Serbia: Market for Processed Petroleum Oils and Distillates 2024

Market Size for Processed Petroleum Oils and Distillates in Serbia

In 2022, the Serbian market for processed petroleum oils and distillates increased by X% to $X, rising for the second consecutive year after two years of decline. In general, consumption recorded a relatively flat trend pattern. Processed petroleum oils and distillates consumption peaked at $X in 2014; however, from 2015 to 2022, consumption failed to regain momentum.

Production of Processed Petroleum Oils and Distillates in Serbia

In value terms, processed petroleum oils and distillates production contracted to $X in 2022 estimated in export price. Overall, production recorded a relatively flat trend pattern. The pace of growth was the most pronounced in 2013 when the production volume increased by X% against the previous year. Over the period under review, production reached the peak level at $X in 2014; however, from 2015 to 2022, production failed to regain momentum.

Exports of Processed Petroleum Oils and Distillates

Exports from Serbia

In 2022, shipments abroad of processed petroleum oils and distillates decreased by X% to X tons for the first time since 2015, thus ending a six-year rising trend. Overall, total exports indicated a strong increase from 2012 to 2022: its volume increased at an average annual rate of X% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports increased by X% against 2014 indices. The growth pace was the most rapid in 2013 when exports increased by X%. The exports peaked at X tons in 2021, and then dropped in the following year.

In value terms, processed petroleum oils and distillates exports soared to $X in 2022. In general, exports, however, recorded resilient growth. The most prominent rate of growth was recorded in 2021 when exports increased by X% against the previous year. The exports peaked in 2022 and are expected to retain growth in the near future.

Exports by Country

Bosnia and Herzegovina (X tons) was the main destination for processed petroleum oils and distillates exports from Serbia, accounting for a X% share of total exports. Moreover, processed petroleum oils and distillates exports to Bosnia and Herzegovina exceeded the volume sent to the second major destination, Romania (X tons), fivefold. The third position in this ranking was taken by Slovakia (X tons), with an X% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to Bosnia and Herzegovina stood at X%. Exports to the other major destinations recorded the following average annual rates of exports growth: Romania (X% per year) and Slovakia (X% per year).

In value terms, Bosnia and Herzegovina ($X) remains the key foreign market for processed petroleum oils and distillates exports from Serbia, comprising X% of total exports. The second position in the ranking was held by Romania ($X), with a X% share of total exports. It was followed by Bulgaria, with a X% share.

From 2012 to 2022, the average annual growth rate of value to Bosnia and Herzegovina totaled X%. Exports to the other major destinations recorded the following average annual rates of exports growth: Romania (X% per year) and Bulgaria (X% per year).

Export Prices by Country

The average export price for processed petroleum oils and distillates stood at $X per ton in 2022, increasing by X% against the previous year. Over the period under review, the export price continues to indicate a tangible expansion. The pace of growth was the most pronounced in 2021 when the average export price increased by X%. Over the period under review, the average export prices attained the peak figure in 2022 and is likely to continue growth in the immediate term.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Russia ($X per ton), while the average price for exports to Slovakia ($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 Ukraine (X%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Processed Petroleum Oils and Distillates

Imports into Serbia

Processed petroleum oils and distillates imports into Serbia soared to X tons in 2022, with an increase of X% compared with 2021. Over the period under review, imports saw resilient growth. The pace of growth appeared the most rapid in 2021 when imports increased by X%. Imports peaked in 2022 and are expected to retain growth in the immediate term.

In value terms, processed petroleum oils and distillates imports surged to $X in 2022. Overall, imports, however, showed a perceptible descent. The growth pace was the most rapid in 2021 with an increase of X%. Imports peaked at $X in 2012; however, from 2013 to 2022, imports remained at a lower figure.

Imports by Country

Hungary (X tons), Slovakia (X tons) and Bulgaria (X tons) were the main suppliers of processed petroleum oils and distillates imports to Serbia, with a combined X% share of total imports.

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

In value terms, Hungary ($X), Slovakia ($X) and North Macedonia ($X) constituted the largest processed petroleum oils and distillates suppliers to Serbia, together accounting for X% of total imports.

Among the main suppliers, Slovakia, with a CAGR of X%, 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

The average import price for processed petroleum oils and distillates stood at $X per ton in 2022, remaining relatively unchanged against the previous year. In general, the import price saw a abrupt downturn. The most prominent rate of growth was recorded in 2017 when the average import price increased by X% against the previous year. Over the period under review, average import prices attained the peak figure at $X per ton in 2012; however, from 2013 to 2022, import prices remained at a lower figure.

Average prices varied somewhat amongst the major supplying countries. In 2022, amid the top importers, the countries with the highest prices were Bosnia and Herzegovina ($X per ton) and Croatia ($X per ton), while the price for Bulgaria ($X per ton) and Slovakia ($X per ton) were amongst the lowest.

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

Source: IndexBox Platform

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