Slovakia: Rum Market 2024

Rum Market Size in Slovakia

The Slovak rum market totaled $X in 2022, increasing by 8.9% against the previous year. In general, consumption, however, posted a buoyant expansion. Rum consumption peaked at $X in 2018; however, from 2019 to 2022, consumption stood at a somewhat lower figure.

Rum Production in Slovakia

In value terms, rum production fell to $X in 2022 estimated in export price. Over the period under review, production, however, saw a deep downturn. The pace of growth appeared the most rapid in 2021 when the production volume increased by 14%. Over the period under review, production reached the maximum level at $X in 2012; however, from 2013 to 2022, production stood at a somewhat lower figure.

Rum Exports

Exports from Slovakia

In 2022, shipments abroad of rum decreased by -13.8% to X litres for the first time since 2019, thus ending a two-year rising trend. Over the period under review, exports, however, showed significant growth. The pace of growth appeared the most rapid in 2014 with an increase of 164%. The exports peaked at X litres in 2021, and then dropped in the following year.

In value terms, rum exports reduced sharply to $X in 2022. Overall, exports, however, enjoyed a significant increase. The pace of growth was the most pronounced in 2015 when exports increased by 180% against the previous year. Over the period under review, the exports attained the maximum at $X in 2021, and then contracted notably in the following year.

Exports by Country

Poland (X litres) was the main destination for rum exports from Slovakia, with a 75% share of total exports. Moreover, rum exports to Poland exceeded the volume sent to the second major destination, the Czech Republic (X litres), fivefold. The third position in this ranking was taken by Hungary (X litres), with a 5.9% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to Poland stood at +51.5%. Exports to the other major destinations recorded the following average annual rates of exports growth: the Czech Republic (+44.5% per year) and Hungary (+26.3% per year).

In value terms, Poland ($X) remains the key foreign market for rum exports from Slovakia, comprising 66% of total exports. The second position in the ranking was held by the Czech Republic ($X), with a 24% share of total exports. It was followed by Hungary, with a 3.2% share.

From 2012 to 2022, the average annual rate of growth in terms of value to Poland amounted to +81.9%. Exports to the other major destinations recorded the following average annual rates of exports growth: the Czech Republic (+37.9% per year) and Hungary (+35.6% per year).

Export Prices by Country

In 2022, the average rum export price amounted to $X per litre, waning by -17.4% against the previous year. Overall, export price indicated a resilient increase from 2012 to 2022: its price increased at an average annual rate of +6.6% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, rum export price decreased by -25.6% against 2019 indices. The most prominent rate of growth was recorded in 2015 an increase of 70%. As a result, the export price attained the peak level of $X per litre. From 2016 to 2022, the average export prices failed to regain momentum.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was the Czech Republic ($X per litre), while the average price for exports to Hungary ($X per litre) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Poland (+20.0%), while the prices for the other major destinations experienced mixed trend patterns.

Rum Imports

Imports into Slovakia

In 2022, after two years of growth, there was significant decline in overseas purchases of rum, when their volume decreased by -15.2% to X litres. In general, imports, however, continue to indicate a prominent expansion. The pace of growth was the most pronounced in 2013 when imports increased by 55%. Imports peaked at X litres in 2021, and then contracted markedly in the following year.

In value terms, rum imports expanded notably to $X in 2022. Overall, imports, however, saw significant growth. The most prominent rate of growth was recorded in 2013 with an increase of 97%. Over the period under review, imports hit record highs in 2022 and are likely to see steady growth in the immediate term.

Imports by Country

Venezuela (X litres), the Czech Republic (X litres) and the United States (X litres) were the main suppliers of rum imports to Slovakia, with a combined 45% share of total imports. These countries were followed by Colombia, Cuba, Germany, the Netherlands, Jamaica, Guatemala, the Dominican Republic, Mauritius, Denmark and Panama, which together accounted for a further 34%.

From 2012 to 2022, the biggest increases were recorded for Denmark (with a CAGR of +134.8%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, Venezuela ($X), Colombia ($X) and the Czech Republic ($X) appeared to be the largest rum suppliers to Slovakia, together accounting for 52% of total imports. Guatemala, Denmark, the United States, Jamaica, the Dominican Republic, Cuba, Panama, Germany, Mauritius and the Netherlands lagged somewhat behind, together comprising a further 32%.

In terms of the main suppliers, Denmark, with a CAGR of +115.1%, 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 rum import price amounted to $X per litre, growing by 26% against the previous year. In general, import price indicated resilient growth from 2012 to 2022: its price increased at an average annual rate of +7.4% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, rum import price increased by +29.5% against 2020 indices. The pace of growth appeared the most rapid in 2018 when the average import price increased by 38% against the previous year. Over the period under review, average import prices attained the peak figure at $X per litre in 2019; however, from 2020 to 2022, import prices stood 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 Guatemala ($X per litre), while the price for the Netherlands ($X per litre) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Jamaica (+12.5%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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