In the first 8 months, the country's imported fertilizer volume reached nearly 3.5 million tons, worth nearly 1.14 billion USD, up 43.6% in volume and 36.9% in value over the same period.
According to preliminary statistics of General Department of Customs, in August 2024, the whole country imported 448,923 tons Fertilizer, equivalent to 157.53 million USD, increased 5.8% in volume, increased 14.9% in value compared to the previous month, decreased 4.6% in volume and decreased 0.8% in turnover compared to the same period last year.
Average price 350.9 USD/ton, up 8.6% in price compared to July 2024 and up 4% compared to the same year 2023.
In August 2024, fertilizer imports from The Chinese market decreased by 15.2% in volume, but increased by 2.8% in turnover, increased by 21.2% in price compared to July 2024, reaching 181,280 tons, equivalent to 72.68 million USD, price 400.9 USD/ton; compared to August 2023, increased by 8.7% in volume, increased by 44.4% in turnover and increased by 32.9% in price.
Import from the Russian market in August 2024 increased sharply by 1.372% in volume and 919.3% in turnover but decreased by 30.7% in price compared to July 2024, reaching 70,069 tons, equivalent to over 22.43 million USD, price 320 USD/ton; compared to August 2023, decreased by 38% in volume, decreased by 54.8% in turnover and decreased by 27% in price.
In the first 8 months of 2024, the country's total imported fertilizer volume reached nearly 3.5 million tons, worth nearly 1.14 billion USD, with an average price of 324.8 USD/ton, up 43.6% in volume, up 36.9% in value but down 4.6% in price compared to the first 8 months of 2023.
In terms of market, China is still the leading fertilizer supplier to Vietnam, accounting for 40.9% of the total volume and 36.7% of the total fertilizer import turnover of the country, reaching nearly 1.43 million tons, equivalent to 439.13 million USD, with an average price of 307 USD/ton, an increase of over 17% in both volume and turnover but a decrease of 0.1% in price compared to the first 8 months of 2023.
Ranked second is the Russian market, accounting for 12.4% of the total volume and 16.6% of the total turnover, with 434,472 tons, equivalent to 187.91 million USD, the average price is 432.5 USD/ton, up 133.3% in volume, up 112.4% in turnover but down 9% in price compared to the first 8 months of 2023.
Fertilizer imports from the Lao market reached 240,561 tons, equivalent to 62.13 million USD, up 27.2% in volume, but down 5.7% in value over the same period, accounting for over 6.9% in total volume and 5.5% in total fertilizer import turnover of the country.
In addition, in 8 months, Vietnam imported more than 79,622 tons of fertilizer from the Israeli market, worth more than 30 million USD, a sharp increase of 3,028% in volume and 711% in value over the same period in 2023, accounting for over 2.28% of the total volume and 2.66% of the total fertilizer import turnover of the whole country.
Overall, in the first 8 months of 2024, fertilizer imports from most markets increased compared to the first 8 months of 2023.
The International Fertilizer Association (IFA) forecasts that global fertilizer consumption this year will increase by 4% compared to 2023, reaching 192.5 million tons.
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