Serbia: Petroleum Bitumen Market 2024

Petroleum Bitumen Market Size in Serbia

The Serbian petroleum bitumen market reached $X in 2023, growing by X% against the previous year. In general, consumption saw a prominent expansion. Over the period under review, the market hit record highs in 2023 and is likely to see steady growth in the immediate term.

Petroleum Bitumen Production in Serbia

In value terms, petroleum bitumen production rose notably to $X in 2023 estimated in export price. Over the period under review, production recorded a tangible expansion. The growth pace was the most rapid in 2018 with an increase of X% against the previous year. Petroleum bitumen production peaked at $X in 2021; however, from 2022 to 2023, production failed to regain momentum.

Petroleum Bitumen Exports

Exports from Serbia

For the third consecutive year, Serbia recorded decline in shipments abroad of petroleum bitumen, which decreased by X% to X tons in 2023. In general, exports continue to indicate a abrupt curtailment. The pace of growth was the most pronounced in 2013 when exports increased by X%. The exports peaked at X tons in 2018; however, from 2019 to 2023, the exports failed to regain momentum.

In value terms, petroleum bitumen exports reduced notably to $X in 2023. Overall, exports recorded a abrupt setback. The growth pace was the most rapid in 2013 when exports increased by X%. The exports peaked at $X in 2018; however, from 2019 to 2023, the exports failed to regain momentum.

Exports by Country

Romania (X tons) was the main destination for petroleum bitumen exports from Serbia, with a X% share of total exports. Moreover, petroleum bitumen exports to Romania exceeded the volume sent to the second major destination, Bosnia and Herzegovina (X tons), twofold. Croatia (X tons) ranked third in terms of total exports with an X% share.

From 2012 to 2023, the average annual growth rate of volume to Romania amounted to X%. Exports to the other major destinations recorded the following average annual rates of exports growth: Bosnia and Herzegovina (X% per year) and Croatia (X% per year).

In value terms, Romania ($X) emerged as the key foreign market for petroleum bitumen exports from Serbia, comprising X% of total exports. The second position in the ranking was held by Bosnia and Herzegovina ($X), with a X% share of total exports. It was followed by Croatia, with an X% share.

From 2012 to 2023, the average annual rate of growth in terms of value to Romania amounted to X%. Exports to the other major destinations recorded the following average annual rates of exports growth: Bosnia and Herzegovina (X% per year) and Croatia (X% per year).

Export Prices by Country

In 2023, the average petroleum bitumen export price amounted to $X per ton, waning by X% against the previous year. Over the period under review, the export price showed a relatively flat trend pattern. The growth pace was the most rapid in 2018 when the average export price increased by X% against the previous year. The export price peaked at $X per ton in 2012; however, from 2013 to 2023, the export prices remained at a lower figure.

Average prices varied noticeably for the major foreign markets. In 2023, amid the top suppliers, the highest price was recorded for prices to Romania ($X per ton) and Slovakia ($X per ton), while the average price for exports to North Macedonia ($X per ton) and Bosnia and Herzegovina ($X per ton) were amongst the lowest.

From 2012 to 2023, the most notable rate of growth in terms of prices was recorded for supplies to Montenegro (X%), while the prices for the other major destinations experienced a decline.

Petroleum Bitumen Imports

Imports into Serbia

For the third year in a row, Serbia recorded growth in purchases abroad of petroleum bitumen, which increased by X% to X tons in 2023. In general, imports enjoyed prominent growth. The pace of growth was the most pronounced in 2016 with an increase of X% against the previous year. Over the period under review, imports hit record highs in 2023 and are likely to continue growth in years to come.

In value terms, petroleum bitumen imports expanded markedly to $X in 2023. Over the period under review, imports showed a prominent increase. The pace of growth was the most pronounced in 2021 with an increase of X%. Over the period under review, imports attained the peak figure in 2023 and are expected to retain growth in the near future.

Imports by Country

Hungary (X tons), Greece (X tons) and Austria (X tons) were the main suppliers of petroleum bitumen imports to Serbia, together accounting for X% of total imports. Albania, Italy, Russia and Bosnia and Herzegovina lagged somewhat behind, together comprising a further X%.

From 2012 to 2023, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Italy (with a CAGR of X%), while imports for the other leaders experienced more modest paces of growth.

In value terms, Hungary ($X), Greece ($X) and Austria ($X) appeared to be the largest petroleum bitumen suppliers to Serbia, together comprising X% of total imports. Albania, Russia, Bosnia and Herzegovina and Italy lagged somewhat behind, together comprising a further X%.

Among the main suppliers, Italy, with a CAGR of X%, saw the highest growth rate of 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

The average petroleum bitumen import price stood at $X per ton in 2023, reducing by X% against the previous year. In general, the import price continues to indicate a perceptible slump. The pace of growth appeared the most rapid in 2021 an increase of X%. The import price peaked at $X per ton in 2012; however, from 2013 to 2023, import prices remained at a lower figure.

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

From 2012 to 2023, the most notable rate of growth in terms of prices was attained by Greece (X%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform