Serbia: Refined Soybean Oil Market 2024

Refined Soybean Oil Market Size in Serbia

In 2022, the Serbian refined soybean oil market increased by 2.1% to $X, rising for the second year in a row after four years of decline. In general, consumption, however, recorded a abrupt curtailment. Refined soybean oil consumption peaked at $X in 2012; however, from 2013 to 2022, consumption stood at a somewhat lower figure.

Refined Soybean Oil Production in Serbia

In value terms, refined soybean oil production dropped to $X in 2022 estimated in export price. In general, production saw a abrupt decline. The pace of growth was the most pronounced in 2015 when the production volume increased by 52% against the previous year. Refined soybean oil production peaked at $X in 2012; however, from 2013 to 2022, production failed to regain momentum.

Refined Soybean Oil Exports

Exports from Serbia

In 2022, exports of refined soybean oil and its fractions from Serbia reduced dramatically to X tons, dropping by -56.9% compared with the year before. Overall, exports saw a precipitous setback. The pace of growth appeared the most rapid in 2015 when exports increased by 2,074% against the previous year. Over the period under review, the exports attained the maximum at X tons in 2016; however, from 2017 to 2022, the exports failed to regain momentum.

In value terms, refined soybean oil exports contracted remarkably to $X in 2022. In general, exports showed a abrupt shrinkage. The most prominent rate of growth was recorded in 2015 with an increase of 1,823% against the previous year. Over the period under review, the exports reached the maximum at $X in 2016; however, from 2017 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

Hungary (X tons) was the main destination for refined soybean oil exports from Serbia, accounting for a 57% share of total exports. Moreover, refined soybean oil exports to Hungary exceeded the volume sent to the second major destination, Slovakia (X tons), twofold. The third position in this ranking was taken by Bulgaria (X tons), with a 12% share.

From 2012 to 2022, the average annual growth rate of volume to Hungary stood at -10.5%. Exports to the other major destinations recorded the following average annual rates of exports growth: Slovakia (-13.7% per year) and Bulgaria (-50.6% per year).

In value terms, Hungary ($X) remains the key foreign market for refined soybean oil and its fractions exports from Serbia, comprising 65% of total exports. The second position in the ranking was taken by Slovakia ($X), with a 21% share of total exports. It was followed by Bulgaria, with a 10% share.

From 2012 to 2022, the average annual growth rate of value to Hungary stood at +1.6%. Exports to the other major destinations recorded the following average annual rates of exports growth: Slovakia (-13.8% per year) and Bulgaria (-49.5% per year).

Export Prices by Country

The average refined soybean oil export price stood at $X per ton in 2022, jumping by 40% against the previous year. Overall, the export price enjoyed a tangible increase. The growth pace was the most rapid in 2021 an increase of 49% against the previous year. The export price peaked in 2022 and is likely to see gradual growth in the immediate term.

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 Italy ($X per ton), while the average price for exports to Slovenia ($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 Italy (+17.6%), while the prices for the other major destinations experienced more modest paces of growth.

Refined Soybean Oil Imports

Imports into Serbia

In 2022, supplies from abroad of refined soybean oil and its fractions increased by 48% to X tons, rising for the second consecutive year after three years of decline. Overall, imports, however, showed a sharp contraction. The most prominent rate of growth was recorded in 2015 when imports increased by 28,944% against the previous year. As a result, imports reached the peak of X tons. From 2016 to 2022, the growth of imports failed to regain momentum.

In value terms, refined soybean oil imports surged to $X in 2022. In general, imports, however, faced a sharp descent. The pace of growth appeared the most rapid in 2015 with an increase of 18,804% against the previous year. As a result, imports reached the peak of $X. From 2016 to 2022, the growth of imports remained at a somewhat lower figure.

Imports by Country

Spain (X kg) and the UK (X kg) were the main suppliers of refined soybean oil imports to Serbia.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by the UK (with a CAGR of +4.8%).

In value terms, Spain ($X) and the UK ($X) constituted the largest refined soybean oil suppliers to Serbia.

In terms of the main suppliers, the UK, with a CAGR of -5.2%, saw the highest growth rate of the value of imports, over the period under review.

Import Prices by Country

In 2022, the average refined soybean oil import price amounted to $X per ton, with an increase of 81% against the previous year. In general, the import price posted resilient growth. The most prominent rate of growth was recorded in 2019 when the average import price increased by 161% against the previous year. The import price peaked in 2022 and is expected to retain 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 Spain ($X per ton), while the price for the UK totaled $X per ton.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Spain (+5.3%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform