Serbia: Mixed Fertilizer Market 2024

Mixed Fertilizer Market Size in Serbia

The Serbian mixed fertilizer market surged to $X in 2022, with an increase of 74% against the previous year. In general, consumption recorded a relatively flat trend pattern. Over the period under review, the market hit record highs in 2022 and is expected to retain growth in the immediate term.

Mixed Fertilizer Production in Serbia

In value terms, mixed fertilizer production shrank to $X in 2022 estimated in export price. In general, production, however, posted resilient growth. The most prominent rate of growth was recorded in 2014 when the production volume increased by 362% against the previous year. Mixed fertilizer production peaked at $X in 2021, and then fell in the following year.

Mixed Fertilizer Exports

Exports from Serbia

In 2022, exports of mixed fertilizers from Serbia fell rapidly to X tons, declining by -16.1% against the year before. Overall, exports, however, recorded a significant increase. The growth pace was the most rapid in 2014 with an increase of 73%. Over the period under review, the exports attained the maximum at X tons in 2021, and then shrank notably in the following year.

In value terms, mixed fertilizer exports soared to $X in 2022. Over the period under review, exports, however, enjoyed a significant expansion. The pace of growth was the most pronounced in 2021 with an increase of 61%. The exports peaked in 2022 and are likely to see gradual growth in the near future.

Exports by Country

Romania (X tons), Croatia (X tons) and Bulgaria (X tons) were the main destinations of mixed fertilizer exports from Serbia, with a combined 52% share of total exports. Hungary, Bosnia and Herzegovina, the Czech Republic, Ukraine, Slovakia, Slovenia, Argentina, Moldova and North Macedonia lagged somewhat behind, together comprising a further 37%.

From 2012 to 2022, the biggest increases were recorded for Moldova (with a CAGR of +200.5%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, the largest markets for mixed fertilizer exported from Serbia were Romania ($X), Croatia ($X) and Hungary ($X), together accounting for 52% of total exports. Bulgaria, Bosnia and Herzegovina, Argentina, Ukraine, the Czech Republic, Slovenia, Moldova, Slovakia and North Macedonia lagged somewhat behind, together accounting for a further 30%.

Among the main countries of destination, Moldova, with a CAGR of +265.9%, recorded the highest rates of growth with regard to 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 mixed fertilizer export price amounted to $X per ton, jumping by 62% against the previous year. In general, export price indicated a tangible increase from 2012 to 2022: its price increased at an average annual rate of +2.7% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, mixed fertilizer export price increased by +108.8% against 2020 indices. As a result, the export price reached the peak level and is likely to continue growth in the immediate term.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Argentina ($X per ton), while the average price for exports to Slovakia ($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 Moldova (+21.7%), while the prices for the other major destinations experienced more modest paces of growth.

Mixed Fertilizer Imports

Imports into Serbia

Mixed fertilizer imports into Serbia rose notably to X tons in 2022, picking up by 10% compared with the previous year. In general, imports, however, showed a mild slump. The growth pace was the most rapid in 2020 when imports increased by 81% against the previous year. As a result, imports reached the peak of X tons. From 2021 to 2022, the growth of imports remained at a somewhat lower figure.

In value terms, mixed fertilizer imports skyrocketed to $X in 2022. Over the period under review, imports, however, continue to indicate a relatively flat trend pattern. Over the period under review, imports hit record highs at $X in 2012; however, from 2013 to 2022, imports failed to regain momentum.

Imports by Country

In 2022, Russia (X tons) constituted the largest supplier of mixed fertilizer to Serbia, with a 88% share of total imports. Moreover, mixed fertilizer imports from Russia exceeded the figures recorded by the second-largest supplier, Austria (X tons), more than tenfold.

From 2012 to 2022, the average annual rate of growth in terms of volume from Russia stood at +5.2%. The remaining supplying countries recorded the following average annual rates of imports growth: Austria (-13.0% per year) and Croatia (-43.7% per year).

In value terms, Russia ($X) constituted the largest supplier of mixed fertilizers to Serbia, comprising 82% of total imports. The second position in the ranking was held by Austria ($X), with a 6.8% share of total imports.

From 2012 to 2022, the average annual growth rate of value from Russia amounted to +4.6%. The remaining supplying countries recorded the following average annual rates of imports growth: Austria (-9.0% per year) and Croatia (-40.9% per year).

Import Prices by Country

In 2022, the average mixed fertilizer import price amounted to $X per ton, increasing by 53% against the previous year. In general, the import price saw a relatively flat trend pattern. As a result, import price attained the peak level and is likely to continue growth in the immediate term.

Average prices varied somewhat amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was Croatia ($X per ton), while the price for Russia ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Croatia (+5.0%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform