Serbia: Preserved Sardines Market 2024

Preserved Sardines Market Size in Serbia

The Serbian preserved sardines market was estimated at $X in 2022, picking up by 5.7% against the previous year. Overall, consumption, however, continues to indicate a noticeable downturn. Preserved sardines consumption peaked at $X in 2012; however, from 2013 to 2022, consumption remained at a lower figure.

Preserved Sardines Production in Serbia

In value terms, preserved sardines production soared to $X in 2022 estimated in export price. Overall, production, however, showed a deep reduction. The pace of growth was the most pronounced in 2017 when the production volume increased by 207%. As a result, production attained the peak level of $X. From 2018 to 2022, production growth failed to regain momentum.

Preserved Sardines Exports

Exports from Serbia

In 2022, shipments abroad of sardines (prepared or preserved) decreased by -42.9% to X tons, falling for the fifth year in a row after six years of growth. In general, exports, however, continue to indicate prominent growth. The pace of growth was the most pronounced in 2016 when exports increased by 136%. The exports peaked at X tons in 2017; however, from 2018 to 2022, the exports failed to regain momentum.

In value terms, preserved sardines exports reduced rapidly to $X in 2022. Overall, exports, however, showed a prominent increase. The most prominent rate of growth was recorded in 2016 with an increase of 181% against the previous year. Over the period under review, the exports attained the peak figure at $X in 2017; however, from 2018 to 2022, the exports failed to regain momentum.

Exports by Country

Bosnia and Herzegovina (X tons) was the main destination for preserved sardines exports from Serbia, with a 97% share of total exports. It was followed by North Macedonia (X tons), with a 2.3% share of total exports.

From 2012 to 2022, the average annual rate of growth in terms of volume to Bosnia and Herzegovina amounted to +14.2%. Exports to the other major destinations recorded the following average annual rates of exports growth: North Macedonia (-2.9% per year) and Montenegro (-1.3% per year).

In value terms, Bosnia and Herzegovina ($X) remains the key foreign market for sardines (prepared or preserved) exports from Serbia, comprising 97% of total exports. The second position in the ranking was held by North Macedonia ($X), with a 2.3% share of total exports.

From 2012 to 2022, the average annual rate of growth in terms of value to Bosnia and Herzegovina totaled +14.6%. Exports to the other major destinations recorded the following average annual rates of exports growth: North Macedonia (-3.3% per year) and Montenegro (-1.9% per year).

Export Prices by Country

In 2022, the average preserved sardines export price amounted to $X per ton, increasing by 16% against the previous year. In general, the export price continues to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2013 an increase of 24% 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.

Average prices varied noticeably for the major overseas markets. In 2022, amid the top suppliers, the country with the highest price was Bosnia and Herzegovina ($X per ton), while the average price for exports to Montenegro ($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 Albania (+7.8%), while the prices for the other major destinations experienced mixed trend patterns.

Preserved Sardines Imports

Imports into Serbia

Preserved sardines imports into Serbia stood at X tons in 2022, remaining relatively unchanged against 2021 figures. In general, imports, however, recorded a slight decrease. The pace of growth appeared the most rapid in 2018 with an increase of 40%. Over the period under review, imports reached the peak figure at X tons in 2019; however, from 2020 to 2022, imports stood at a somewhat lower figure.

In value terms, preserved sardines imports reached $X in 2022. Over the period under review, imports, however, saw a noticeable setback. The growth pace was the most rapid in 2018 with an increase of 43%. 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

Croatia (X tons), China (X tons) and Morocco (X tons) were the main suppliers of preserved sardines imports to Serbia, together comprising 71% of total imports.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by China (with a CAGR of +129.1%), while imports for the other leaders experienced more modest paces of growth.

In value terms, Croatia ($X) constituted the largest supplier of sardines (prepared or preserved) to Serbia, comprising 46% of total imports. The second position in the ranking was held by Bosnia and Herzegovina ($X), with a 17% share of total imports. It was followed by Morocco, with an 11% share.

From 2012 to 2022, the average annual rate of growth in terms of value from Croatia amounted to -8.7%. The remaining supplying countries recorded the following average annual rates of imports growth: Bosnia and Herzegovina (+40.5% per year) and Morocco (+19.4% per year).

Import Prices by Country

The average preserved sardines import price stood at $X per ton in 2022, standing approx. at the previous year. In general, the import price recorded a slight reduction. The pace of growth appeared the most rapid in 2021 an increase of 9% 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.

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 Bosnia and Herzegovina ($X per ton), while the price for Tunisia ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Bosnia and Herzegovina (+3.7%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform