Serbia: Natural Stone Sett Market 2024

Natural Stone Sett Market Size in Serbia

The Serbian natural stone sett market declined significantly to $X in 2022, falling by -39.4% against the previous year. Over the period under review, consumption showed a deep contraction. Natural stone sett consumption peaked at $X in 2012; however, from 2013 to 2022, consumption remained at a lower figure.

Natural Stone Sett Production in Serbia

In value terms, natural stone sett production declined remarkably to $X in 2022 estimated in export price. In general, production continues to indicate a abrupt decline. The most prominent rate of growth was recorded in 2021 with an increase of 614% against the previous year. Natural stone sett production peaked at $X in 2012; however, from 2013 to 2022, production failed to regain momentum.

Natural Stone Sett Exports

Exports from Serbia

In 2022, shipments abroad of natural stone setts, kerbstones and flagstones increased by 0.2% to X tons, rising for the second consecutive year after two years of decline. Over the period under review, exports recorded measured growth. The pace of growth appeared the most rapid in 2015 with an increase of 248% against the previous year. The exports peaked at X tons in 2018; however, from 2019 to 2022, the exports stood at a somewhat lower figure.

In value terms, natural stone sett exports rose significantly to $X in 2022. In general, exports posted a notable expansion. The pace of growth was the most pronounced in 2013 when exports increased by 471%. As a result, the exports reached the peak of $X. From 2014 to 2022, the growth of the exports remained at a lower figure.

Exports by Country

Montenegro (X tons) was the main destination for natural stone sett exports from Serbia, with a 74% share of total exports. Moreover, natural stone sett exports to Montenegro exceeded the volume sent to the second major destination, Croatia (X tons), fivefold. The third position in this ranking was held by Bosnia and Herzegovina (X tons), with a 4.9% share.

From 2012 to 2022, the average annual growth rate of volume to Montenegro stood at +3.1%. Exports to the other major destinations recorded the following average annual rates of exports growth: Croatia (+4.4% per year) and Bosnia and Herzegovina (-1.8% per year).

In value terms, Montenegro ($X) emerged as the key foreign market for natural stone setts, kerbstones and flagstones exports from Serbia, comprising 78% of total exports. The second position in the ranking was taken by Croatia ($X), with a 14% share of total exports. It was followed by Switzerland, with a 5.4% share.

From 2012 to 2022, the average annual rate of growth in terms of value to Montenegro totaled +2.4%. Exports to the other major destinations recorded the following average annual rates of exports growth: Croatia (+13.0% per year) and Switzerland (+5.4% per year).

Export Prices by Country

The average natural stone sett export price stood at $X per ton in 2022, growing by 8.5% against the previous year. Overall, the export price, however, saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2013 when the average export price increased by 364% against the previous year. As a result, the export price reached the peak level of $X per ton. From 2014 to 2022, the average export prices failed to regain momentum.

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 Switzerland ($X per ton), while the average price for exports to Bosnia and Herzegovina ($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 Croatia (+8.3%), while the prices for the other major destinations experienced mixed trend patterns.

Natural Stone Sett Imports

Imports into Serbia

In 2022, natural stone sett imports into Serbia contracted to X tons, shrinking by -7.3% on the previous year's figure. In general, imports, however, posted a prominent increase. The most prominent rate of growth was recorded in 2017 with an increase of 1,266% against the previous year. Over the period under review, imports hit record highs at X tons in 2019; however, from 2020 to 2022, imports remained at a lower figure.

In value terms, natural stone sett imports rose modestly to $X in 2022. Overall, imports, however, saw a significant increase. The pace of growth appeared the most rapid in 2019 with an increase of 965% against the previous year. As a result, imports attained the peak of $X. From 2020 to 2022, the growth of imports failed to regain momentum.

Imports by Country

In 2022, Bosnia and Herzegovina (X tons) constituted the largest supplier of natural stone sett to Serbia, accounting for a 77% share of total imports. Moreover, natural stone sett imports from Bosnia and Herzegovina exceeded the figures recorded by the second-largest supplier, North Macedonia (X tons), fourfold.

From 2012 to 2022, the average annual rate of growth in terms of volume from Bosnia and Herzegovina amounted to +38.4%.

In value terms, Bosnia and Herzegovina ($X) constituted the largest supplier of natural stone setts, kerbstones and flagstones to Serbia, comprising 77% of total imports. The second position in the ranking was taken by North Macedonia ($X), with a 19% share of total imports.

From 2012 to 2022, the average annual rate of growth in terms of value from Bosnia and Herzegovina stood at +37.9%.

Import Prices by Country

In 2022, the average natural stone sett import price amounted to $X per ton, surging by 13% against the previous year. In general, import price indicated a pronounced increase from 2012 to 2022: its price increased at an average annual rate of +2.3% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth appeared the most rapid in 2016 an increase of 63% against the previous year. The import price peaked at $X per ton in 2013; however, from 2014 to 2022, import prices failed to regain momentum.

Average prices varied noticeably amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was Bosnia and Herzegovina ($X per ton), while the price for North Macedonia totaled $X per ton.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by North Macedonia (+2.4%).

Source: IndexBox Platform