Bulgaria: Urea Market 2024

Urea Market Size in Bulgaria

The Bulgarian urea market surged to $X in 2022, growing by 56% against the previous year. Over the period under review, consumption showed a remarkable increase. Urea consumption peaked in 2022 and is expected to retain growth in the near future.

Urea Production in Bulgaria

In value terms, urea production declined to $X in 2022 estimated in export price. Overall, production recorded significant growth. The growth pace was the most rapid in 2017 when the production volume increased by 75%. Urea production peaked at $X in 2021, and then contracted in the following year.

Urea Exports

Exports from Bulgaria

After two years of decline, overseas shipments of urea increased by 39% to X tons in 2022. Over the period under review, exports continue to indicate strong growth. The pace of growth was the most pronounced in 2016 with an increase of 235%. As a result, the exports attained the peak of X tons. From 2017 to 2022, the growth of the exports remained at a lower figure.

In value terms, urea exports skyrocketed to $X in 2022. In general, exports recorded a significant expansion. The most prominent rate of growth was recorded in 2016 with an increase of 188% against the previous year. As a result, the exports reached the peak of $X. From 2017 to 2022, the growth of the exports remained at a lower figure.

Exports by Country

Romania (X tons) was the main destination for urea exports from Bulgaria, with a 59% share of total exports. Moreover, urea exports to Romania exceeded the volume sent to the second major destination, Germany (X tons), sixfold. Serbia (X tons) ranked third in terms of total exports with an 8.5% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to Romania amounted to +36.4%. Exports to the other major destinations recorded the following average annual rates of exports growth: Germany (+69.8% per year) and Serbia (+55.7% per year).

In value terms, Romania ($X) remains the key foreign market for urea exports from Bulgaria, comprising 63% of total exports. The second position in the ranking was taken by Germany ($X), with a 9.3% share of total exports. It was followed by Poland, with a 7% share.

From 2012 to 2022, the average annual growth rate of value to Romania stood at +43.8%. Exports to the other major destinations recorded the following average annual rates of exports growth: Germany (+50.0% per year) and Poland (+4,255.8% per year).

Export Prices by Country

In 2022, the average urea export price amounted to $X per ton, growing by 69% against the previous year. Overall, the export price posted a measured expansion. As a result, the export price attained the peak level and is likely to continue growth in the immediate term.

Average prices varied somewhat for the major foreign markets. In 2022, amid the top suppliers, the highest price was recorded for prices to Poland ($X per ton) and Romania ($X per ton), while the average price for exports to Serbia ($X per ton) and North Macedonia ($X per ton) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Poland (+58.9%), while the prices for the other major destinations experienced more modest paces of growth.

Urea Imports

Imports into Bulgaria

In 2022, imports of urea into Bulgaria soared to X tons, surging by 44% compared with the previous year's figure. In general, total imports indicated a resilient increase from 2012 to 2022: its volume increased at an average annual rate of +9.2% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +97.3% against 2020 indices. As a result, imports reached the peak and are likely to continue growth in the immediate term.

In value terms, urea imports soared to $X in 2022. Over the period under review, imports saw a strong increase. The most prominent rate of growth was recorded in 2021 with an increase of 154%. Imports peaked in 2022 and are likely to see gradual growth in the near future.

Imports by Country

Russia (X tons), Georgia (X tons) and Egypt (X tons) were the main suppliers of urea imports to Bulgaria, with a combined 71% share of total imports. Turkey, Romania, Poland, Libya, Algeria, Turkmenistan, Greece, Austria, Iran and Ukraine lagged somewhat behind, together accounting for a further 25%.

From 2012 to 2022, the biggest increases were recorded for Turkey (with a CAGR of +145.0%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the largest urea suppliers to Bulgaria were Georgia ($X), Egypt ($X) and Russia ($X), with a combined 69% share of total imports. Romania, Libya, Turkey, Algeria, Turkmenistan, Greece, Austria, Poland, Iran and Ukraine lagged somewhat behind, together accounting for a further 25%.

Turkey, with a CAGR of +126.0%, recorded the highest growth rate of the value of imports, in terms of the main suppliers 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 urea import price amounted to $X per ton, surging by 13% against the previous year. Overall, the import price showed a slight increase. The pace of growth was the most pronounced in 2021 an increase of 86%. The import price peaked in 2022 and is expected to retain growth in the near future.

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 Ukraine ($X per ton), while the price for Poland ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Turkmenistan (+23.6%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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