Bulgaria: Worked Wax Articles Market 2024

Worked Wax Articles Market Size in Bulgaria

In 2022, after three years of decline, there was significant growth in the Bulgarian worked wax articles market, when its value increased by 53% to $X. In general, consumption continues to indicate a measured expansion. Worked wax articles consumption peaked at $X in 2018; however, from 2019 to 2022, consumption stood at a somewhat lower figure.

Worked Wax Articles Exports

Exports from Bulgaria

In 2022, after five years of growth, there was significant decline in overseas shipments of worked articles of wax, when their volume decreased by -26.4% to X units. Overall, exports, however, showed a significant increase. The pace of growth was the most pronounced in 2014 when exports increased by 5,657% against the previous year. Over the period under review, the exports hit record highs at X units in 2021, and then contracted remarkably in the following year.

In value terms, worked wax articles exports fell significantly to $X in 2022. Over the period under review, exports, however, recorded a significant expansion. The growth pace was the most rapid in 2014 when exports increased by 8,208%. The exports peaked at $X in 2019; however, from 2020 to 2022, the exports failed to regain momentum.

Exports by Country

Georgia (X units) was the main destination for worked wax articles exports from Bulgaria, with a 19% share of total exports. Moreover, worked wax articles exports to Georgia exceeded the volume sent to the second major destination, Italy (X units), more than tenfold.

From 2012 to 2022, the average annual rate of growth in terms of volume to Georgia stood at +6.2%.

In value terms, Georgia ($X) remains the key foreign market for worked articles of wax exports from Bulgaria, comprising 40% of total exports. The second position in the ranking was taken by Italy ($X), with a 0.9% share of total exports.

From 2012 to 2022, the average annual growth rate of value to Georgia amounted to +14.8%.

Export Prices by Country

In 2022, the average worked wax articles export price amounted to $X per thousand units, shrinking by -25.4% against the previous year. Over the period under review, the export price, however, enjoyed a mild expansion. The growth pace was the most rapid in 2016 when the average export price increased by 230%. The export price peaked at $X per thousand units in 2019; however, from 2020 to 2022, the export prices remained at a 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 Georgia ($X per thousand units), while the average price for exports to Italy amounted to $X per thousand units.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Romania (+14.1%), while the prices for the other major destinations experienced mixed trend patterns.

Worked Wax Articles Imports

Imports into Bulgaria

In 2022, purchases abroad of worked articles of wax increased by 32% to X units, rising for the second year in a row after two years of decline. Over the period under review, imports saw a remarkable increase. The pace of growth appeared the most rapid in 2013 when imports increased by 88%. Over the period under review, imports attained the maximum at X units in 2018; however, from 2019 to 2022, imports remained at a lower figure.

In value terms, worked wax articles imports skyrocketed to $X in 2022. Overall, total imports indicated notable growth from 2012 to 2022: its value increased at an average annual rate of +2.6% 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 +58.6% against 2020 indices. The pace of growth was the most pronounced in 2017 with an increase of 63%. Over the period under review, imports attained the peak figure at $X in 2018; however, from 2019 to 2022, imports stood at a somewhat lower figure.

Imports by Country

Croatia (X units), Belgium (X units) and Italy (X units) were the main suppliers of worked wax articles imports to Bulgaria, with a combined 80% share of total imports.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Croatia (with a CAGR of +19.3%), while imports for the other leaders experienced mixed trend patterns.

In value terms, the largest worked wax articles suppliers to Bulgaria were Belgium ($X), Croatia ($X) and Germany ($X), together accounting for 92% of total imports.

In terms of the main suppliers, Germany, with a CAGR of +12.3%, saw the highest growth rate of 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 worked wax articles import price amounted to $X per thousand units, reducing by -8.5% against the previous year. Over the period under review, the import price recorded a perceptible shrinkage. The most prominent rate of growth was recorded in 2019 an increase of 48% against the previous year. The import price peaked at $X per thousand units in 2012; however, from 2013 to 2022, import prices stood at a somewhat lower figure.

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 Belgium ($X per thousand units), while the price for Italy ($X per thousand units) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by China (+22.6%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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