Serbia: Market for Grinding And Sharpening Metal Finishing Machines 2024

Market Size for Grinding And Sharpening Metal Finishing Machines in Serbia

The Serbian grinding and sharpening machine market surged to $X in 2022, increasing by 28% against the previous year. In general, consumption showed a prominent expansion. Over the period under review, the market hit record highs in 2022 and is likely to continue growth in the near future.

Production of Grinding And Sharpening Metal Finishing Machines in Serbia

In value terms, grinding and sharpening machine production skyrocketed to $X in 2022 estimated in export price. In general, production continues to indicate a relatively flat trend pattern. The pace of growth was the most pronounced in 2020 with an increase of 162% against the previous year. As a result, production reached the peak level of $X. From 2021 to 2022, production growth remained at a lower figure.

Exports of Grinding And Sharpening Metal Finishing Machines

Exports from Serbia

In 2022, approx. X units of grinding and sharpening metal finishing machines were exported from Serbia; with a decrease of -31.3% compared with the year before. In general, exports continue to indicate a mild downturn. The most prominent rate of growth was recorded in 2021 when exports increased by 277% against the previous year. The exports peaked at X units in 2013; however, from 2014 to 2022, the exports stood at a somewhat lower figure.

In value terms, grinding and sharpening machine exports skyrocketed to $X in 2022. Overall, total exports indicated prominent growth from 2012 to 2022: its value increased at an average annual rate of +9.5% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports increased by +41.0% against 2020 indices. The pace of growth appeared the most rapid in 2013 with an increase of 109%. Over the period under review, the exports hit record highs in 2022 and are expected to retain growth in the near future.

Exports by Country

Russia (X units) was the main destination for grinding and sharpening machine exports from Serbia, accounting for a 50% share of total exports. Moreover, grinding and sharpening machine exports to Russia exceeded the volume sent to the second major destination, Slovenia (X units), fivefold. The third position in this ranking was held by Romania (X units), with a 10% share.

From 2012 to 2022, the average annual growth rate of volume to Russia amounted to +17.3%. Exports to the other major destinations recorded the following average annual rates of exports growth: Slovenia (-1.3% per year) and Romania (+3.2% per year).

In value terms, Russia ($X) remains the key foreign market for grinding and sharpening metal finishing machines exports from Serbia, comprising 87% of total exports. The second position in the ranking was held by Slovenia ($X), with a 4.8% share of total exports. It was followed by Bosnia and Herzegovina, with a 3.2% share.

From 2012 to 2022, the average annual growth rate of value to Russia stood at +11.2%. Exports to the other major destinations recorded the following average annual rates of exports growth: Slovenia (+6.9% per year) and Bosnia and Herzegovina (+23.1% per year).

Export Prices by Country

In 2022, the average grinding and sharpening machine export price amounted to $X per unit, picking up by 90% against the previous year. In general, the export price posted resilient growth. The growth pace was the most rapid in 2019 an increase of 128%. Over the period under review, the average export prices reached the maximum at $X per unit in 2020; however, from 2021 to 2022, the export prices remained at a lower figure.

There were significant differences in the average prices for the major external markets. In 2022, amid the top suppliers, the country with the highest price was Russia ($X per unit), while the average price for exports to Morocco ($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 Bulgaria (+29.2%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Grinding And Sharpening Metal Finishing Machines

Imports into Serbia

In 2022, the amount of grinding and sharpening metal finishing machines imported into Serbia skyrocketed to X units, increasing by 32% against the previous year. Over the period under review, imports posted significant growth. The most prominent rate of growth was recorded in 2019 when imports increased by 598%. Over the period under review, imports hit record highs in 2022 and are likely to see gradual growth in the near future.

In value terms, grinding and sharpening machine imports declined to $X in 2022. Overall, imports showed a prominent expansion. The most prominent rate of growth was recorded in 2016 when imports increased by 167%. Over the period under review, imports hit record highs at $X in 2018; however, from 2019 to 2022, imports failed to regain momentum.

Imports by Country

In 2022, China (X units) was the main supplier of grinding and sharpening machine to Serbia, with a 96% share of total imports. It was followed by Germany (X units), with a 0.7% share of total imports.

From 2012 to 2022, the average annual rate of growth in terms of volume from China amounted to +78.1%. The remaining supplying countries recorded the following average annual rates of imports growth: Germany (+2.9% per year) and Hungary (-27.3% per year).

In value terms, China ($X) constituted the largest supplier of grinding and sharpening metal finishing machines to Serbia, comprising 45% of total imports. The second position in the ranking was taken by Germany ($X), with a 14% share of total imports.

From 2012 to 2022, the average annual growth rate of value from China stood at +31.4%. The remaining supplying countries recorded the following average annual rates of imports growth: Germany (-2.9% per year) and Hungary (-16.9% per year).

Import Prices by Country

The average grinding and sharpening machine import price stood at $X per unit in 2022, dropping by -29.7% against the previous year. Over the period under review, the import price showed a sharp reduction. The most prominent rate of growth was recorded in 2014 an increase of 170% against the previous year. As a result, import price reached the peak level of $X per unit. From 2015 to 2022, the average import prices failed to regain momentum.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Hungary (+14.4%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform