Serbia: Borates Market 2024

Borates Market Size in Serbia

In 2022, the Serbian borates market increased by 2.9% to $X, rising for the third consecutive year after two years of decline. Over the period under review, consumption showed a dramatic decrease. Over the period under review, the market reached the maximum level at $X in 2012; however, from 2013 to 2022, consumption remained at a lower figure.

Borates Production in Serbia

In value terms, borates production stood at $X in 2022 estimated in export price. In general, production continues to indicate a relatively flat trend pattern. Over the period under review, production reached the maximum level in 2022 and is expected to retain growth in the immediate term.

Borates Exports

Exports from Serbia

In 2022, borates exports from Serbia skyrocketed to X tons, picking up by 1,260% compared with 2021. Overall, exports saw significant growth. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

In value terms, borates exports soared to $X in 2022. In general, exports enjoyed a significant increase. As a result, the exports attained the peak and are likely to continue growth in the immediate term.

Exports by Country

Iran (X tons) was the main destination for borates exports from Serbia, with a 94% share of total exports. It was followed by Bosnia and Herzegovina (X tons), with a 1.8% share of total exports. North Macedonia (X tons) ranked third in terms of total exports with a 1.7% share.

From 2012 to 2022, the average annual growth rate of volume to Iran stood at +35,203.6%. Exports to the other major destinations recorded the following average annual rates of exports growth: Bosnia and Herzegovina (+0.5% per year) and North Macedonia (+27.7% per year).

In value terms, Iran ($X) emerged as the key foreign market for borates exports from Serbia, comprising 92% of total exports. The second position in the ranking was held by Montenegro ($X), with a 3.4% share of total exports. It was followed by Bosnia and Herzegovina, with a 1.7% share.

From 2012 to 2022, the average annual rate of growth in terms of value to Iran totaled +12,201.8%. Exports to the other major destinations recorded the following average annual rates of exports growth: Montenegro (+7.2% per year) and Bosnia and Herzegovina (+0.9% per year).

Export Prices by Country

In 2022, the average borates export price amounted to $X per ton, picking up by 13% against the previous year. Over the period under review, the export price, however, saw a perceptible decline. The pace of growth was the most pronounced in 2020 an increase of 194%. Over the period under review, the average export prices reached the maximum at $X per ton in 2013; however, from 2014 to 2022, the export prices failed to regain momentum.

There were significant differences in the average prices for the major overseas markets. In 2022, amid the top suppliers, the country with the highest price was Montenegro ($X per ton), while the average price for exports to North Macedonia ($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 (+0.4%), while the prices for the other major destinations experienced mixed trend patterns.

Borates Imports

Imports into Serbia

Borates imports into Serbia shrank modestly to X tons in 2022, with a decrease of -2.4% on 2021. In general, imports faced a precipitous decline. The pace of growth was the most pronounced in 2021 with an increase of 23%. Over the period under review, imports attained the maximum at X tons in 2012; however, from 2013 to 2022, imports remained at a lower figure.

In value terms, borates imports soared to $X in 2022. Overall, imports recorded a drastic downturn. The pace of growth appeared the most rapid in 2021 when imports increased by 35% against the previous year. Imports peaked at $X in 2012; however, from 2013 to 2022, imports stood at a somewhat lower figure.

Imports by Country

Slovenia (X tons), Turkey (X tons) and the United States (X tons) were the main suppliers of borates imports to Serbia, together accounting for 98% of total imports.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by the United States (with a CAGR of +19.2%), while imports for the other leaders experienced mixed trend patterns.

In value terms, Slovenia ($X), Turkey ($X) and the United States ($X) appeared to be the largest borates suppliers to Serbia, together accounting for 92% of total imports.

The United States, with a CAGR of +8.3%, recorded the highest rates of growth with regard to the value of imports, in terms of the main suppliers over the period under review, while purchases for the other leaders experienced mixed trend patterns.

Import Prices by Country

In 2022, the average borates import price amounted to $X per ton, with an increase of 28% against the previous year. Over the period under review, import price indicated resilient growth from 2012 to 2022: its price increased at an average annual rate of +6.5% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, borates import price increased by +109.0% against 2016 indices. The pace of growth was the most pronounced in 2019 when the average import price increased by 31%. The import price peaked in 2022 and is likely to continue growth in the near future.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Slovenia (+6.2%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform