached the maximum in 2022 and are likely to continue growth in the near future.

In value terms, cranks and crankshafts imports surged to $X in 2022. In general, imports enjoyed a resilient increase. The pace of growth appeared the most rapid in 2021 with an increase of 33%. Over the period under review, imports hit record highs in 2022 and are likely to see gradual growth in the near future.

Imports by Country

In 2022, Slovenia (X tons) constituted the largest supplier of cranks and crankshafts to Bulgaria, with a 54% share of total imports. Moreover, cranks and crankshafts imports from Slovenia exceeded the figures recorded by the second-largest supplier, Germany (X tons), threefold. The third position in this ranking was taken by Italy (X tons), with a 4.8% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from Slovenia totaled +10.5%. The remaining supplying countries recorded the following average annual rates of imports growth: Germany (+6.7% per year) and Italy (+17.5% per year).

In value terms, Germany ($X) constituted the largest supplier of cranks and crankshafts to Bulgaria, comprising 46% of total imports. The second position in the ranking was taken by Slovenia ($X), with a 19% share of total imports. It was followed by China, with a 5.5% share.

From 2012 to 2022, the average annual rate of growth in terms of value from Germany stood at +9.6%. The remaining supplying countries recorded the following average annual rates of imports growth: Slovenia (+10.5% per year) and China (+25.0% per year).

Import Prices by Country

The average cranks and crankshafts import price stood at $X per ton in 2022, with an increase of 5.8% against the previous year. Over the last decade, it increased at an average annual rate of +1.4%. The most prominent rate of growth was recorded in 2020 an increase of 24% against the previous year. As a result, import price attained the peak level of $X per ton. From 2021 to 2022, the average import prices remained at a somewhat lower figure.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by China (+15.2%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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