Serbia: Banana Market 2025

Banana Market Size in Serbia

In 2022, the Serbian banana market decreased by -6.8% to $X for the first time since 2015, thus ending a six-year rising trend. Over the period under review, consumption, however, recorded a strong expansion. Banana consumption peaked at $X in 2021, and then reduced in the following year.

Banana Exports

Exports from Serbia

In 2022, the amount of bananas exported from Serbia dropped notably to X tons, with a decrease of -49.3% compared with 2021 figures. Over the period under review, exports saw a abrupt descent. The most prominent rate of growth was recorded in 2018 with an increase of 507% against the previous year. Over the period under review, the exports attained the peak figure at X tons in 2013; however, from 2014 to 2022, the exports stood at a somewhat lower figure.

In value terms, banana exports declined notably to $X in 2022. Overall, exports recorded a noticeable setback. The growth pace was the most rapid in 2018 with an increase of 609% against the previous year. Over the period under review, the exports attained the maximum at $X in 2013; however, from 2014 to 2022, the exports remained at a lower figure.

Exports by Country

Bosnia and Herzegovina (X tons), North Macedonia (X tons) and Montenegro (X tons) were the main destinations of banana exports from Serbia, with a combined 79% share of total exports.

From 2012 to 2022, the biggest increases were recorded for Bosnia and Herzegovina (with a CAGR of -4.6%), while shipments for the other leaders experienced a decline.

In value terms, Bosnia and Herzegovina ($X), North Macedonia ($X) and Slovenia ($X) were the largest markets for banana exported from Serbia worldwide, with a combined 58% share of total exports.

Bosnia and Herzegovina, with a CAGR of +2.3%, 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 a decline.

Export Prices by Country

The average banana export price stood at $X per ton in 2022, jumping by 27% against the previous year. In general, export price indicated noticeable growth from 2012 to 2022: its price increased at an average annual rate of +3.6% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, banana export price increased by +91.0% against 2016 indices. As a result, the export price reached the peak level and is likely to continue growth in the immediate term.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Bosnia and Herzegovina ($X per ton), while the average price for exports to Montenegro ($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 Bosnia and Herzegovina (+7.2%), while the prices for the other major destinations experienced more modest paces of growth.

Banana Imports

Imports into Serbia

In 2022, purchases abroad of bananas decreased by -19.6% to X tons, falling for the second consecutive year after six years of growth. In general, imports, however, posted a buoyant expansion. The pace of growth was the most pronounced in 2013 when imports increased by 31%. Imports peaked at X tons in 2020; however, from 2021 to 2022, imports failed to regain momentum.

In value terms, banana imports fell to $X in 2022. Overall, imports, however, showed resilient growth. The growth pace was the most rapid in 2013 when imports increased by 28% against the previous year. Over the period under review, imports reached the maximum at $X in 2021, and then dropped in the following year.

Imports by Country

In 2022, Ecuador (X tons) constituted the largest banana supplier to Serbia, with a 54% share of total imports. Moreover, banana imports from Ecuador exceeded the figures recorded by the second-largest supplier, Colombia (X tons), twofold.

From 2012 to 2022, the average annual growth rate of volume from Ecuador amounted to +3.7%. The remaining supplying countries recorded the following average annual rates of imports growth: Colombia (+26.2% per year) and Costa Rica (+11.0% per year).

In value terms, Ecuador ($X) constituted the largest supplier of bananas to Serbia, comprising 54% of total imports. The second position in the ranking was taken by Colombia ($X), with a 25% share of total imports.

From 2012 to 2022, the average annual rate of growth in terms of value from Ecuador totaled +4.8%. The remaining supplying countries recorded the following average annual rates of imports growth: Colombia (+27.1% per year) and Costa Rica (+14.1% per year).

Import Prices by Country

The average banana import price stood at $X per ton in 2022, rising by 18% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +1.2%. As a result, import price attained the peak level and is likely to continue growth in the immediate term.

Average prices varied noticeably amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was Colombia ($X per ton), while the price for Ecuador ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Costa Rica (+2.8%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform