Bulgaria: Salt Market 2024

Salt Market Size in Bulgaria

The Bulgarian salt market declined to $X in 2022, which is down by -10.2% against the previous year. The market value increased at an average annual rate of +1.6% from 2012 to 2022; the trend pattern remained consistent, with somewhat noticeable fluctuations throughout the analyzed period. As a result, consumption reached the peak level of $X, and then contracted in the following year.

Salt Production in Bulgaria

In value terms, salt production declined to $X in 2022 estimated in export price. The total output value increased at an average annual rate of +2.0% from 2012 to 2022; the trend pattern remained relatively stable, with only minor fluctuations being observed in certain years. The most prominent rate of growth was recorded in 2021 when the production volume increased by 29% against the previous year. As a result, production reached the peak level of $X, and then reduced in the following year.

Salt Exports

Exports from Bulgaria

In 2022, salt exports from Bulgaria surged to X tons, picking up by 674% on the year before. Over the period under review, exports enjoyed significant growth. As a result, the exports attained the peak and are likely to continue growth in the immediate term.

In value terms, salt exports soared to $X in 2022. In general, exports recorded a significant increase. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

Exports by Country

Ukraine (X tons) was the main destination for salt exports from Bulgaria, with a 92% share of total exports. Moreover, salt exports to Ukraine exceeded the volume sent to the second major destination, Romania (X tons), more than tenfold. Greece (X tons) ranked third in terms of total exports with a 1% share.

From 2012 to 2022, the average annual growth rate of volume to Ukraine amounted to +593.3%. Exports to the other major destinations recorded the following average annual rates of exports growth: Romania (+29.1% per year) and Greece (+21.9% per year).

In value terms, Ukraine ($X) emerged as the key foreign market for salt and pure sodium chloride exports from Bulgaria, comprising 81% of total exports. The second position in the ranking was held by Romania ($X), with an 8% share of total exports. It was followed by Greece, with a 1.5% share.

From 2012 to 2022, the average annual growth rate of value to Ukraine totaled +314.0%. Exports to the other major destinations recorded the following average annual rates of exports growth: Romania (+31.7% per year) and Greece (+10.9% per year).

Export Prices by Country

The average salt export price stood at $X per ton in 2022, shrinking by -47.2% against the previous year. Over the period under review, the export price saw a abrupt shrinkage. The most prominent rate of growth was recorded in 2013 when the average export price increased by 48% against the previous year. The export price peaked at $X per ton in 2015; however, from 2016 to 2022, the export prices failed to regain momentum.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Romania ($X per ton), while the average price for exports to Ukraine ($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 Romania (+2.0%), while the prices for the other major destinations experienced a decline.

Salt Imports

Imports into Bulgaria

In 2022, salt imports into Bulgaria amounted to X tons, approximately equating the previous year's figure. Overall, imports continue to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 with an increase of 87%. Imports peaked at X tons in 2017; however, from 2018 to 2022, imports stood at a somewhat lower figure.

In value terms, salt imports expanded sharply to $X in 2022. In general, imports saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 with an increase of 54% against the previous year. Over the period under review, imports attained the maximum in 2022 and are expected to retain growth in years to come.

Imports by Country

In 2022, Egypt (X tons) constituted the largest supplier of salt to Bulgaria, accounting for a 71% share of total imports. Moreover, salt imports from Egypt exceeded the figures recorded by the second-largest supplier, Turkey (X tons), sevenfold. Tunisia (X tons) ranked third in terms of total imports with a 7.4% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from Egypt was relatively modest. The remaining supplying countries recorded the following average annual rates of imports growth: Turkey (+23.0% per year) and Tunisia (-1.6% per year).

In value terms, the largest salt suppliers to Bulgaria were Egypt ($X), Turkey ($X) and Greece ($X), together comprising 69% of total imports. Tunisia and Bosnia and Herzegovina lagged somewhat behind, together accounting for a further 14%.

In terms of the main suppliers, Bosnia and Herzegovina, with a CAGR of +24.8%, saw 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 salt import price stood at $X per ton in 2022, increasing by 7.4% against the previous year. In general, the import price saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2020 when the average import price increased by 59%. Over the period under review, average import prices attained the maximum at $X per ton in 2013; however, from 2014 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 Bosnia and Herzegovina ($X per ton), while the price for Egypt ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Tunisia (+3.0%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :