Serbia: Sodium Nitrate Market 2024

Sodium Nitrate Market Size in Serbia

In 2022, the Serbian sodium nitrate market decreased by -47.9% to $X for the first time since 2019, thus ending a two-year rising trend. In general, consumption continues to indicate a abrupt decline. Sodium nitrate consumption peaked at $X in 2012; however, from 2013 to 2022, consumption remained at a lower figure.

Sodium Nitrate Exports

Exports from Serbia

In 2022, overseas shipments of sodium nitrate increased by 2,938% to X tons, rising for the second year in a row after two years of decline. Over the period under review, exports showed a significant expansion. The growth pace was the most rapid in 2017 with an increase of 13,227% against the previous year. Over the period under review, the exports attained the peak figure in 2022 and are expected to retain growth in years to come.

In value terms, sodium nitrate exports skyrocketed to $X in 2022. In general, exports continue to indicate significant growth. The pace of growth was the most pronounced in 2017 with an increase of 12,852%. Over the period under review, the exports reached the peak figure in 2022 and are expected to retain growth in the near future.

Exports by Country

North Macedonia (X tons) was the main destination for sodium nitrate exports from Serbia, with a 99% share of total exports. It was followed by Bosnia and Herzegovina (X kg), with a 1.2% share of total exports.

From 2012 to 2022, the average annual growth rate of volume to North Macedonia totaled +60.0%. Exports to the other major destinations recorded the following average annual rates of exports growth: Bosnia and Herzegovina (-22.0% per year) and Montenegro (-4.3% per year).

In value terms, North Macedonia ($X) remains the key foreign market for sodium nitrate exports from Serbia, comprising 98% of total exports. The second position in the ranking was held by Bosnia and Herzegovina ($X), with a 1.6% share of total exports.

From 2012 to 2022, the average annual rate of growth in terms of value to North Macedonia totaled +84.0%. Exports to the other major destinations recorded the following average annual rates of exports growth: Bosnia and Herzegovina (-14.7% per year) and Montenegro (-0.8% per year).

Export Prices by Country

In 2022, the average sodium nitrate export price amounted to $X per ton, jumping by 56% against the previous year. Over the period under review, export price indicated a resilient expansion from 2012 to 2022: its price increased at an average annual rate of +5.9% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, sodium nitrate export price increased by +94.4% against 2017 indices. As a result, the export price reached the peak level and is likely to continue growth in the immediate term.

Average prices varied somewhat for the major external markets. In 2022, amid the top suppliers, the country with the highest price was Bosnia and Herzegovina ($X per ton), while the average price for exports to North Macedonia ($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 North Macedonia (+15.0%), while the prices for the other major destinations experienced more modest paces of growth.

Sodium Nitrate Imports

Imports into Serbia

After two years of growth, overseas purchases of sodium nitrate decreased by -25.2% to X tons in 2022. In general, imports continue to indicate a abrupt downturn. The growth pace was the most rapid in 2020 when imports increased by 131% against the previous year. Imports peaked at X tons in 2012; however, from 2013 to 2022, imports remained at a lower figure.

In value terms, sodium nitrate imports stood at $X in 2022. Overall, imports, however, recorded a relatively flat trend pattern. The pace of growth was the most pronounced in 2020 with an increase of 158%. Over the period under review, imports reached the maximum in 2022 and are likely to see gradual growth in the immediate term.

Imports by Country

Russia (X tons), Poland (X tons) and Germany (X tons) were the main suppliers of sodium nitrate imports to Serbia, with a combined 82% share of total imports. Bulgaria and the Czech Republic lagged somewhat behind, together accounting for a further 18%.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by the Czech Republic (with a CAGR of +151.3%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the largest sodium nitrate suppliers to Serbia were Russia ($X), Poland ($X) and Germany ($X), with a combined 78% share of total imports. The Czech Republic and Bulgaria lagged somewhat behind, together accounting for a further 22%.

The Czech Republic, with a CAGR of +97.4%, saw the highest growth rate of the value of imports, among the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The average sodium nitrate import price stood at $X per ton in 2022, growing by 36% against the previous year. Over the period under review, import price indicated strong growth from 2012 to 2022: its price increased at an average annual rate of +5.9% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth was the most pronounced in 2014 an increase of 46%. The import price peaked at $X per ton in 2015; however, from 2016 to 2022, import prices stood at a somewhat lower figure.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was the Czech Republic ($X per ton), while the price for Russia ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Poland (+20.1%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform