Serbia: Sugar Market 2024

Sugar Market Size in Serbia

The Serbian sugar market reduced to $X in 2022, with a decrease of -5.5% against the previous year. Over the period under review, consumption recorded a relatively flat trend pattern. Sugar consumption peaked at $X in 2013; however, from 2014 to 2022, consumption stood at a somewhat lower figure.

Sugar Production in Serbia

In value terms, sugar production dropped to $X in 2022 estimated in export price. Over the period under review, production, however, continues to indicate modest growth. The pace of growth was the most pronounced in 2016 with an increase of 329%. Sugar production peaked at $X in 2013; however, from 2014 to 2022, production remained at a lower figure.

The average yield of sugar in Serbia was estimated at less than X kg per ha in 2022, therefore, remained relatively stable against 2021 figures. In general, the yield continues to indicate a relatively flat trend pattern. Despite the increased use of modern agricultural techniques and methods, future yield figures may still be impacted by adverse weather conditions.

In 2022, the total area harvested in terms of sugar production in Serbia stood at less than X ha, remaining relatively unchanged against the previous year's figure. Overall, the harvested area saw a relatively flat trend pattern.

Sugar Exports

Exports from Serbia

In 2022, overseas shipments of sugar increased by 145% to X tons, rising for the second year in a row after three years of decline. Over the period under review, exports, however, recorded a perceptible decrease. The growth pace was the most rapid in 2014 with an increase of 362% against the previous year. The exports peaked at X tons in 2015; however, from 2016 to 2022, the exports remained at a lower figure.

In value terms, sugar exports skyrocketed to $X in 2022. In general, exports, however, recorded a noticeable curtailment. The pace of growth appeared the most rapid in 2014 when exports increased by 137% against the previous year. The exports peaked at $X in 2015; however, from 2016 to 2022, the exports remained at a lower figure.

Exports by Country

Montenegro (X tons) was the main destination for sugar exports from Serbia, accounting for a 90% share of total exports. Moreover, sugar exports to Montenegro exceeded the volume sent to the second major destination, France (X tons), more than tenfold. Switzerland (X tons) ranked third in terms of total exports with a 2.2% share.

From 2012 to 2022, the average annual growth rate of volume to Montenegro amounted to +9.0%. Exports to the other major destinations recorded the following average annual rates of exports growth: France (+87.7% per year) and Switzerland (+1.1% per year).

In value terms, Montenegro ($X) remains the key foreign market for sugar exports from Serbia, comprising 73% of total exports. The second position in the ranking was taken by France ($X), with an 18% share of total exports. It was followed by Switzerland, with a 4.8% share.

From 2012 to 2022, the average annual rate of growth in terms of value to Montenegro was relatively modest. Exports to the other major destinations recorded the following average annual rates of exports growth: France (+103.9% per year) and Switzerland (+4.2% per year).

Export Prices by Country

The average sugar export price stood at $X per ton in 2022, dropping by -15.7% against the previous year. Over the period under review, the export price continues to indicate a slight decrease. The most prominent rate of growth was recorded in 2016 when the average export price increased by 191% against the previous year. Over the period under review, the average export prices attained the peak figure at $X per ton in 2019; however, from 2020 to 2022, the export prices remained at a lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was France ($X per ton), while the average price for exports to Bosnia and Herzegovina ($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 Hungary (+16.3%), while the prices for the other major destinations experienced more modest paces of growth.

Sugar Imports

Imports into Serbia

In 2022, the amount of sugar imported into Serbia reduced sharply to X tons, with a decrease of -22.5% against 2021. In general, imports, however, posted a strong increase. The most prominent rate of growth was recorded in 2016 with an increase of 146% against the previous year. As a result, imports reached the peak of X tons. From 2017 to 2022, the growth of imports remained at a somewhat lower figure.

In value terms, sugar imports expanded markedly to $X in 2022. Overall, imports, however, continue to indicate a strong expansion. The most prominent rate of growth was recorded in 2016 with an increase of 137%. Imports peaked in 2022 and are likely to see steady growth in the immediate term.

Imports by Country

In 2022, Colombia (X tons) constituted the largest sugar supplier to Serbia, accounting for a 58% share of total imports. Moreover, sugar imports from Colombia exceeded the figures recorded by the second-largest supplier, Germany (X tons), threefold. The third position in this ranking was held by Mauritius (X tons), with a 14% share.

From 2012 to 2022, the average annual growth rate of volume from Colombia stood at +14.2%. The remaining supplying countries recorded the following average annual rates of imports growth: Germany (+63.9% per year) and Mauritius (+24.0% per year).

In value terms, the largest sugar suppliers to Serbia were Colombia ($X), Mauritius ($X) and Germany ($X), with a combined 92% share of total imports.

Among the main suppliers, Germany, with a CAGR of +50.9%, saw the highest rates of growth with regard to the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2022, the average sugar import price amounted to $X per ton, surging by 39% against the previous year. Over the period under review, import price indicated a notable increase from 2012 to 2022: its price increased at an average annual rate of +2.0% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, sugar import price increased by +46.3% against 2020 indices. As a result, import price reached the peak level and is likely to continue growth in the immediate term.

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 Mauritius ($X per ton), while the price for Colombia ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Lao People's Democratic Republic (+31.4%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform