Serbia: Smart Card Market 2024

Smart Card Market Size in Serbia

In 2022, the Serbian smart card market decreased by -8.4% to $X for the first time since 2016, thus ending a five-year rising trend. In general, consumption, however, saw a prominent expansion. Over the period under review, the market reached the peak level at $X in 2021, and then declined in the following year.

Smart Card Production in Serbia

In value terms, smart card production dropped to $X in 2022 estimated in export price. Over the period under review, production, however, showed temperate growth. The pace of growth appeared the most rapid in 2017 when the production volume increased by 48%. Smart card production peaked at $X in 2018; however, from 2019 to 2022, production stood at a somewhat lower figure.

Smart Card Exports

Exports from Serbia

Smart card exports from Serbia soared to X units in 2022, growing by 83% on the previous year. Over the period under review, exports continue to indicate a significant increase. The most prominent rate of growth was recorded in 2019 with an increase of 540%. Over the period under review, the exports attained the maximum in 2022 and are likely to see gradual growth in the near future.

In value terms, smart card exports surged to $X in 2022. Overall, exports recorded resilient growth. The pace of growth was the most pronounced in 2018 with an increase of 264%. As a result, the exports attained the peak of $X. From 2019 to 2022, the growth of the exports failed to regain momentum.

Exports by Country

Hungary (X units) was the main destination for smart card exports from Serbia, with a 77% share of total exports. Moreover, smart card exports to Hungary exceeded the volume sent to the second major destination, Belarus (X units), sevenfold. The third position in this ranking was held by Germany (X units), with a 2.7% share.

From 2012 to 2022, the average annual growth rate of volume to Hungary was relatively modest. Exports to the other major destinations recorded the following average annual rates of exports growth: Belarus (+100,149.7% per year) and Germany (+30.4% per year).

In value terms, Hungary ($X), Germany ($X) and Belarus ($X) appeared to be the largest markets for smart card exported from Serbia worldwide, together comprising 68% of total exports.

Belarus, with a CAGR of +5,606.9%, saw the highest growth rate of the value of exports, among 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 smart card export price stood at $X per unit in 2022, falling by -10.2% against the previous year. Overall, the export price faced a sharp curtailment. The growth pace was the most rapid in 2017 when the average export price increased by 27% against the previous year. Over the period under review, the average export prices attained the peak figure at $X per unit in 2014; however, from 2015 to 2022, the export prices remained at a lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Suriname ($X per unit), while the average price for exports to Hungary ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Suriname (+12.7%), while the prices for the other major destinations experienced mixed trend patterns.

Smart Card Imports

Imports into Serbia

In 2022, overseas purchases of cards incorporating an electronic integrated circuit (smart card) decreased by -1.8% to X units, falling for the second consecutive year after four years of growth. Over the period under review, imports, however, enjoyed a buoyant expansion. The most prominent rate of growth was recorded in 2020 when imports increased by 83%. As a result, imports attained the peak of X units. From 2021 to 2022, the growth of imports remained at a lower figure.

In value terms, smart card imports expanded rapidly to $X in 2022. The total import value increased at an average annual rate of +3.6% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The growth pace was the most rapid in 2019 when imports increased by 26%. As a result, imports reached the peak of $X. From 2020 to 2022, the growth of imports remained at a lower figure.

Imports by Country

In 2022, China (X units) constituted the largest smart card supplier to Serbia, with a 70% share of total imports. Moreover, smart card imports from China exceeded the figures recorded by the second-largest supplier, Germany (X units), more than tenfold. India (X units) ranked third in terms of total imports with a 4.6% share.

From 2012 to 2022, the average annual growth rate of volume from China stood at +33.8%. The remaining supplying countries recorded the following average annual rates of imports growth: Germany (-4.4% per year) and India (+56.1% per year).

In value terms, the largest smart card suppliers to Serbia were China ($X), Thailand ($X) and Germany ($X), with a combined 57% share of total imports.

Thailand, with a CAGR of +128.0%, recorded the highest rates of growth with regard to 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 smart card import price amounted to $X per unit, surging by 16% against the previous year. Over the period under review, the import price, however, recorded a drastic downturn. Over the period under review, average import prices attained the peak figure at $X per unit in 2012; however, from 2013 to 2022, import prices remained at a lower figure.

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 Thailand ($X per unit), while the price for China ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Germany (+14.6%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform