Soybeans market in Serbia

Earlier Report Observations

From 2018 to 2020, soybean production in Serbia increased from 645.6 to 751.6 thousand tons, driven by the ban on imports of GMO soybeans, which boosted domestic demand for non-GMO soy, and the push for agricultural self-sufficiency. However, the market volume decreased from 591.3 to 501.7 thousand tons, as rising exports, supported by Donau Soja certification and external demand for quality soybeans, outpaced production growth. The COVID-19 pandemic in 2020 further highlighted the importance of local supply chains.

In 2021-2022, production fell to 398.6 thousand tons by 2022, coinciding with global supply chain disruptions and rising energy costs, which led to increased imports reaching 99.3 thousand tons. The acquisition of the processing company SojaProtein by ADM in 2022 expanded capacity for non-GMO soy product manufacturing, laying the groundwork for future consumption growth. The GMO import ban remained a key regulatory factor shaping the market.

In 2023, the Serbian soybean market volume surged to 702.6 thousand tons as production recovered to 599.9 thousand tons, imports remained high at 107.6 thousand tons, and exports stayed minimal. This expansion was supported by increased industrial processing capacity and the development of sustainable production aligned with Donau Soja standards.

Production soybeans in Serbia

In kind, 2017-2020, K t

Between 2017 and 2020, Serbia ranked 15th globally in soybean production.

Top producers of soybeans, 2017-2020

World map of production of soybeans, 2017-2020

Soybean production in Serbia grew for the third year in a row. In 2020, the country produced 751.6 K t of soybeans, marking a 7.3% increase from the previous year. Over the 2017-2020 period, production rose by 62.9%, which translates to an average annual growth rate of 17.7%.

Annual dynamics of production in Serbia in kind, 2017-2020, K t

In value, 2017-2020, M $ US

In 2020, Serbia's soybean output was valued at 327.6 M $ US, showing a strong year-on-year increase of 19.0%. From 2017 to 2020, production grew by 64.2%, with a compound annual growth rate of 18.0%. The largest decline occurred in 2019, at 3.7%, while the biggest increase was in 2018, at 43.3%.

Annual dynamics of production in Serbia in value, 2017-2020, M $ US

Exports soybeans from Serbia

Exports in kind, K t

The data shows irregular changes, pointing to a volatile market. Export volumes varied significantly, with a 3.6-fold difference between the low in 2018 and the high in 2020. In 2020, Serbia exported 250.1 K t of soybeans, a sharp 37.2% improvement over the previous year. The minimum volume was recorded in 2018 at 70.1 K t. The largest decline was in 2018, at 39.0%, while the biggest increase was in 2019, at 160.2%.

Annual dynamics of product's exports from Serbia in kind, 2017-2020, K t

From 2017 to 2020, Germany, Russia, and Hungary were the core markets for Serbia's soybean exports in volume terms, accounting for 78.9% of total flows. Germany led with 37.5% of exports, followed by Russia at 33.2%, and Hungary at 8.2%.

Structure of product's exports in kind by countries, 2017-2020

World map of product's exports from Serbia in kind, 2017-2020

Exports in value, M $ US

The market exhibited volatility during the observed period. Export values varied by a factor of 3.5, from a low in 2018 to a high in 2020. In 2020, Serbia exported 109.0 M $ US worth of soybeans, representing a 52.1% increase compared to the previous year. The minimum value was in 2018 at 31.0 M $ US. The largest decline occurred in 2018, at 37.6%, while the biggest increase was in 2019, at 130.9%.

Annual dynamics of product's exports from Serbia in value, 2017-2020, M $ US

Between 2017 and 2020, Germany, Russia, and Italy formed the core of Serbia's soybean exports in value terms, together making up 76.5% of total flows. Germany accounted for 36.2% of exports, Russia for 31.8%, and Italy for 8.5%.

Structure of product's exports in value by countries, 2017-2020

World map of product's exports from Serbia in value, 2017-2020

Imports soybeans to Serbia

Imports in kind, K t

Serbia's soybean imports declined for the third consecutive year. In 2020, import volume stood at 0.2 K t, a 79.6% contraction from the year before. Over the 2017-2020 period, imports fell by 99.8%, equating to an annualized decline rate of 86.6%.

Annual dynamics of product's imports to Serbia in kind, 2017-2020, K t

From 2017 to 2020, Romania, Croatia, and Hungary were the main sources for Serbia's soybean imports in volume terms, together representing 93.2% of total flows. Romania accounted for 37.1% of imports, Croatia for 36.0%, and Hungary for 20.2%.

Structure of product's imports in kind by countries, 2017-2020

World map of product's imports to Serbia in kind, 2017-2020

Imports in value, M $ US

Serbia's soybean imports decreased for the third year in a row. In 2020, import value amounted to 0.1 M $ US, a dramatic 72.3% drop compared to the previous year. Over the 2017-2020 period, imports declined by 99.7%, with a compound annual growth rate of -85.4%.

Annual dynamics of product's imports to Serbia in value, 2017-2020, M $ US

Between 2017 and 2020, three key markets—Romania, Croatia, and Hungary—together absorbed 93.0% of Serbia's total soybean imports in value terms.

Structure of product's imports in value by countries, 2017-2020

World map of product's imports to Serbia in value, 2017-2020