Padlocks market in Bulgaria

Earlier Report Observations

Between 2019 and 2023, the Bulgarian padlock market experienced considerable volatility. The market size, measured in value terms, fell sharply from 1 391 thousand US dollars in 2019 to 982 thousand in 2020, before rebounding to over 1.6 million in 2022. The subsequent year brought another significant contraction, with the market dropping to 880 thousand dollars in 2023.

This fluctuation was primarily driven by changes in import volumes, which varied from a low of 963 thousand dollars in 2020 to a high of 1 745 thousand in 2022. Domestic production remained at a modest level throughout the period, declining from 180 thousand dollars in 2019 to a low of 118 thousand in 2022, before a slight recovery to 138 thousand in 2023. Export activity also contributed to the net available market, with exports peaking at 389 thousand dollars in 2019.

The overall market trend indicates a heavy reliance on international trade, with import swings largely dictating the total market value available to Bulgarian consumers during these years.

Production padlocks in Bulgaria

In value, 2017-2020, K $ US

In 2020, Bulgaria's padlock production was valued at 161.8 thousand US dollars, marking a 10.2% decrease compared to 2019. Over the period from 2017 to 2020, production declined by 18.8%, which translates to an annualized rate of 6.7%.

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

Exports padlocks from Bulgaria

Exports in kind, t

The market exhibited volatility throughout the observed period. Padlock shipments from Bulgaria reached their lowest point in 2017 and peaked in 2019, with a 7.4-fold difference between these years. In 2020, exports stood at 12.6 tonnes, showing a sharp decline of 76.9% from the previous year. The maximum volume was recorded in 2019 at 54.7 tonnes, which represented a significant increase of 457.7%.

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

From 2017 to 2020, Romania remained the primary market for Bulgarian padlock exports in kind, accounting for 73.8% of total flows. The remaining volume was distributed among various 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, K $ US

Market behavior was characterized by volatility during these years. Exports hit a low in 2018 and reached a high in 2019, varying by 3.7 times between these points. In 2020, foreign padlock supplies from Bulgaria amounted to 144 thousand US dollars, a decrease of 63.1% from the previous year. The minimum value was recorded in 2018 at 104 thousand US dollars, while the maximum was in 2019 at 389 thousand US dollars, with the largest increase of 274.6% also occurring in 2019.

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

Between 2017 and 2020, Romania (28.7% of exports in value terms), North Macedonia (27.5%), and Italy (15.8%) together accounted for 71.9% of total padlock exports from Bulgaria in value terms, solidifying their positions as the main destinations.

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

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

Imports padlocks to Bulgaria

Imports in kind, t

After two years of growth, padlock shipments to Bulgaria from abroad declined. In 2020, imports amounted to 166.3 tonnes, a decrease of 54.8% compared to the previous year. Over the 2017-2020 period, imports fell by 15.5%, with a compound annual growth rate (CAGR) of -5.5%. The maximum volume was recorded in 2019 at 368.0 tonnes, following the largest increase of 50.4% in 2018.

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

From 2017 to 2020, China was the principal market for padlock imports to Bulgaria in kind, representing 88.2% of total imports. Other destinations contributed to a smaller share of the volume.

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, K $ US

Following a two-year increase, Bulgaria's padlock import volume declined. In 2020, imports were approximately 963 thousand US dollars, down 39.8% from 2019. Between 2017 and 2020, imports grew by 38%, equating to an annualized rate of 11.3%. The maximum value was recorded in 2019 at 1 600 thousand US dollars, with the largest increase of 57.0% occurring in 2018.

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

During 2017-2020, China (63.6% of imports in value terms), Greece (6.4%), and Poland (4.7%) remained the principal suppliers of padlocks to Bulgaria, jointly accounting for 74.7% of total imports in value terms.

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

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