Copper ores and concentrates market in Bulgaria

Earlier Report Observations

The copper ores and concentrates market in Bulgaria showed notable fluctuations between 2018 and 2020. In physical terms, market volume reached 1 419 thousand tons in 2018, supported by the country's processing capacity for ores and concentrates from neighboring countries. It then contracted to 1 131 thousand tons in 2019, coinciding with a period where global copper prices were a key market influence. A recovery followed in 2020, with volume rising to 1 286 thousand tons as import volumes increased, a development occurring amid the global disruptions caused by the COVID-19 pandemic. In value terms, the market mirrored this trajectory, moving from $2 285 million in 2018 to $1 747 million in 2019, before climbing to $2 083 million in 2020.

From 2021 onward, the market environment continued to be shaped by broader global trends. The dominant domestic producer, Asarel-Medet, remained a key industry player. Rising copper demand driven by global electrification and the energy transition began to influence market dynamics, with expectations of a future structural deficit. Geopolitical factors, including the war in Ukraine and export restrictions from major producing countries, further affected supply chains and price levels for copper ores and concentrates.

Production copper ores and concentrates in Bulgaria

In value, 2017-2020, M $ US

In 2020, Bulgaria's copper ores and concentrates production was valued at 716.5 million US dollars, marking a strong 15.7% increase compared to 2019. Over the period from 2017 to 2020, production grew by 12.6%, with an average annual growth rate of 4.0%. The lowest value was recorded in 2019 at 619.4 million US dollars, which also saw the largest decline of 7.1%.

Annual dynamics of production in Bulgaria in value, 2017-2020, M $ US

In kind, 2017-2020, K t

Bulgaria's copper ores and concentrates production volume declined for the second consecutive year. In 2020, the country produced 665.3 thousand tonnes, representing a 2.4% decrease compared to 2019. Between 2017 and 2020, production increased by 6.2%, equating to an annualized growth rate of 2.0%. The highest volume was recorded in 2018 at 683.8 thousand tonnes, which also saw the largest increase of 9.1%.

Annual dynamics of production in Bulgaria in kind, 2017-2020, K t

Exports copper ores and concentrates from Bulgaria

Exports in kind, K t

After a two-year uptick, copper ores and concentrates shipments from Bulgaria to abroad declined. In 2020, exports stood at 381 thousand tonnes, showing a modest 4.7% loss compared to 2019. Over the period from 2017 to 2020, exports increased by 10.1%, with an average annual growth rate of 3.3%. The maximum value was recorded in 2019 at 399 thousand tonnes, which also saw the largest increase of 7.8%.

Annual dynamics of product's exports from Bulgaria in kind, 2017-2020, K t

From 2017 to 2020, two markets—China and Namibia—played the leading roles in exports in kind, together accounting for 91.1% of total flows, while the remainder was distributed among other destinations.

Structure of product's exports in kind by countries, 2017-2020

World map of product's exports from Bulgaria in kind, 2017-2020

Exports in value, M $ US

Foreign copper ores and concentrates supplies from Bulgaria increased for the third consecutive year. In 2020, exports amounted to 304 million US dollars, reflecting a significant 13.3% increase compared to 2019. Over the period from 2017 to 2020, exports grew by 38.2%, with an average annual growth rate of 11.4%.

Annual dynamics of product's exports from Bulgaria in value, 2017-2020, M $ US

From 2017 to 2020, Namibia and China remained the key destinations for exports in value terms, jointly taking 83.3% of total flows, while other partners were much less significant individually.

Structure of product's exports in value by countries, 2017-2020

World map of product's exports from Bulgaria in value, 2017-2020

Imports copper ores and concentrates to Bulgaria

Imports in kind, K t

Bulgaria imported 1 006 thousand tonnes of copper ores and concentrates in 2020, up by 18.0% over the past year. Over the period from 2017 to 2020, imports decreased by 8.7%, with an average annual decline of 3.0%. The minimum value was recorded in 2019 at 849 thousand tonnes, while the maximum was in 2018 at 1 106 thousand tonnes. The largest decline occurred in 2019, with a 23.2% drop.

Annual dynamics of product's imports to Bulgaria in kind, 2017-2020, K t

From 2017 to 2020, Spain (42.2% of imports in kind), Georgia (21.9% of imports in kind), and Turkey (9.9% of imports in kind) were the principal sources for imports in kind, jointly accounting for 74.0% of total flows.

Structure of product's imports in kind by countries, 2017-2020

World map of product's imports to Bulgaria in kind, 2017-2020

Imports in value, M $ US

Bulgaria imported 1 671 million US dollars worth of copper ores and concentrates in 2020, reflecting a gain of 19.6% compared to 2019. The minimum value was recorded in 2019 at 1 397 million US dollars, while the maximum was in 2018 at 1 851 million US dollars. The largest decline occurred in 2019, with a 24.6% decrease.

Annual dynamics of product's imports to Bulgaria in value, 2017-2020, M $ US

Over 2017 to 2020, Spain (43.5% of imports in value terms), Georgia (21.5% of imports in value terms), and Turkey (6.9% of imports in value terms) made the biggest contribution to imports in value terms, jointly accounting for 71.9% of total flows.

Structure of product's imports in value by countries, 2017-2020

World map of product's imports to Bulgaria in value, 2017-2020