Bulgaria: Market for Processed Petroleum Oils and Distillates 2024

Market Size for Processed Petroleum Oils and Distillates in Bulgaria

The Bulgarian market for processed petroleum oils and distillates dropped dramatically to $X in 2022, which is down by -24.1% against the previous year. In general, consumption, however, recorded mild growth. As a result, consumption reached the peak level of $X, and then shrank sharply in the following year.

Production of Processed Petroleum Oils and Distillates in Bulgaria

In value terms, processed petroleum oils and distillates production contracted to $X in 2022 estimated in export price. In general, production showed a perceptible shrinkage. The most prominent rate of growth was recorded in 2021 when the production volume increased by 41%. Over the period under review, production hit record highs at $X in 2012; however, from 2013 to 2022, production remained at a lower figure.

Exports of Processed Petroleum Oils and Distillates

Exports from Bulgaria

In 2022, overseas shipments of processed petroleum oils and distillates were finally on the rise to reach X tons after two years of decline. Overall, exports, however, continue to indicate a mild curtailment. Over the period under review, the exports attained the peak figure at X tons in 2013; however, from 2014 to 2022, the exports stood at a somewhat lower figure.

In value terms, processed petroleum oils and distillates exports surged to $X in 2022. Over the period under review, exports continue to indicate a relatively flat trend pattern. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

Exports by Country

Ukraine (X tons), Egypt (X tons) and Gibraltar (X tons) were the main destinations of processed petroleum oils and distillates exports from Bulgaria, together accounting for 42% of total exports. Turkey, Romania, Libya, Georgia, Croatia, Lebanon, Serbia, Hungary, North Macedonia and Israel lagged somewhat behind, together accounting for a further 37%.

From 2012 to 2022, the biggest increases were recorded for Libya (with a CAGR of +156.6%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, Ukraine ($X) remains the key foreign market for processed petroleum oils and distillates exports from Bulgaria, comprising 22% of total exports. The second position in the ranking was held by Egypt ($X), with an 11% share of total exports. It was followed by Turkey, with an 11% share.

From 2012 to 2022, the average annual rate of growth in terms of value to Ukraine stood at +20.2%. Exports to the other major destinations recorded the following average annual rates of exports growth: Egypt (+20.7% per year) and Turkey (-6.1% per year).

Export Prices by Country

The average export price for processed petroleum oils and distillates stood at $X per ton in 2022, picking up by 61% against the previous year. In general, the export price continues to indicate a slight increase. The pace of growth was the most pronounced in 2021 an increase of 64%. Over the period under review, the average export prices reached the maximum in 2022 and is likely to see steady growth in the immediate term.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Hungary ($X per ton), while the average price for exports to Croatia ($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 Gibraltar (+3.4%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Processed Petroleum Oils and Distillates

Imports into Bulgaria

In 2022, imports of processed petroleum oils and distillates into Bulgaria skyrocketed to X tons, growing by 45% compared with 2021. Overall, imports recorded a remarkable increase. The pace of growth was the most pronounced in 2021 when imports increased by 60% against the previous year. Over the period under review, imports attained the peak figure in 2022 and are expected to retain growth in the near future.

In value terms, processed petroleum oils and distillates imports soared to $X in 2022. In general, imports showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 with an increase of 60% against the previous year. Over the period under review, imports reached the peak figure at $X in 2014; afterwards, it flattened through to 2022.

Imports by Country

In 2022, Romania (X tons) constituted the largest supplier of processed petroleum oils and distillates to Bulgaria, with a 58% share of total imports. Moreover, processed petroleum oils and distillates imports from Romania exceeded the figures recorded by the second-largest supplier, Greece (X tons), fourfold. The third position in this ranking was held by Turkey (X tons), with a 9.5% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from Romania stood at +19.7%. The remaining supplying countries recorded the following average annual rates of imports growth: Greece (+0.3% per year) and Turkey (+68.6% per year).

In value terms, Romania ($X) constituted the largest supplier of processed petroleum oils and distillates to Bulgaria, comprising 52% of total imports. The second position in the ranking was held by Greece ($X), with a 14% share of total imports. It was followed by Turkey, with an 8.2% share.

From 2012 to 2022, the average annual growth rate of value from Romania stood at +8.4%. The remaining supplying countries recorded the following average annual rates of imports growth: Greece (-9.0% per year) and Turkey (+42.6% per year).

Import Prices by Country

The average import price for processed petroleum oils and distillates stood at $X per ton in 2022, standing approx. at the previous year. Over the period under review, the import price, however, continues to indicate a deep contraction. The most prominent rate of growth was recorded in 2017 an increase of 35% against the previous year. Over the period under review, average import prices attained the peak figure at $X per ton in 2012; however, from 2013 to 2022, import prices remained at a lower figure.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Serbia (-7.0%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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