Bulgaria: Tractor Market 2024

Tractor Market Size in Bulgaria

In 2022, the Bulgarian tractor market increased by 29% to $X, rising for the second consecutive year after two years of decline. The market value increased at an average annual rate of +2.3% from 2012 to 2022; the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, consumption attained the peak level and is likely to continue growth in the immediate term.

Tractor Production in Bulgaria

In value terms, tractor production rose remarkably to $X in 2022 estimated in export price. Overall, production enjoyed a perceptible expansion. The growth pace was the most rapid in 2017 with an increase of 345% against the previous year. Over the period under review, production hit record highs at $X in 2020; however, from 2021 to 2022, production failed to regain momentum.

Tractor Exports

Exports from Bulgaria

In 2022, exports of tractors from Bulgaria contracted modestly to X units, falling by -2.3% on the previous year. Over the period under review, total exports indicated buoyant growth from 2012 to 2022: its volume increased at an average annual rate of +7.9% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports increased by +65.3% against 2016 indices. The pace of growth was the most pronounced in 2019 when exports increased by 29%. Over the period under review, the exports reached the peak figure at X units in 2021, and then contracted modestly in the following year.

In value terms, tractor exports dropped to $X in 2022. In general, total exports indicated a resilient increase from 2012 to 2022: its value increased at an average annual rate of +5.3% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports increased by +48.0% against 2020 indices. The pace of growth was the most pronounced in 2021 with an increase of 68% against the previous year. As a result, the exports reached the peak of $X, and then dropped in the following year.

Exports by Country

Romania (X units), Georgia (X units) and Greece (X units) were the main destinations of tractor exports from Bulgaria, with a combined 32% share of total exports.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Greece (with a CAGR of +39.5%), while the other leaders experienced more modest paces of growth.

In value terms, Romania ($X) remains the key foreign market for tractors exports from Bulgaria, comprising 36% of total exports. The second position in the ranking was held by Turkey ($X), with a 3.2% share of total exports. It was followed by Georgia, with a 2.3% share.

From 2012 to 2022, the average annual rate of growth in terms of value to Romania totaled +4.1%. Exports to the other major destinations recorded the following average annual rates of exports growth: Turkey (+39.1% per year) and Georgia (+5.5% per year).

Export Prices by Country

The average tractor export price stood at $X per unit in 2022, reducing by -9.7% against the previous year. Overall, the export price saw a noticeable contraction. The most prominent rate of growth was recorded in 2021 an increase of 48%. Over the period under review, the average export prices hit record highs at $X per unit in 2012; however, from 2013 to 2022, the export prices stood at a somewhat lower figure.

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 Romania ($X per unit), while the average price for exports to Egypt ($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 Moldova (+12.8%), while the prices for the other major destinations experienced more modest paces of growth.

Tractor Imports

Imports into Bulgaria

Tractor imports into Bulgaria expanded markedly to X units in 2022, with an increase of 14% compared with 2021. The total import volume increased at an average annual rate of +2.4% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The most prominent rate of growth was recorded in 2021 with an increase of 33%. Over the period under review, imports attained the peak figure at X units in 2015; however, from 2016 to 2022, imports stood at a somewhat lower figure.

In value terms, tractor imports skyrocketed to $X in 2022. The total import value increased at an average annual rate of +4.1% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. As a result, imports reached the peak and are likely to continue growth in the immediate term.

Imports by Country

Japan (X units), Italy (X units) and Germany (X units) were the main suppliers of tractor imports to Bulgaria, with a combined 22% share of total imports. France, Belgium, Turkey, the Netherlands, China, Romania, South Korea, Poland, Austria and India lagged somewhat behind, together accounting for a further 24%.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by India (with a CAGR of +51.5%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the largest tractor suppliers to Bulgaria were Italy ($X), Germany ($X) and France ($X), with a combined 31% share of total imports. Belgium, the Netherlands, Turkey, Romania, Poland, Austria, Japan, South Korea, India and China lagged somewhat behind, together accounting for a further 14%.

In terms of the main suppliers, India, with a CAGR of +42.3%, 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

In 2022, the average tractor import price amounted to $X per unit, increasing by 12% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +1.6%. The pace of growth was the most pronounced in 2017 when the average import price increased by 24% against the previous year. 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 Germany ($X per unit), while the price for China ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Italy (+9.3%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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