Serbia: Millet Market 2024

Millet Market Size in Serbia

In 2022, the Serbian millet market was finally on the rise to reach $X after two years of decline. Over the period under review, consumption posted a buoyant expansion. As a result, consumption reached the peak level and is likely to continue growth in the immediate term.

Millet Production in Serbia

In value terms, millet production declined to $X in 2022 estimated in export price. Overall, production continues to indicate a deep reduction. The pace of growth appeared the most rapid in 2018 when the production volume increased by 126%. Over the period under review, production reached the maximum level at $X in 2012; however, from 2013 to 2022, production remained at a lower figure.

The average yield of millet in Serbia declined slightly to X kg per ha in 2022, approximately mirroring 2021. Over the period under review, the yield showed a noticeable slump. The pace of growth was the most pronounced in 2016 when the yield increased by 14%. Over the period under review, the average millet yield attained the maximum level at X tons per ha in 2013; however, from 2014 to 2022, the yield remained at a lower figure. Despite the increased use of modern agricultural techniques and methods, future yield figures may still be impacted by adverse weather conditions.

The millet harvested area in Serbia stood at X ha in 2022, approximately reflecting the previous year. Over the period under review, the harvested area recorded a relatively flat trend pattern. The growth pace was the most rapid in 2015 when the harvested area increased by 7% against the previous year. The millet harvested area peaked at X ha in 2013; however, from 2014 to 2022, the harvested area failed to regain momentum.

Millet Exports

Exports from Serbia

In 2022, millet exports from Serbia reduced remarkably to X tons, waning by -50.6% on the previous year. In general, exports, however, enjoyed a significant expansion. The pace of growth was the most pronounced in 2019 when exports increased by 173%. The exports peaked at X tons in 2021, and then contracted sharply in the following year.

In value terms, millet exports contracted rapidly to $X in 2022. Over the period under review, exports, however, continue to indicate strong growth. The growth pace was the most rapid in 2019 when exports increased by 224%. As a result, the exports reached the peak of $X. From 2020 to 2022, the growth of the exports remained at a lower figure.

Exports by Country

Bosnia and Herzegovina (X tons), North Macedonia (X tons) and Montenegro (X tons) were the main destinations of millet exports from Serbia, together comprising 85% of total exports.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by North Macedonia (with a CAGR of +45.7%), while the other leaders experienced more modest paces of growth.

In value terms, the largest markets for millet exported from Serbia were Bosnia and Herzegovina ($X), Montenegro ($X) and North Macedonia ($X), together comprising 88% of total exports.

Among the main countries of destination, North Macedonia, with a CAGR of +35.5%, saw the highest growth rate of the value of exports, 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 millet export price amounted to $X per ton, picking up by 23% against the previous year. Over the period under review, the export price, however, recorded a deep reduction. The pace of growth was the most pronounced in 2018 an increase of 116% against the previous year. The export price peaked at $X per ton 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 export markets. In 2022, amid the top suppliers, the country with the highest price was Montenegro ($X per ton), while the average price for exports to Albania ($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 the Czech Republic (+5.4%), while the prices for the other major destinations experienced mixed trend patterns.

Millet Imports

Imports into Serbia

In 2022, imports of millet into Serbia skyrocketed to X tons, picking up by 257% compared with the previous year. In general, imports posted prominent growth. As a result, imports reached the peak and are likely to continue growth in the immediate term.

In value terms, millet imports skyrocketed to $X in 2022. Overall, imports showed a remarkable increase. As a result, imports reached the peak and are likely to continue growth in the immediate term.

Imports by Country

In 2022, Russia (X tons) constituted the largest supplier of millet to Serbia, with a 85% share of total imports. Moreover, millet imports from Russia exceeded the figures recorded by the second-largest supplier, Ukraine (X tons), more than tenfold. Hungary (X tons) ranked third in terms of total imports with a 5.8% share.

From 2012 to 2022, the average annual growth rate of volume from Russia amounted to +15.7%. The remaining supplying countries recorded the following average annual rates of imports growth: Ukraine (-18.2% per year) and Hungary (+6.8% per year).

In value terms, Russia ($X) constituted the largest supplier of millet to Serbia, comprising 80% of total imports. The second position in the ranking was held by Ukraine ($X), with an 8% share of total imports. It was followed by Hungary, with a 6.7% share.

From 2012 to 2022, the average annual rate of growth in terms of value from Russia totaled +19.6%. The remaining supplying countries recorded the following average annual rates of imports growth: Ukraine (-15.3% per year) and Hungary (+1.5% per year).

Import Prices by Country

The average millet import price stood at $X per ton in 2022, surging by 37% against the previous year. Over the period under review, import price indicated a modest expansion from 2012 to 2022: its price increased at an average annual rate of +1.9% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, import price reached the peak level and is likely to continue growth in the immediate term.

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 Argentina ($X per ton), while the price for Russia ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Ukraine (+3.5%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform