Serbia: Refined Palm Oil Market 2024

Refined Palm Oil Market Size in Serbia

The Serbian refined palm oil market totaled $X in 2022, approximately mirroring the previous year. The market value increased at an average annual rate of X% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. Refined palm oil consumption peaked in 2022 and is expected to retain growth in the immediate term.

Refined Palm Oil Production in Serbia

In value terms, refined palm oil production expanded modestly to $X in 2022 estimated in export price. Over the period under review, the total production indicated a perceptible increase from 2012 to 2022: its value increased at an average annual rate of X% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, production decreased by X% against 2020 indices. The growth pace was the most rapid in 2016 with an increase of X% against the previous year. Over the period under review, production hit record highs at $X in 2020; however, from 2021 to 2022, production failed to regain momentum.

Refined Palm Oil Exports

Exports from Serbia

In 2022, overseas shipments of refined palm oil increased by X% to X tons, rising for the second year in a row after two years of decline. Overall, exports continue to indicate a prominent increase. The most prominent rate of growth was recorded in 2017 when exports increased by X%. The exports peaked at X tons in 2018; however, from 2019 to 2022, the exports stood at a somewhat lower figure.

In value terms, refined palm oil exports surged to $X in 2022. In general, exports saw a prominent expansion. The pace of growth appeared the most rapid in 2021 with an increase of X% against the previous year. Over the period under review, the exports hit record highs in 2022 and are expected to retain growth in years to come.

Exports by Country

Montenegro (X tons), Bosnia and Herzegovina (X tons) and Romania (X tons) were the main destinations of refined palm oil exports from Serbia, with a combined X% share of total exports.

From 2012 to 2022, the biggest increases were recorded for Romania (with a CAGR of X%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, the largest markets for refined palm oil exported from Serbia were Montenegro ($X), Bosnia and Herzegovina ($X) and Romania ($X), together comprising X% of total exports.

Romania, with a CAGR of X%, recorded 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 refined palm oil export price stood at $X per ton in 2022, picking up by X% against the previous year. Over the period under review, export price indicated a mild increase from 2012 to 2022: its price increased at an average annual rate of X% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, refined palm oil export price increased by X% against 2019 indices. The most prominent rate of growth was recorded in 2021 an increase of X% against the previous year. The export price peaked in 2022 and is expected to retain growth in the near future.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was North Macedonia ($X per ton), while the average price for exports to Bosnia and Herzegovina ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to North Macedonia (X%), while the prices for the other major destinations experienced more modest paces of growth.

Refined Palm Oil Imports

Imports into Serbia

Refined palm oil imports into Serbia dropped slightly to X tons in 2022, reducing by X% on 2021. In general, total imports indicated a prominent increase from 2012 to 2022: its volume increased at an average annual rate of X% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by X% against 2020 indices. The most prominent rate of growth was recorded in 2017 with an increase of X%. Imports peaked at X tons in 2021, and then contracted slightly in the following year.

In value terms, refined palm oil imports skyrocketed to $X in 2022. Over the period under review, imports, however, posted a strong expansion. The most prominent rate of growth was recorded in 2021 with an increase of X% against the previous year. Imports peaked in 2022 and are likely to see gradual growth in the near future.

Imports by Country

Malaysia (X tons), Italy (X tons) and the Netherlands (X tons) were the main suppliers of refined palm oil imports to Serbia, together accounting for X% of total imports. Indonesia, Greece, Egypt, China and Germany lagged somewhat behind, together accounting for a further X%.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Egypt (with a CAGR of X.6%), while imports for the other leaders experienced more modest paces of growth.

In value terms, Malaysia ($X), Italy ($X) and Indonesia ($X) were the largest refined palm oil suppliers to Serbia, with a combined X% share of total imports. The Netherlands, Greece, Egypt, China and Germany lagged somewhat behind, together comprising a further X%.

Egypt, with a CAGR of X.8%, 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 refined palm oil import price amounted to $X per ton, rising by X% against the previous year. Overall, import price indicated temperate growth from 2012 to 2022: its price increased at an average annual rate of X% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, refined palm oil import price increased by X% against 2019 indices. The growth pace was the most rapid in 2021 when the average import price increased by X% against the previous year. The import price peaked in 2022 and is likely to see steady growth in years to come.

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

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

Source: IndexBox Platform

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