Serbia: Chemically Modified Oils Market 2024

Chemically Modified Oils Market Size in Serbia

The Serbian chemically modified oils market totaled $X in 2022, rising by 2.2% against the previous year. In general, the total consumption indicated a prominent increase from 2012 to 2022: its value increased at an average annual rate of +5.6% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption decreased by -0.2% against 2020 indices. Chemically modified oils consumption peaked at $X in 2020; however, from 2021 to 2022, consumption remained at a lower figure.

Chemically Modified Oils Production in Serbia

In value terms, chemically modified oils production amounted to $X in 2022 estimated in export price. Over the period under review, the total production indicated strong growth from 2012 to 2022: its value increased at an average annual rate of +6.7% 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 -0.8% against 2020 indices. The most prominent rate of growth was recorded in 2015 when the production volume increased by 24%. Chemically modified oils production peaked at $X in 2020; however, from 2021 to 2022, production failed to regain momentum.

Chemically Modified Oils Exports

Exports from Serbia

In 2022, after three years of growth, there was significant decline in overseas shipments of animal or vegetable fats and oils chemically modified, when their volume decreased by -8.9% to X tons. Over the period under review, exports, however, recorded significant growth. The growth pace was the most rapid in 2013 when exports increased by 239%. The exports peaked at X tons in 2017; however, from 2018 to 2022, the exports stood at a somewhat lower figure.

In value terms, chemically modified oils exports surged to $X in 2022. Overall, exports, however, posted a significant expansion. The pace of growth was the most pronounced in 2013 when exports increased by 181%. The exports peaked in 2022 and are likely to see gradual growth in the near future.

Exports by Country

Austria (X tons) was the main destination for chemically modified oils exports from Serbia, accounting for a 74% share of total exports. Moreover, chemically modified oils exports to Austria exceeded the volume sent to the second major destination, Hungary (X tons), fourfold. The third position in this ranking was held by Poland (X tons), with a 6.2% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to Austria amounted to +57.4%. Exports to the other major destinations recorded the following average annual rates of exports growth: Hungary (-9.0% per year) and Poland (+33.2% per year).

In value terms, Austria ($X) remains the key foreign market for animal or vegetable fats and oils chemically modified exports from Serbia, comprising 75% of total exports. The second position in the ranking was taken by Hungary ($X), with a 17% share of total exports. It was followed by Poland, with a 4.9% share.

From 2012 to 2022, the average annual rate of growth in terms of value to Austria stood at +69.7%. Exports to the other major destinations recorded the following average annual rates of exports growth: Hungary (+3.0% per year) and Poland (+68.5% per year).

Export Prices by Country

The average chemically modified oils export price stood at $X per ton in 2022, with an increase of 29% against the previous year. In general, the export price recorded a perceptible expansion. The most prominent rate of growth was recorded in 2021 when the average export price increased by 40%. The export price peaked in 2022 and is expected to retain growth in the near future.

Average prices varied somewhat for the major foreign markets. In 2022, amid the top suppliers, the countries with the highest prices were Hungary ($X per ton) and Austria ($X per ton), while the average price for exports to Poland ($X per ton) and Italy ($X per ton) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Poland (+26.4%), while the prices for the other major destinations experienced more modest paces of growth.

Chemically Modified Oils Imports

Imports into Serbia

In 2022, purchases abroad of animal or vegetable fats and oils chemically modified decreased by -1.5% to X tons, falling for the second year in a row after two years of growth. In general, imports, however, saw a buoyant increase. The most prominent rate of growth was recorded in 2017 when imports increased by 72% against the previous year. Over the period under review, imports reached the peak figure at X tons in 2020; however, from 2021 to 2022, imports remained at a lower figure.

In value terms, chemically modified oils imports soared to $X in 2022. Over the period under review, imports, however, recorded a prominent increase. The most prominent rate of growth was recorded in 2017 with an increase of 56% against the previous year. Imports peaked in 2022 and are likely to continue growth in years to come.

Imports by Country

In 2022, Slovakia (X tons) constituted the largest supplier of chemically modified oils to Serbia, accounting for a 67% share of total imports. Moreover, chemically modified oils imports from Slovakia exceeded the figures recorded by the second-largest supplier, Hungary (X tons), fivefold. The third position in this ranking was held by Argentina (X tons), with a 7.9% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from Slovakia stood at +27.3%. The remaining supplying countries recorded the following average annual rates of imports growth: Hungary (+3.7% per year) and Argentina (+73.2% per year).

In value terms, Slovakia ($X) constituted the largest supplier of animal or vegetable fats and oils chemically modified to Serbia, comprising 59% of total imports. The second position in the ranking was taken by Germany ($X), with a 10% share of total imports. It was followed by Hungary, with a 9.5% share.

From 2012 to 2022, the average annual rate of growth in terms of value from Slovakia stood at +44.8%. The remaining supplying countries recorded the following average annual rates of imports growth: Germany (-3.3% per year) and Hungary (+7.6% per year).

Import Prices by Country

The average chemically modified oils import price stood at $X per ton in 2022, rising by 27% against the previous year. Overall, the import price, however, saw a relatively flat trend pattern. The pace of growth was the most pronounced in 2021 when the average import price increased by 42% against the previous year. Over the period under review, average import prices hit record highs at $X per ton in 2012; however, from 2013 to 2022, import prices failed to regain momentum.

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 Italy ($X per ton), while the price for Hungary ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Argentina (+43.8%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform