In the first quarter of 2024, fertilizer exports experienced a remarkable increase compared to the same period last year.

23/04/2024 15:50

At the end of Q1/2023, fertilizer exports brought in over 207 million USD with 499,786 tons, marking a 23.3% increase in volume and a 13.1% increase in value compared to the same period last year.

According to preliminary statistics from the General Department of Customs, Vietnam's fertilizer exports in March reached 148,792 tons with a value of over 62 million USD, decreasing by 13.4% in volume and 13.5% in value compared to February 2024.

The average export price of fertilizer reached $415 per ton, marking a 12% decrease compared to the same period last year.

Considering market performance, Cambodia remained Vietnam's largest export market in the first quarter with 103,510 tons, equivalent to over 42 million USD, experiencing a slight decrease of 1% in volume but a significant drop of 10% in revenue. The average export price reached $410 per ton, representing a 9% decrease.

South Korea has emerged as the second-largest customer for Vietnamese fertilizer, with the country importing 68,947 tons of fertilizer from Vietnam in the first quarter, equivalent to over 28.9 million USD. This marks a 55% increase in volume and a 72% increase in value compared to the same period in 2023. The import price reached 419 USD per ton, representing an 11% increase.

Standing in third place is the Philippines market, which experienced the most significant increase among the major markets with a production of 36,846 tons, equivalent to over 17 million USD. This marks a substantial increase of 306% in volume and 197% in value compared to the same period in 2023. The average export price reached 305 USD per ton, indicating a decrease of 26%.

Another Asian country, Malaysia, is also increasing its imports of Vietnamese fertilizer, with a production of 32,111 tons, valued at over 10.9 million USD, representing a 7% increase in both volume and value and ranking fourth among export markets. Additionally, markets such as Japan, Taiwan (China), Thailand, and Laos are all experiencing growth compared to the same period last year.

In 2024, experts forecast that the supply of fertilizers will become increasingly constrained as two major world suppliers, China and Russia, restrict their exports. This may result in a slight increase in fertilizer prices compared to previous years. It is expected that the global urea fertilizer market will become more active from the second half of 2024 as major consumers including China, India, the US, Brazil, and Europe simultaneously return to bidding to ensure fertilizer supply for the upcoming peak planting season in the summer and fall.

The International Fertilizer Association (IFA) predicts that global fertilizer consumption this year will increase by 4% compared to 2023, reaching 192.5 million tons.

Source: congthuong.vn