| Fertilizer exports in January 2024 increased in both volume and turnover. In 2023, fertilizer exports of all kinds decreased by 40.7% in turnover. |
According to preliminary statistics of the General Department of Customs, our country's fertilizer exports of all kinds in March reached 148,792 tons with a value of more than 62 million USD, down 13.4% in volume and 13.5% in value compared to February 2024.
Accumulated by the end of the first quarter of 2023, fertilizer exports earned more than 207 million USD with 499,786 tons, up 23.3% in volume and 13.1% in value over the same period last year.
Fertilizer export price reached an average of 415 USD/ton, down 12% over the same period last year.
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| In the first quarter of 2023, fertilizer exports earned more than 207 million USD with 499,786 tons. |
By market, Cambodia was Vietnam's largest export market in the first quarter with 103,510 tons, equivalent to more than 42 million USD, down slightly by 1% in volume but down by 10% in value. The average export price reached 410 USD/ton, down 9%.
South Korea has become the second largest customer of Vietnamese fertilizers. This country imported 68,947 tons of fertilizers from our country in the first quarter, equivalent to more than 28.9 million USD, up 55% in volume and 72% in value over the same period in 2023. The import price reached 419 USD/ton, up 11%.
Coming in third is the Philippines market, which saw the strongest increase among the major markets with an output of 36,846 tons, equivalent to a value of more than 17 million USD, a sharp increase of 306% in volume and 197% in value compared to the same period in 2023. The average export price reached 305 USD/ton, down 26%.
Another Asian country, Malaysia, is also increasing its imports of Vietnamese fertilizers with a volume of 32,111 tons, worth over 10.9 million USD, up 7% in volume and value and ranking 4th among export markets. In addition, the markets of Japan, Taiwan (China), Thailand, and Laos are all witnessing growth compared to the same period last year.
In 2024, experts predict that fertilizer supply will become increasingly tight as the world's two major suppliers, China and Russia, restrict exports. This could cause fertilizer prices in 2024 to increase slightly compared to previous years. The global urea market is expected to become more active from the second half of 2024 when major consumers including China, India, the US, Brazil and Europe return to bidding to ensure fertilizer supply for the upcoming summer-autumn crop sowing season.
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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