Serbia: Golf Equipment Market 2024

Golf Equipment Market Size in Serbia

The Serbian golf equipment market contracted to $X in 2022, dropping by -13.3% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). Overall, consumption, however, continues to indicate a strong expansion. As a result, consumption reached the peak level of $X. From 2019 to 2022, the growth of the market remained at a somewhat lower figure.

Golf Equipment Exports

Exports from Serbia

In 2022, exports of golf clubs and other golf equipment from Serbia shrank rapidly to X units, waning by -70.4% on the previous year's figure. Overall, exports showed a abrupt slump. The most prominent rate of growth was recorded in 2016 with an increase of 730% against the previous year. Over the period under review, the exports attained the maximum at X units in 2018; however, from 2019 to 2022, the exports failed to regain momentum.

In value terms, golf equipment exports declined remarkably to $X in 2022. In general, exports saw a abrupt setback. The pace of growth appeared the most rapid in 2016 when exports increased by 567%. Over the period under review, the exports hit record highs at $X in 2018; however, from 2019 to 2022, the exports remained at a lower figure.

Exports by Country

Bosnia and Herzegovina (X units) was the main destination for golf equipment exports from Serbia, with a 65% share of total exports. Moreover, golf equipment exports to Bosnia and Herzegovina exceeded the volume sent to the second major destination, Montenegro (X units), fourfold. The Dominican Republic (X units) ranked third in terms of total exports with a 7.8% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to Bosnia and Herzegovina amounted to -8.6%. Exports to the other major destinations recorded the following average annual rates of exports growth: Montenegro (-10.6% per year) and the Dominican Republic (0.0% per year).

In value terms, Bosnia and Herzegovina ($X) emerged as the key foreign market for golf clubs and other golf equipment exports from Serbia, comprising 49% of total exports. The second position in the ranking was held by Montenegro ($X), with a 20% share of total exports. It was followed by the Dominican Republic, with a 12% share.

From 2012 to 2022, the average annual rate of growth in terms of value to Bosnia and Herzegovina amounted to -12.8%. Exports to the other major destinations recorded the following average annual rates of exports growth: Montenegro (-12.0% per year) and the Dominican Republic (0.0% per year).

Export Prices by Country

The average golf equipment export price stood at $X per unit in 2022, falling by -38.5% against the previous year. Overall, the export price recorded a abrupt slump. The most prominent rate of growth was recorded in 2020 an increase of 62% against the previous year. The export price peaked at $X per unit in 2014; however, from 2015 to 2022, the export prices stood at a somewhat lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Italy ($X per unit), while the average price for exports to Bosnia and Herzegovina ($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 Montenegro (-1.6%), while the prices for the other major destinations experienced a decline.

Golf Equipment Imports

Imports into Serbia

In 2022, approx. X units of golf clubs and other golf equipment were imported into Serbia; declining by -12.4% compared with the year before. Overall, imports, however, posted buoyant growth. The growth pace was the most rapid in 2018 when imports increased by 149%. As a result, imports reached the peak of X units. From 2019 to 2022, the growth of imports remained at a lower figure.

In value terms, golf equipment imports shrank sharply to $X in 2022. Over the period under review, imports, however, posted a prominent expansion. The most prominent rate of growth was recorded in 2015 when imports increased by 108% against the previous year. Imports peaked at $X in 2020; however, from 2021 to 2022, imports remained at a lower figure.

Imports by Country

In 2022, China (X units) constituted the largest golf equipment supplier to Serbia, accounting for a 76% share of total imports. Moreover, golf equipment imports from China exceeded the figures recorded by the second-largest supplier, Italy (X units), eightfold. Pakistan (X units) ranked third in terms of total imports with a 7.8% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from China amounted to +46.1%. The remaining supplying countries recorded the following average annual rates of imports growth: Italy (+95.8% per year) and Pakistan (+62.7% per year).

In value terms, China ($X) constituted the largest supplier of golf clubs and other golf equipment to Serbia, comprising 66% of total imports. The second position in the ranking was taken by Pakistan ($X), with a 13% share of total imports. It was followed by Taiwan (Chinese), with a 2% share.

From 2012 to 2022, the average annual rate of growth in terms of value from China stood at +56.0%. The remaining supplying countries recorded the following average annual rates of imports growth: Pakistan (+77.3% per year) and Taiwan (Chinese) (+20.7% per year).

Import Prices by Country

In 2022, the average golf equipment import price amounted to $X per unit, declining by -22.3% against the previous year. Over the period under review, the import price saw a abrupt setback. The growth pace was the most rapid in 2015 when the average import price increased by 149%. As a result, import price attained the peak level of $X per unit. From 2016 to 2022, the average import prices remained at a lower figure.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Lithuania ($X per unit), while the price for Italy ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Lithuania (+42.2%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform