Serbia: Crude Coconut Oil Market 2024

Crude Coconut Oil Market Size in Serbia

The Serbian crude coconut oil market surged to $X in 2022, with an increase of 50% against the previous year. Over the period under review, consumption showed a significant expansion. Over the period under review, the market reached the maximum level in 2022 and is expected to retain growth in the immediate term.

Crude Coconut Oil Production in Serbia

In value terms, crude coconut oil production totaled $X in 2022 estimated in export price. Overall, production saw a precipitous setback. The most prominent rate of growth was recorded in 2019 with a decrease of 99.9%. Over the period under review, production hit record highs at $X in 2013; however, from 2014 to 2022, production remained at a lower figure.

Crude Coconut Oil Exports

Exports from Serbia

Crude coconut oil exports from Serbia skyrocketed to X tons in 2022, with an increase of 102% against the previous year's figure. Over the period under review, exports showed significant growth. The pace of growth appeared the most rapid in 2015 when exports increased by 631%. Over the period under review, the exports attained the peak figure at X tons in 2017; however, from 2018 to 2022, the exports failed to regain momentum.

In value terms, crude coconut oil exports surged to $X in 2022. In general, exports showed a significant expansion. The most prominent rate of growth was recorded in 2015 when exports increased by 372%. Over the period under review, the exports attained the peak figure at $X in 2017; however, from 2018 to 2022, the exports remained at a lower figure.

Exports by Country

Bosnia and Herzegovina (X tons) was the main destination for crude coconut oil exports from Serbia, accounting for a 84% share of total exports. Moreover, crude coconut oil exports to Bosnia and Herzegovina exceeded the volume sent to the second major destination, Montenegro (X kg), fivefold.

From 2012 to 2022, the average annual growth rate of volume to Bosnia and Herzegovina totaled +124.8%. Exports to the other major destinations recorded the following average annual rates of exports growth: Montenegro (+20.8% per year) and Slovenia (-72.8% per year).

In value terms, Bosnia and Herzegovina ($X) emerged as the key foreign market for crude coconut (copra) oil exports from Serbia, comprising 75% of total exports. The second position in the ranking was held by Montenegro ($X), with a 25% share of total exports.

From 2012 to 2022, the average annual growth rate of value to Bosnia and Herzegovina amounted to +105.3%. Exports to the other major destinations recorded the following average annual rates of exports growth: Montenegro (+24.5% per year) and Slovenia (-68.9% per year).

Export Prices by Country

In 2022, the average crude coconut oil export price amounted to $X per ton, dropping by -40.7% against the previous year. Overall, the export price saw a slight curtailment. The growth pace was the most rapid in 2017 an increase of 52% against the previous year. The export price peaked at $X per ton in 2014; however, from 2015 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 Slovenia ($X per ton), while the average price for exports to Bosnia and Herzegovina ($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 Slovenia (+14.0%), while the prices for the other major destinations experienced mixed trend patterns.

Crude Coconut Oil Imports

Imports into Serbia

In 2022, imports of crude coconut (copra) oil into Serbia soared to X tons, increasing by 49% on the year before. Over the period under review, imports enjoyed significant growth. The most prominent rate of growth was recorded in 2015 with an increase of 1,808%. Over the period under review, imports hit record highs in 2022 and are expected to retain growth in the near future.

In value terms, crude coconut oil imports skyrocketed to $X in 2022. In general, imports saw significant growth. The pace of growth appeared the most rapid in 2015 with an increase of 1,323% against the previous year. Imports peaked in 2022 and are likely to see steady growth in years to come.

Imports by Country

Sri Lanka (X tons), Indonesia (X tons) and the Philippines (X tons) were the main suppliers of crude coconut oil imports to Serbia, together accounting for 94% of total imports. These countries were followed by Germany, which accounted for a further 5.7%.

From 2012 to 2022, the biggest increases were recorded for Germany (with a CAGR of +270.4%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the largest crude coconut oil suppliers to Serbia were Indonesia ($X), Sri Lanka ($X) and the Philippines ($X), with a combined 93% share of total imports. These countries were followed by Germany, which accounted for a further 6.3%.

Among the main suppliers, Germany, with a CAGR of +176.2%, recorded 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 crude coconut oil import price stood at $X per ton in 2022, picking up by 18% against the previous year. Overall, the import price, however, continues to indicate a mild reduction. The most prominent rate of growth was recorded in 2013 an increase of 104% against the previous year. As a result, import price attained the peak level of $X per ton. From 2014 to 2022, the average import prices remained at a somewhat lower figure.

Average prices varied somewhat amongst the major supplying countries. In 2022, amid the top importers, the highest price was recorded for prices from Germany ($X per ton) and Indonesia ($X per ton), while the price for Sri Lanka ($X per ton) and the Philippines ($X per ton) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Sri Lanka (-0.9%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform