Bulgaria: Market for Forage Harvesters and Other Harvesting Machines 2024

Market Size for Forage Harvesters and Other Harvesting Machines in Bulgaria

The Bulgarian market for forage harvesters and other harvesting machines reduced sharply to $X in 2021, waning by -26.4% against the previous year. In general, the total consumption indicated slight growth from 2012 to 2021: its value increased at an average annual rate of +1.3% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, consumption decreased by -35.4% against 2019 indices. As a result, consumption attained the peak level of $X. From 2014 to 2021, the growth of the market failed to regain momentum.

Production of Forage Harvesters and Other Harvesting Machines in Bulgaria

In value terms, production of forage harvesters and other harvesting machines declined markedly to $X in 2021 estimated in export price. Overall, production continues to indicate a deep contraction. The most prominent rate of growth was recorded in 2020 with an increase of 483%. Over the period under review, production of reached the peak level at $X in 2013; however, from 2014 to 2021, production failed to regain momentum.

Exports of Forage Harvesters and Other Harvesting Machines

Exports from Bulgaria

In 2021, after two years of decline, there was significant growth in overseas shipments of forage harvesters and other harvesting machines, when their volume increased by 15% to X units. In general, exports recorded a modest expansion. The most prominent rate of growth was recorded in 2017 with an increase of 77%. Over the period under review, the exports of hit record highs at X units in 2018; however, from 2019 to 2021, the exports stood at a somewhat lower figure.

In value terms, exports of forage harvesters and other harvesting machines soared to $X in 2021. Over the period under review, exports, however, saw a perceptible decline. The pace of growth was the most pronounced in 2017 with an increase of 63% against the previous year. The exports peaked at $X in 2012; however, from 2013 to 2021, the exports stood at a somewhat lower figure.

Exports by Country

Romania (X units) was the main destination for exports of forage harvesters and other harvesting machines from Bulgaria, with a 46% share of total exports. Moreover, exports of forage harvesters and other harvesting machines to Romania exceeded the volume sent to the second major destination, Ukraine (X units), twofold. Russia (X units) ranked third in terms of total exports with an 11% share.

From 2012 to 2021, the average annual rate of growth in terms of volume to Romania stood at -5.1%. Exports to the other major destinations recorded the following average annual rates of exports growth: Ukraine (+17.1% per year) and Russia (+29.9% per year).

In value terms, Romania ($X) remains the key foreign market for forage harvesters and other harvesting machines exports from Bulgaria, comprising 67% of total exports. The second position in the ranking was taken by Ukraine ($X), with a 12% share of total exports. It was followed by Russia, with a 7.4% share.

From 2012 to 2021, the average annual rate of growth in terms of value to Romania amounted to -7.6%. Exports to the other major destinations recorded the following average annual rates of exports growth: Ukraine (+11.6% per year) and Russia (+19.5% per year).

Export Prices by Country

The average export price for forage harvesters and other harvesting machines stood at $X per unit in 2021, rising by 2.9% against the previous year. Overall, the export price, however, continues to indicate a abrupt contraction. The pace of growth appeared the most rapid in 2019 an increase of 61% against the previous year. Over the period under review, the average export prices hit record highs at $X per unit in 2012; however, from 2013 to 2021, the export prices stood at a somewhat lower figure.

There were significant differences in the average prices for the major overseas markets. In 2021, amid the top suppliers, the country with the highest price was Romania ($X per unit), while the average price for exports to Italy ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Greece (+6.5%), while the prices for the other major destinations experienced mixed trend patterns.

Imports of Forage Harvesters and Other Harvesting Machines

Imports into Bulgaria

In 2021, the amount of forage harvesters and other harvesting machines imported into Bulgaria shrank modestly to X units, with a decrease of -4.9% against the year before. Overall, imports continue to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2017 with an increase of 23%. Imports peaked at X units in 2019; however, from 2020 to 2021, imports stood at a somewhat lower figure.

In value terms, imports of forage harvesters and other harvesting machines rose rapidly to $X in 2021. Over the period under review, imports saw a noticeable slump. The pace of growth appeared the most rapid in 2017 when imports increased by 37%. Imports peaked at $X in 2013; however, from 2014 to 2021, imports stood at a somewhat lower figure.

Imports by Country

Germany (X units), Russia (X units) and the United States (X units) were the main suppliers of imports of forage harvesters and other harvesting machines to Bulgaria, together accounting for 57% of total imports. Turkey, Ukraine, Italy, the UK, Argentina, Poland, France, Spain and Romania lagged somewhat behind, together comprising a further 39%.

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Ukraine (with a CAGR of +60.4%), while imports for the other leaders experienced more modest paces of growth.

In value terms, Germany ($X) constituted the largest supplier of forage harvesters and other harvesting machines to Bulgaria, comprising 42% of total imports. The second position in the ranking was held by Russia ($X), with a 13% share of total imports. It was followed by France, with a 9.1% share.

From 2012 to 2021, the average annual rate of growth in terms of value from Germany stood at -10.2%. The remaining supplying countries recorded the following average annual rates of imports growth: Russia (+42.4% per year) and France (+13.7% per year).

Import Prices by Country

The average import price for forage harvesters and other harvesting machines stood at $X per unit in 2021, rising by 21% against the previous year. In general, the import price, however, showed a perceptible decrease. The import price peaked at $X per unit 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, amid the top importers, the country with the highest price was France ($X per unit), while the price for the United States ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Turkey (+9.4%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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