Bulgaria: Wood Fuel Market 2024

Wood Fuel Market Size in Bulgaria

In 2022, the Bulgarian wood fuel market increased by 2.5% to $X, rising for the second year in a row after three years of decline. Overall, consumption, however, continues to indicate a relatively flat trend pattern. Wood fuel consumption peaked at $X in 2017; however, from 2018 to 2022, consumption stood at a somewhat lower figure.

Wood Fuel Production in Bulgaria

In value terms, wood fuel production fell modestly to $X in 2022 estimated in export price. Overall, production showed a pronounced downturn. The pace of growth was the most pronounced in 2016 when the production volume increased by 11%. Wood fuel production peaked at $X in 2012; however, from 2013 to 2022, production stood at a somewhat lower figure.

Wood Fuel Exports

Exports from Bulgaria

In 2022, shipments abroad of wood fuel decreased by -58.5% to X cubic meters, falling for the third year in a row after two years of growth. Overall, exports faced a precipitous descent. The most prominent rate of growth was recorded in 2014 with an increase of 64% against the previous year. As a result, the exports attained the peak of X cubic meters. From 2015 to 2022, the growth of the exports failed to regain momentum.

In value terms, wood fuel exports contracted markedly to $X in 2022. Over the period under review, exports continue to indicate a dramatic setback. The most prominent rate of growth was recorded in 2014 with an increase of 47%. As a result, the exports attained the peak of $X. From 2015 to 2022, the growth of the exports failed to regain momentum.

Exports by Country

Greece (X cubic meters) was the main destination for wood fuel exports from Bulgaria, with a 88% share of total exports. Moreover, wood fuel exports to Greece exceeded the volume sent to the second major destination, Romania (X cubic meters), more than tenfold. North Macedonia (X cubic meters) ranked third in terms of total exports with a 2.5% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to Greece totaled -17.2%. Exports to the other major destinations recorded the following average annual rates of exports growth: Romania (-7.5% per year) and North Macedonia (-8.3% per year).

In value terms, Greece ($X) remains the key foreign market for wood fuel exports from Bulgaria, comprising 87% of total exports. The second position in the ranking was taken by Israel ($X), with a 4.2% share of total exports. It was followed by Romania, with a 3.5% share.

From 2012 to 2022, the average annual growth rate of value to Greece stood at -17.6%. Exports to the other major destinations recorded the following average annual rates of exports growth: Israel (+15.4% per year) and Romania (-9.4% per year).

Export Prices by Country

In 2022, the average wood fuel export price amounted to $X per cubic meter, with an increase of 14% against the previous year. Over the period under review, the export price showed a relatively flat trend pattern. As a result, the export price reached the peak level and is likely to continue growth in the immediate term.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Israel ($X per cubic meter), while the average price for exports to Romania ($X per cubic meter) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to North Macedonia (+8.3%), while the prices for the other major destinations experienced mixed trend patterns.

Wood Fuel Imports

Imports into Bulgaria

In 2022, wood fuel imports into Bulgaria fell markedly to X cubic meters, declining by -74.9% against the previous year's figure. In general, imports showed a sharp reduction. The most prominent rate of growth was recorded in 2018 when imports increased by 424% against the previous year. Over the period under review, imports reached the maximum at X cubic meters in 2012; however, from 2013 to 2022, imports failed to regain momentum.

In value terms, wood fuel imports dropped significantly to $X in 2022. Overall, imports continue to indicate a precipitous curtailment. The growth pace was the most rapid in 2018 with an increase of 296%. Imports peaked at $X in 2012; however, from 2013 to 2022, imports failed to regain momentum.

Imports by Country

In 2022, Serbia (X cubic meters) constituted the largest wood fuel supplier to Bulgaria, with a 70% share of total imports. Moreover, wood fuel imports from Serbia exceeded the figures recorded by the second-largest supplier, Greece (X cubic meters), threefold.

From 2012 to 2022, the average annual rate of growth in terms of volume from Serbia stood at -22.6%.

In value terms, Serbia ($X) constituted the largest supplier of wood fuel to Bulgaria, comprising 62% of total imports. The second position in the ranking was held by Greece ($X), with a 14% share of total imports.

From 2012 to 2022, the average annual rate of growth in terms of value from Serbia amounted to -19.1%.

Import Prices by Country

In 2022, the average wood fuel import price amounted to $X per cubic meter, reducing by -2.9% against the previous year. Over the period under review, the import price showed a noticeable slump. The pace of growth appeared the most rapid in 2013 when the average import price increased by 31%. As a result, import price reached the peak level of $X per cubic meter. From 2014 to 2022, the average import prices remained at a somewhat lower figure.

Average prices varied somewhat amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was Serbia ($X per cubic meter), while the price for Greece stood at $X per cubic meter.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Turkey (+85.5%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

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