Bulgaria: Men Knitwear Market 2024

Men Knitwear Market Size in Bulgaria

The Bulgarian men knitwear market soared to $X in 2022, growing by 50% against the previous year. In general, consumption saw buoyant growth. Men knitwear consumption peaked in 2022 and is likely to see steady growth in the immediate term.

Men Knitwear Production in Bulgaria

In value terms, men knitwear production surged to $X in 2022 estimated in export price. Overall, production saw a significant expansion. The growth pace was the most rapid in 2017 when the production volume increased by 60% against the previous year. Men knitwear production peaked in 2022 and is likely to continue growth in years to come.

Men Knitwear Exports

Exports from Bulgaria

In 2022, shipments abroad of men's or boys' clothing (knitted or crocheted) was finally on the rise to reach X units for the first time since 2019, thus ending a two-year declining trend. Over the period under review, exports, however, saw a relatively flat trend pattern. The pace of growth appeared the most rapid in 2016 when exports increased by 24%. As a result, the exports attained the peak of X units. From 2017 to 2022, the growth of the exports remained at a somewhat lower figure.

In value terms, men knitwear exports surged to $X in 2022. The total export value increased at an average annual rate of +4.6% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth appeared the most rapid in 2013 with an increase of 30%. Over the period under review, the exports hit record highs in 2022 and are expected to retain growth in the near future.

Exports by Country

Italy (X units) was the main destination for men knitwear exports from Bulgaria, accounting for a 32% share of total exports. Moreover, men knitwear exports to Italy exceeded the volume sent to the second major destination, Greece (X units), threefold. The third position in this ranking was held by Germany (X units), with an 11% share.

From 2012 to 2022, the average annual growth rate of volume to Italy amounted to +3.3%. Exports to the other major destinations recorded the following average annual rates of exports growth: Greece (-8.7% per year) and Germany (-4.9% per year).

In value terms, Italy ($X) remains the key foreign market for men's or boys' clothing (knitted or crocheted) exports from Bulgaria, comprising 25% of total exports. The second position in the ranking was held by Germany ($X), with a 12% share of total exports. It was followed by Austria, with an 11% share.

From 2012 to 2022, the average annual rate of growth in terms of value to Italy amounted to +7.8%. Exports to the other major destinations recorded the following average annual rates of exports growth: Germany (-0.1% per year) and Austria (+8.9% per year).

Export Prices by Country

The average men knitwear export price stood at $X per unit in 2022, growing by 3.1% against the previous year. Over the period under review, export price indicated a strong expansion from 2012 to 2022: its price increased at an average annual rate of +5.0% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, men knitwear export price increased by +61.1% against 2019 indices. The most prominent rate of growth was recorded in 2020 when the average export price increased by 27%. The export price peaked in 2022 and is likely to continue growth in the immediate term.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Slovenia (+19.6%), while the prices for the other major destinations experienced more modest paces of growth.

Men Knitwear Imports

Imports into Bulgaria

In 2022, after two years of decline, there was significant growth in purchases abroad of men's or boys' clothing (knitted or crocheted), when their volume increased by 40% to X units. Over the period under review, total imports indicated notable growth from 2012 to 2022: its volume increased at an average annual rate of +2.1% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2019 when imports increased by 56% against the previous year. As a result, imports reached the peak of X units. From 2020 to 2022, the growth of imports remained at a lower figure.

In value terms, men knitwear imports soared to $X in 2022. Overall, imports enjoyed a resilient expansion. The most prominent rate of growth was recorded in 2016 when imports increased by 64% against the previous year. Over the period under review, imports attained the peak figure in 2022 and are expected to retain growth in the immediate term.

Imports by Country

Turkey (X units), Hungary (X units) and Greece (X units) were the main suppliers of men knitwear imports to Bulgaria, together comprising 60% of total imports.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Hungary (with a CAGR of +76.6%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the largest men knitwear suppliers to Bulgaria were Belgium ($X), Turkey ($X) and Germany ($X), with a combined 44% share of total imports. Hungary, Poland, Italy, Romania, Greece, Spain, Austria and China lagged somewhat behind, together comprising a further 47%.

In terms of the main suppliers, Hungary, with a CAGR of +70.5%, recorded the highest rates of growth with regard to the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The average men knitwear import price stood at $X per unit in 2022, increasing by 15% against the previous year. Overall, the import price recorded a prominent expansion. The most prominent rate of growth was recorded in 2013 when the average import price increased by 48%. The import price peaked in 2022 and is expected to retain growth in the immediate term.

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 Belgium ($X per unit), while the price for China ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Greece (+14.9%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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