Hungary’s Exports of Preserved Peas Halved over the Last Decade, Mainly Due to Low Supplies to Russia
IndexBox has just published a new report: ‘Hungary – Preserved Peas – Market Analysis, Forecast, Size, Trends And Insights’. Here is a summary of the report’s key findings.
Hungary, the world’s largest importer of canned peas, suffers from a continued decline in its production and exports. Over the past decade, its exports fell sharply from $ 105.8 million in 2008 to $ 55.9 million in 2018, mainly due to low shipments to Russia.
Production in Hungary
Preserved peas production in Hungary amounted to 71K tonnes in 2018, declining by -14.1% against the previous year. Overall, preserved peas production continues to indicate a drastic reduction. The most prominent rate of growth was recorded in 2013 with an increase of 16% y-o-y. Preserved peas production peaked at 123K tonnes in 2008; however, from 2009 to 2018, production failed to regain its momentum.
In value terms, preserved peas production amounted to $55M in 2018 estimated in export prices. In general, preserved peas production continues to indicate a drastic deduction. The most prominent rate of growth was recorded in 2010 with an increase of 12% y-o-y. Over the period under review, preserved peas production reached its peak figure level at $100M in 2008; however, from 2009 to 2018, production stood at a somewhat lower figure.
Exports from Hungary
Preserved peas exports from Hungary stood at 58K tonnes in 2018, dropping by -5.6% against the previous year. In general, preserved peas exports continue to indicate a deep downturn. The most prominent rate of growth was recorded in 2016 with an increase of 15% y-o-y. Over the period under review, preserved peas exports reached their maximum at 90K tonnes in 2008; however, from 2009 to 2018, exports stood at a somewhat lower figure.
In value terms, preserved peas exports amounted to $56M (IndexBox estimates) in 2018. Over the period under review, preserved peas exports continue to indicate a deep slump. The pace of growth appeared the most rapid in 2011 with an increase of 13% year-to-year. Exports peaked at $106M in 2008; however, from 2009 to 2018, exports stood at a somewhat lower figure.
Exports by Country
Russia (17K tonnes) was the main destination for preserved peas exports from Hungary, accounting for a 30% share of total exports. Moreover, preserved peas exports to Russia exceeded the volume sent to the second major destination, Germany (7.1K tonnes), twofold. Italy (6.7K tonnes) ranked third in terms of total exports with a 12% share.
From 2008 to 2018, the average annual growth rate of volume to Russia stood at -8.5%. Exports to the other major destinations recorded the following average annual rates of exports growth: Germany (+2.4% per year) and Italy (+22.2% per year).
In value terms, the largest markets for preserved peas exported from Hungary were Russia ($16M), Germany ($8.7M) and Italy ($4.6M), with a combined 52% share of total exports. These countries were followed by Romania, Lithuania, Belgium, the UK, the Czech Republic, Latvia, France, Poland and Armenia, which together accounted for a further 33%.
Among the main countries of destination, Belgium recorded the highest growth rate of exports, over the last decade, while the other leaders experienced more modest paces of growth.
Export Prices by Country
The average preserved peas export price stood at $965 per tonne in 2018, surging by 6.2% against the previous year. In general, the preserved peas export price, however, continues to indicate a temperate contraction. The pace of growth appeared the most rapid in 2011 an increase of 14% y-o-y. In that year, the average export prices for preserved peas reached their peak level of $1,220 per tonne. From 2012 to 2018, the growth in terms of the average export prices for preserved peas remained at a lower figure.
Prices varied noticeably by the country of destination; the country with the highest price was Germany ($1,228 per tonne), while the average price for exports to Armenia ($493 per tonne) was amongst the lowest.
From 2008 to 2018, the most notable rate of growth in terms of prices was recorded for supplies to the UK, while the prices for the other major destinations experienced mixed trend patterns.
Source: IndexBox AI Platform