Bulgaria: Sodium Nitrate Market 2023

Sodium Nitrate Market Size in Bulgaria

In 2022, the Bulgarian sodium nitrate market decreased by -7.5% to $X for the first time since 2019, thus ending a two-year rising trend. Overall, consumption, however, enjoyed a prominent expansion. Over the period under review, the market hit record highs at $X in 2021, and then declined in the following year.

Sodium Nitrate Production in Bulgaria

In value terms, sodium nitrate production declined to $X in 2022 estimated in export price. The total output value increased at an average annual rate of +1.2% from 2012 to 2022; the trend pattern remained relatively stable, with only minor fluctuations being recorded in certain years. The growth pace was the most rapid in 2016 when the production volume increased by 16% against the previous year. Over the period under review, production hit record highs at $X in 2017; afterwards, it flattened through to 2022.

Sodium Nitrate Exports

Exports from Bulgaria

In 2022, shipments abroad of sodium nitrate increased by 45% to X tons for the first time since 2019, thus ending a two-year declining trend. Over the period under review, exports, however, recorded a sharp slump. The pace of growth was the most pronounced in 2019 with an increase of 59% against the previous year. As a result, the exports attained the peak of X tons. From 2020 to 2022, the growth of the exports remained at a somewhat lower figure.

In value terms, sodium nitrate exports surged to $X in 2022. Overall, exports, however, faced a deep setback. The exports peaked at $X in 2019; however, from 2020 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

Greece (X tons), Romania (X tons) and North Macedonia (X tons) were the main destinations of sodium nitrate exports from Bulgaria, with a combined 79% 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 North Macedonia (with a CAGR of +68.4%), while the other leaders experienced mixed trend patterns.

In value terms, the largest markets for sodium nitrate exported from Bulgaria were Greece ($X), North Macedonia ($X) and Serbia ($X), together accounting for 81% of total exports.

North Macedonia, with a CAGR of +93.8%, saw the highest rates of growth with regard to the value of exports, in terms of the main countries of destination over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The average sodium nitrate export price stood at $X per ton in 2022, picking up by 47% against the previous year. Overall, the export price showed a resilient expansion. The most prominent rate of growth was recorded in 2021 when the average export price increased by 67%. Over the period under review, the average export prices attained the peak figure in 2022 and is likely to see steady growth in the near future.

Average prices varied somewhat for the major overseas markets. In 2022, amid the top suppliers, the highest price was recorded for prices to North Macedonia ($X per ton) and Serbia ($X per ton), while the average price for exports to Romania ($X per ton) and Greece ($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 North Macedonia (+15.1%), while the prices for the other major destinations experienced more modest paces of growth.

Sodium Nitrate Imports

Imports into Bulgaria

In 2022, the amount of sodium nitrate imported into Bulgaria reduced dramatically to X tons, with a decrease of -24.3% against the previous year. Over the period under review, imports, however, showed a buoyant expansion. The most prominent rate of growth was recorded in 2016 with an increase of 5,176%. Over the period under review, imports reached the peak figure at X tons in 2021, and then dropped sharply in the following year.

In value terms, sodium nitrate imports soared to $X in 2022. Overall, imports, however, continue to indicate a significant expansion. The most prominent rate of growth was recorded in 2016 with an increase of 3,149% against the previous year. Imports peaked in 2022 and are likely to see gradual growth in years to come.

Imports by Country

Belgium (X tons), Germany (X tons) and Lithuania (X tons) were the main suppliers of sodium nitrate imports to Bulgaria, with a combined 64% share of total imports.

From 2012 to 2022, the biggest increases were recorded for Belgium (with a CAGR of +123.6%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, Germany ($X), Belgium ($X) and Lithuania ($X) constituted the largest sodium nitrate suppliers to Bulgaria, with a combined 69% share of total imports. Denmark, Poland, Italy, Latvia, the Czech Republic and Romania lagged somewhat behind, together accounting for a further 26%.

Denmark, with a CAGR of +191.9%, saw the highest growth rate of the value of imports, among 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 sodium nitrate import price amounted to $X per ton, surging by 79% against the previous year. In general, the import price posted pronounced growth. The most prominent rate of growth was recorded in 2015 an increase of 98% against the previous year. As a result, import price attained the peak level of $X per ton. From 2016 to 2022, the average import prices failed to regain momentum.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Germany ($X per ton), while the price for Latvia ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Denmark (+49.4%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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