After two years of growth, the Bulgarian lifting equipment market fell -X% to X dollars in 2021. But overall, consumption recorded strong growth. As a result, consumption peaked at X dollars before falling sharply the following year.
In value terms, hoisting equipment production shrinks sharply in 2021 to an estimated $X in 2021 at export prices. Overall, production showed solid growth. The fastest growth rate in 2015, an increase of X% year-on-year. Lifting equipment production peaked at $X in 2020 before contracting significantly the following year.
After two years of decline, overseas shipments of lifting equipment increased by X% to X units in 2021. But overall, there has been a sudden setback in exports. Exports peaked at X units in 2018; however, from 2019 to 2021, exports were slightly lower.
Lifting equipment exports soar to $X in 2021 by value. But overall, exports continued to show a deep contraction. The most significant growth rate occurred in 2018, when exports increased by X%. As a result, exports peaked at X dollars. From 2019 to 2021, export growth will remain at a low level.
North Macedonia (X units) is the main destination for Bulgarian lifting equipment exports, accounting for X% of total exports. In addition, the export of lifting equipment to North Macedonia was more than seven times that to Romania (X units), the second largest destination.
From 2012 to 2021, the average annual growth rate of cargo traffic to North Macedonia is +X%. Exports to other major destinations recorded the following average annual export growth rates: Romania (+X% per annum) and Albania (X% per annum).
In terms of value, North Macedonia ($X) became the main foreign market for Bulgarian lifting equipment exports, accounting for X% of total exports. In second place is Romania ($X) with X% of total exports.
From 2012 to 2021, the average annual growth in value to North Macedonia totals +X%. Exports to other major destinations recorded the following average annual export growth rates: Romania (-X% per annum) and Albania (X% per annum).
Bulgarian imports of hoisting equipment fell sharply to X units in 2021, down -X% compared to 2020 figures. During the period under review, however, there was a significant increase in imports. 2016 saw the fastest growth, with imports increasing by X% year-on-year. During the period under review, imports peaked at X units in 2017; however, from 2018 to 2021, imports remained at low levels.
In value terms, hoisting equipment imports fell significantly to $X in 2021. Overall, there was a marked decline in imports. The most notable growth rate occurred in 2017, with an X% increase compared to the previous year. As a result, imports peaked at X dollars. Import growth will remain low between 2018 and 2021.
In 2021, China (X units) is Bulgaria's largest supplier of lifting equipment, accounting for X% of total imports. In addition, imports of lifting equipment from China were three times higher than the figures recorded by the second largest supplier, Italy (X units). Third in the ranking is Turkey (X units) with an X% share.
From 2012 to 2021, the average annual growth rate of Chinese exports totals +X%. The average annual growth rates of imports for the remaining suppliers are as follows: Italy (+X% per annum) and Turkey (+X% per annum).
Turkey ($X), Germany ($X) and Italy ($X) appear to be Bulgaria's largest lifting equipment suppliers by value, together accounting for X% of total imports. Turkey, with a CAGR of +X%, saw the highest growth in import value among the major suppliers during the period under review, while other leaders saw more modest growth in purchases.
Bulgaria's largest suppliers of lifting equipment by value are Turkey, Germany and Italy, which together account for 49% of total imports.
In terms of value, North Macedonia became the main foreign market for Bulgarian lifting equipment exports, accounting for 75% of total exports. In second place is Romania, which accounted for 7.3% of total exports.
The average export price of hoisting equipment in 2021 is $1,013 per unit, down -49.4% from the previous year.
In 2021, the average import price of lifting equipment will be US$1,206 per unit, a year-on-year increase of 22%.
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