Wood fuel market in Serbia

Earlier Report Observations

The wood fuel market in Serbia showed variable volume from 2018 to 2023, moving between 6.1 and 6.7 million m³. After reaching a high of 6.7 million m³ in 2022, the market contracted the following year to 6.1 million m³.

The 2023 decrease coincided with a broader post-COVID downturn in the wood sector, where falling prices in key European markets such as Austria and Germany created competitive pressure in Serbia. Indirect effects from the financial losses of the world's largest pellet producer, Enviva, also influenced the pellet segment within the domestic wood fuel market.

Production wood fuel in Serbia

In kind, 2017-2020, K m³

Top producers of wood fuel, 2017-2020

World map of production of wood fuel, 2017-2020

In 2019, Serbia's wood fuel production reached its lowest point at 6 350 thousand cubic meters, marking a 2.8% decline from the previous year. Production then rebounded in 2020 to 6 454 thousand cubic meters, showing a slight increase of 1.6% compared to 2019. The peak production occurred in 2018 at 6 533 thousand cubic meters.

Annual dynamics of production in Serbia in kind, 2017-2020, K m³

In value, 2017-2020, M $ US

In 2019, the value of wood fuel production in Serbia saw a modest decline of 1.8%. However, 2020 brought a recovery, with production valued at 802.0 million US dollars, reflecting a 6.2% increase from the previous year. Looking at the broader period from 2017 to 2020, production grew by 18.3%, averaging an annual growth rate of 5.8%. The most significant increase was recorded in 2018 at 13.5%.

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

Exports wood fuel from Serbia

Exports in kind, K m³

Serbia's wood fuel exports have declined for two consecutive years. In 2018, exports peaked at 221.7 thousand cubic meters, representing a substantial 41.5% increase from the previous year. By 2020, exports had fallen to 152.5 thousand cubic meters, indicating a sharp 19.1% decrease year-over-year. Overall, from 2017 to 2020, exports decreased by 2.6%, which translates to an average annual decline of 0.9%.

Annual dynamics of product's exports from Serbia in kind, 2017-2020, K m³

Between 2017 and 2020, North Macedonia, Italy, and Bosnia and Herzegovina were the top three markets for Serbia's wood fuel exports in volume terms, collectively accounting for 74.1% of total exports.

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, K $ US

Serbia's wood fuel export value has also declined for two years in a row. In 2018, it reached a high of 26 107 thousand US dollars, surging by 58.2% from the previous year. By 2020, the value had dropped to 18 951 thousand US dollars, down 15.5% from 2019. Despite this recent downturn, exports increased by 14.9% over the 2017-2020 period, with an average annual growth rate of 4.7%.

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

From 2017 to 2020, North Macedonia, Austria, and Italy were the leading markets for Serbia's wood fuel exports in value terms, together making up 74.2% of total export value.

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

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

Imports wood fuel to Serbia

Imports in kind, K m³

Serbia's wood fuel imports experienced a two-year decline before rebounding in 2020. In 2018, imports fell sharply by 62.6%, reaching a low of 60.6 thousand cubic meters in 2019. However, 2020 saw a significant recovery, with imports climbing to 102.5 thousand cubic meters, up 69.1% from 2019. Over the 2017-2020 period, imports decreased by 53.3%, averaging an annual decline of 22.4%.

Annual dynamics of product's imports to Serbia in kind, 2017-2020, K m³

During 2017-2020, Bosnia and Herzegovina, Montenegro, and Ukraine were the primary sources for Serbia's wood fuel imports in volume terms, together representing 78.8% of total imports. Bosnia and Herzegovina led with 32.3%, followed by Montenegro at 24.6%, and Ukraine at 21.9%.

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, K $ US

After a two-year decrease, Serbia's wood fuel import value rose in 2020. In 2018, imports dropped by 53.5%, hitting a low of 5 521 thousand US dollars in 2019. The following year, imports rebounded to 8 580 thousand US dollars, showing a steep 55.4% increase from 2019. Overall, from 2017 to 2020, imports decreased by 32.9%, with an average annual decline of 12.4%.

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

From 2017 to 2020, Bosnia and Herzegovina, Ukraine, and Croatia were the main suppliers of wood fuel to Serbia in value terms, collectively comprising 78.8% of total import value. Bosnia and Herzegovina accounted for 32.1%, Ukraine for 26.1%, and Croatia for 20.6%.

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

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