Serbia: Electrical Musical Instrument Market 2024

Electrical Musical Instrument Market Size in Serbia

In 2022, the Serbian electrical musical instrument market increased by X% to $X, rising for the fifth year in a row after four years of decline. In general, consumption recorded a relatively flat trend pattern. As a result, consumption attained the peak level of $X. From 2014 to 2022, the growth of the market failed to regain momentum.

Electrical Musical Instrument Exports

Exports from Serbia

In 2022, overseas shipments of electrical musical or keyboard instruments increased by X% to X units, rising for the second year in a row after five years of decline. Over the period under review, exports, however, saw a mild curtailment. The most prominent rate of growth was recorded in 2014 when exports increased by X%. Over the period under review, the exports attained the maximum at X units in 2015; however, from 2016 to 2022, the exports stood at a somewhat lower figure.

In value terms, electrical musical instrument exports reached $X in 2022. Overall, exports, however, saw a perceptible shrinkage. The most prominent rate of growth was recorded in 2018 when exports increased by X% against the previous year. The exports peaked at $X in 2013; however, from 2014 to 2022, the exports failed to regain momentum.

Exports by Country

Montenegro (X units) was the main destination for electrical musical instrument exports from Serbia, with a X% share of total exports. Moreover, electrical musical instrument exports to Montenegro exceeded the volume sent to the second major destination, Bosnia and Herzegovina (X units), twofold. The third position in this ranking was held by Germany (X units), with a X% share.

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

In value terms, Montenegro ($X), Bosnia and Herzegovina ($X) and Germany ($X) were the largest markets for electrical musical instrument exported from Serbia worldwide, together accounting for X% of total exports.

Montenegro, with a CAGR of X%, 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 more modest paces of growth.

Export Prices by Country

In 2022, the average electrical musical instrument export price amounted to $X per unit, rising by X% against the previous year. In general, the export price, however, continues to indicate a noticeable shrinkage. The most prominent rate of growth was recorded in 2018 when the average export price increased by X% against the previous year. The export price peaked at $X per unit in 2012; however, from 2013 to 2022, the export prices stood at a somewhat lower figure.

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

Electrical Musical Instrument Imports

Imports into Serbia

In 2022, supplies from abroad of electrical musical or keyboard instruments increased by X% to X units, rising for the fifth consecutive year after four years of decline. In general, imports continue to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2013 when imports increased by X%. As a result, imports attained the peak of X units. From 2014 to 2022, the growth of imports remained at a somewhat lower figure.

In value terms, electrical musical instrument imports totaled $X in 2022. Overall, imports continue to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2013 when imports increased by X% against the previous year. As a result, imports reached the peak of $X. From 2014 to 2022, the growth of imports remained at a lower figure.

Imports by Country

In 2022, China (X units) constituted the largest electrical musical instrument supplier to Serbia, with a X% share of total imports. Moreover, electrical musical instrument imports from China exceeded the figures recorded by the second-largest supplier, Indonesia (X units), fivefold. The third position in this ranking was held by Malaysia (X units), with a X% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from China amounted to X%. The remaining supplying countries recorded the following average annual rates of imports growth: Indonesia (X% per year) and Malaysia (X% per year).

In value terms, China ($X) constituted the largest supplier of electrical musical or keyboard instruments to Serbia, comprising X% of total imports. The second position in the ranking was held by Indonesia ($X), with a X% share of total imports. It was followed by Malaysia, with a X% share.

From 2012 to 2022, the average annual rate of growth in terms of value from China totaled X%. The remaining supplying countries recorded the following average annual rates of imports growth: Indonesia (X% per year) and Malaysia (X% per year).

Import Prices by Country

The average electrical musical instrument import price stood at $X per unit in 2022, leveling off at the previous year. Overall, the import price saw a relatively flat trend pattern. The growth pace was the most rapid in 2014 when the average import price increased by X%. The import price peaked at $X per unit in 2018; however, from 2019 to 2022, import prices stood at a somewhat 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 the Netherlands ($X per unit), while the price for China ($X per unit) was amongst the lowest.

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

Source: IndexBox Platform