Serbia: Sugar Market 2024

Sugar Market Size in Serbia

The Serbian sugar market fell to $X in 2022, with a decrease of X% against the previous year. In general, consumption continues to indicate a relatively flat trend pattern. Over the period under review, the market reached the peak level at $X in 2013; however, from 2014 to 2022, consumption remained at a lower figure.

Sugar Production in Serbia

In value terms, sugar production dropped to $X in 2022 estimated in export price. Over the period under review, production, however, enjoyed modest growth. The pace of growth was the most pronounced in 2016 with an increase of X%. Over the period under review, production attained the maximum level at $X in 2013; however, from 2014 to 2022, production remained at a lower figure.

In 2022, the average sugar yield in Serbia amounted to less than X kg per ha, therefore, remained relatively stable against 2021 figures. Overall, the yield continues to indicate a relatively flat trend pattern. Despite the increased use of modern agricultural techniques and methods, future yield figures may still be impacted by adverse weather conditions.

In 2022, the total area harvested in terms of sugar production in Serbia totaled less than X ha, almost unchanged from the previous year's figure. Over the period under review, the harvested area recorded a relatively flat trend pattern.

Sugar Exports

Exports from Serbia

In 2022, shipments abroad of sugar increased by X% to X tons, rising for the second year in a row after three years of decline. Over the period under review, exports, however, showed a noticeable downturn. The pace of growth was the most pronounced in 2014 with an increase of X%. Over the period under review, the exports reached the peak figure at X tons in 2015; however, from 2016 to 2022, the exports failed to regain momentum.

In value terms, sugar exports surged to $X in 2022. In general, exports, however, showed a pronounced contraction. The growth pace was the most rapid in 2014 when exports increased by X%. Over the period under review, the exports hit record highs at $X in 2015; however, from 2016 to 2022, the exports remained at a lower figure.

Exports by Country

Montenegro (X tons) was the main destination for sugar exports from Serbia, with a X% share of total exports. Moreover, sugar exports to Montenegro exceeded the volume sent to the second major destination, France (X tons), more than tenfold. The third position in this ranking was taken by Switzerland (X tons), with a X% share.

From 2012 to 2022, the average annual growth rate of volume to Montenegro amounted to X%. Exports to the other major destinations recorded the following average annual rates of exports growth: France (X% per year) and Switzerland (X% per year).

In value terms, Montenegro ($X) remains the key foreign market for sugar exports from Serbia, comprising X% of total exports. The second position in the ranking was taken by France ($X), with an X% share of total exports. It was followed by Switzerland, with a X% share.

From 2012 to 2022, the average annual rate of growth in terms of value to Montenegro was relatively modest. Exports to the other major destinations recorded the following average annual rates of exports growth: France (X% per year) and Switzerland (X% per year).

Export Prices by Country

In 2022, the average sugar export price amounted to $X per ton, dropping by X% against the previous year. In general, the export price recorded a slight downturn. The pace of growth appeared the most rapid in 2016 when the average export price increased by X% against the previous year. Over the period under review, the average export prices attained the peak figure at $X per ton in 2019; however, from 2020 to 2022, the export prices failed to regain momentum.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was France ($X per ton), while the average price for exports to Bosnia and Herzegovina ($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 Hungary (X%), while the prices for the other major destinations experienced more modest paces of growth.

Sugar Imports

Imports into Serbia

In 2022, imports of sugar into Serbia contracted sharply to X tons, with a decrease of X% against 2021 figures. In general, imports, however, recorded a strong expansion. The growth pace was the most rapid in 2016 with an increase of X% against the previous year. As a result, imports attained the peak of X tons. From 2017 to 2022, the growth of imports remained at a lower figure.

In value terms, sugar imports rose rapidly to $X in 2022. Over the period under review, imports, however, recorded a remarkable increase. The most prominent rate of growth was recorded in 2016 when imports increased by X% against the previous year. Imports peaked in 2022 and are likely to continue growth in years to come.

Imports by Country

In 2022, Colombia (X tons) constituted the largest supplier of sugar to Serbia, with a X% share of total imports. Moreover, sugar imports from Colombia exceeded the figures recorded by the second-largest supplier, Germany (X tons), threefold. Mauritius (X tons) ranked third in terms of total imports with a X% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from Colombia stood at X%. The remaining supplying countries recorded the following average annual rates of imports growth: Germany (X% per year) and Mauritius (X% per year).

In value terms, Colombia ($X), Mauritius ($X) and Germany ($X) were the largest sugar suppliers to Serbia, with a combined X% share of total imports.

Among the main suppliers, Germany, with a CAGR of X%, saw the highest rates of growth with regard to the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The average sugar import price stood at $X per ton in 2022, increasing by X% against the previous year. In general, import price indicated a moderate 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, sugar import price increased by X% against 2020 indices. As a result, import price reached the peak level and is likely to continue growth in the immediate term.

There were significant differences in the average prices amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was Mauritius ($X per ton), while the price for Colombia ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Lao People's Democratic Republic (X%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

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