Serbia: Soybean Oil Market 2024

Soybean Oil Market Size in Serbia

In 2022, the Serbian soybean oil market increased by 36% to $X, rising for the second year in a row after two years of decline. Overall, consumption saw a mild expansion. Soybean oil consumption peaked in 2022 and is expected to retain growth in the near future.

Soybean Oil Production in Serbia

In value terms, soybean oil production reached $X in 2022 estimated in export price. In general, production showed a notable increase. The pace of growth was the most pronounced in 2014 when the production volume increased by 41%. Over the period under review, production attained the maximum level at $X in 2020; however, from 2021 to 2022, production remained at a lower figure.

Soybean Oil Exports

Exports from Serbia

In 2022, shipments abroad of soybean oil decreased by -5.6% to X tons, falling for the second consecutive year after two years of growth. Over the period under review, exports, however, posted a tangible increase. The most prominent rate of growth was recorded in 2015 with an increase of 100%. Over the period under review, the exports reached the peak figure at X tons in 2020; however, from 2021 to 2022, the exports stood at a somewhat lower figure.

In value terms, soybean oil exports skyrocketed to $X in 2022. Overall, exports, however, enjoyed a buoyant expansion. The pace of growth appeared the most rapid in 2015 with an increase of 59%. Over the period under review, the exports hit record highs in 2022 and are likely to see steady growth in the near future.

Exports by Country

Bulgaria (X tons), Greece (X tons) and the Netherlands (X tons) were the main destinations of soybean oil exports from Serbia, with a combined 54% share of total exports. Germany, Croatia, Italy, Slovenia, Switzerland, Bosnia and Herzegovina, Austria, Slovakia, Poland and Belgium lagged somewhat behind, together accounting for a further 38%.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Poland (with a CAGR of +59.8%), while the other leaders experienced more modest paces of growth.

In value terms, the largest markets for soybean oil exported from Serbia were Bulgaria ($X), Greece ($X) and the Netherlands ($X), with a combined 54% share of total exports. Germany, Croatia, Italy, Slovenia, Switzerland, Bosnia and Herzegovina, Austria, Slovakia, Belgium and Poland lagged somewhat behind, together comprising a further 38%.

Poland, with a CAGR of +75.7%, recorded the highest growth rate of the value of exports, among the main countries of destination over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The average soybean oil export price stood at $X per ton in 2022, with an increase of 33% against the previous year. In general, the export price recorded a measured expansion. The most prominent rate of growth was recorded in 2021 when the average export price increased by 56%. The export price peaked in 2022 and is likely to see gradual growth in the near future.

Average prices varied noticeably for the major overseas markets. In 2022, amid the top suppliers, the countries with the highest prices were Croatia ($X per ton) and Austria ($X per ton), while the average price for exports to Poland ($X per ton) and the Netherlands ($X per ton) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Poland (+9.9%), while the prices for the other major destinations experienced more modest paces of growth.

Soybean Oil Imports

Imports into Serbia

In 2022, purchases abroad of soybean oil increased by 183% to X tons, rising for the second year in a row after three years of decline. Over the period under review, imports saw a slight expansion. The growth pace was the most rapid in 2021 with an increase of 4,249%. Over the period under review, imports attained the peak figure at X tons in 2013; however, from 2014 to 2022, imports remained at a lower figure.

In value terms, soybean oil imports skyrocketed to $X in 2022. In general, imports, however, saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 with an increase of 2,164% against the previous year. Over the period under review, imports attained the maximum at $X in 2013; however, from 2014 to 2022, imports remained at a lower figure.

Imports by Country

In 2022, Italy (X tons) was the main supplier of soybean oil to Serbia, accounting for a 96% share of total imports. It was followed by Austria (X kg), with a 1.7% share of total imports.

From 2012 to 2022, the average annual growth rate of volume from Italy amounted to +103.2%.

In value terms, Italy ($X) constituted the largest supplier of soybean oil to Serbia, comprising 89% of total imports. The second position in the ranking was held by Austria ($X), with a 4.8% share of total imports.

From 2012 to 2022, the average annual rate of growth in terms of value from Italy totaled +93.6%.

Import Prices by Country

In 2022, the average soybean oil import price amounted to $X per ton, which is down by -5.6% against the previous year. In general, the import price saw a slight setback. The most prominent rate of growth was recorded in 2020 when the average import price increased by 237%. As a result, import price reached the peak level of $X per ton. From 2021 to 2022, the average import prices remained at a somewhat lower figure.

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 Austria ($X per ton), while the price for Italy stood at $X per ton.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Slovenia (-3.3%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform