Bulgaria exported a record volume of wheat in the first half of 2023/24 MY

The pace of wheat exports from Bulgaria in the first half of the 2023/24 season is a new record. In July-December 2023, Bulgarian companies exported almost 4 mln tonnes of wheat to the EU and third countries. This is 44% higher than the average for the last 5 years. Compared to the same period last year, exports increased by as much as 113%. However, last year is not a good basis for comparison, as farmers did not sell en masse in anticipation of better prices, which never materialized.

While in 2022/23 French farmers sold at relatively high prices at the time, and exports from France were strong, ours were at one of the lowest levels in recent years. Ultimately, this is one of the reasons for our record performance this season. The reluctance of farmers to sell at what they consider to be low prices has led to an increase in ending stocks in Bulgaria to around 1 million tons. High opening stocks combined with a larger-than-expected harvest (6.5 million tons) and continued pressure on prices created the necessary conditions for this record export.

Of the exported volumes during the season, 3 million tons went to third countries, and almost 1 million tons to the EU. The three largest buyers of Bulgarian wheat this season are Indonesia, Spain and Algeria.

In 2022, the top three were Algeria, Tunisia and Indonesia. Interestingly, exports to Indonesia increased almost 5 times from 0.17 million tons to more than 0.82 million tons.

Tags: Bulgaria, export, wheat