Bulgaria: Urea Market 2024

Urea Market Size in Bulgaria

In 2023, after two years of growth, there was significant decline in the Bulgarian urea market, when its value decreased by X% to $X. Overall, consumption, however, posted a slight increase. Urea consumption peaked at $X in 2022, and then reduced remarkably in the following year.

Urea Production in Bulgaria

In value terms, urea production shrank markedly to $X in 2023 estimated in export price. Overall, production enjoyed a significant expansion. The most prominent rate of growth was recorded in 2022 when the production volume increased by X%. As a result, production reached the peak level of $X, and then fell remarkably in the following year.

Urea Exports

Exports from Bulgaria

In 2023, shipments abroad of urea increased by X% to X tons, rising for the second year in a row after two years of decline. In general, exports saw strong growth. The pace of growth appeared the most rapid in 2016 when exports increased by X%. As a result, the exports reached the peak of X tons. From 2017 to 2023, the growth of the exports remained at a somewhat lower figure.

In value terms, urea exports dropped significantly to $X in 2023. Over the period under review, exports saw a remarkable increase. The pace of growth appeared the most rapid in 2016 with an increase of X% against the previous year. As a result, the exports attained the peak of $X. From 2017 to 2023, the growth of the exports failed to regain momentum.

Exports by Country

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

From 2012 to 2023, the average annual rate of growth in terms of volume to Romania amounted to X%. Exports to the other major destinations recorded the following average annual rates of exports growth: Greece (X% per year) and Serbia (X% per year).

In value terms, Romania ($X) remains the key foreign market for urea exports from Bulgaria, comprising X% of total exports. The second position in the ranking was held by Ukraine ($X), with an X% share of total exports. It was followed by Greece, with an X% share.

From 2012 to 2023, the average annual rate of growth in terms of value to Romania stood at X%. Exports to the other major destinations recorded the following average annual rates of exports growth: Ukraine (X.9% per year) and Greece (X% per year).

Export Prices by Country

The average urea export price stood at $X per ton in 2023, declining by X% against the previous year. Over the period under review, the export price continues to indicate a pronounced decrease. The most prominent rate of growth was recorded in 2022 when the average export price increased by X%. As a result, the export price reached the peak level of $X per ton, and then shrank rapidly in the following year.

There were significant differences in the average prices for the major overseas markets. In 2023, amid the top suppliers, the country with the highest price was Ukraine ($X per ton), while the average price for exports to Serbia ($X per ton) was amongst the lowest.

From 2012 to 2023, the most notable rate of growth in terms of prices was recorded for supplies to Romania (X%), while the prices for the other major destinations experienced mixed trend patterns.

Urea Imports

Imports into Bulgaria

In 2023, purchases abroad of urea decreased by X% to X tons for the first time since 2020, thus ending a two-year rising trend. Over the period under review, total imports indicated a modest increase from 2012 to 2023: its volume increased at an average annual rate of X% over the last eleven-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The growth pace was the most rapid in 2021 when imports increased by X% against the previous year. Imports peaked at X tons in 2022, and then fell sharply in the following year.

In value terms, urea imports contracted markedly to $X in 2023. Overall, imports, however, recorded a perceptible increase. The growth pace was the most rapid in 2021 with an increase of X%. Over the period under review, imports attained the maximum at $X in 2022, and then dropped rapidly in the following year.

Imports by Country

Egypt (X tons), Georgia (X tons) and Russia (X tons) were the main suppliers of urea imports to Bulgaria, together comprising X% of total imports. The Netherlands, Greece, Turkmenistan, Romania, Iran and Ukraine lagged somewhat behind, together accounting for a further X%.

From 2012 to 2023, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by the Netherlands (with a CAGR of X%), while imports for the other leaders experienced more modest paces of growth.

In value terms, Egypt ($X), Georgia ($X) and Russia ($X) constituted the largest urea suppliers to Bulgaria, with a combined X% share of total imports.

Among the main suppliers, Georgia, with a CAGR of X%, 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 2023, the average urea import price amounted to $X per ton, reducing by X% against the previous year. Overall, the import price, however, showed a relatively flat trend pattern. The pace of growth appeared the most rapid in 2021 when the average import price increased by X% against the previous year. The import price peaked at $X per ton in 2022, and then dropped dramatically in the following year.

There were significant differences in the average prices amongst the major supplying countries. In 2023, amid the top importers, the country with the highest price was Ukraine ($X per ton), while the price for Russia ($X per ton) was amongst the lowest.

From 2012 to 2023, the most notable rate of growth in terms of prices was attained by Turkmenistan (X%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform