| In November 2023, fertilizer imports from China decreased by 4.9%. In 2023, Vietnam spent 1.41 billion USD to import all kinds of fertilizers. |
According to statistics from the General Department of Customs, in March 2024, the country imported 428,853 tons of fertilizer, equivalent to 123.33 million USD, with an average price of 287.6 USD/ton, up 52.3% in volume, up 34.7% in turnover but down 11.6% in price compared to February 2024. Compared to March 2023, it increased 47.2% in volume, increased 9% in turnover but decreased 26% in price.
In March 2024, fertilizer imports from the Chinese market increased sharply by 43.9% in volume, 55.3% in value and 7.9% in price compared to February 2024, reaching 174,582 tons, equivalent to 39.98 million USD, priced at 229 USD/ton; compared to March 2023, it increased by 21.3% in volume, but decreased by 20% in value and decreased by 34.2% in price.
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| Image at Ca Mau Fertilizer Plant. Photo: PVCFC |
Imports from the Russian market in March 2024 decreased sharply by 59.8% in volume, 73.2% in value and 33.2% in price compared to February 2024, reaching 19,632 tons, equivalent to over 8.46 million USD, price 430.9 USD/ton; compared to March 2023, it increased by 11.2% in volume, but decreased by 17.9% in value and decreased by 26.2% in price.
In the first 3 months of 2024, the country's total imported fertilizer volume reached over 1.12 million tons, worth nearly 351.9 million USD, with an average price of 314.2 USD/ton, up 82.8% in volume, up 48.2% in value but down 18.9% in price compared to the first 3 months of 2023.
China is still the leading fertilizer supplier to Vietnam, accounting for 41.6% of the total volume and 29.6% of the total fertilizer import turnover of the country, reaching 466,409 tons, equivalent to 104.16 million USD, with an average price of 223.3 USD/ton, up 54.5% in volume, but down 3.1% in turnover and down 37.3% in price compared to the first 3 months of 2023.
The Russian market ranked second, accounting for 12.5% of the total volume and 23.8% of the total turnover, with 140,435 tons, equivalent to 83.81 million USD, the average price was 596.8 USD/ton, up 573% in volume, up 574.6% in turnover and up 0.2% in price compared to the first 3 months of 2023.
Fertilizer imports from the Southeast Asian market reached 133,811 tons, equivalent to 42.87 million USD, up 54.4% in volume and 16.2% in value over the same period, accounting for 12% of the total volume and total value of fertilizer imports of the country.
Fertilizer imports from the RCEP FTA market reached over 723,879 tons, equivalent to 171.58 million USD, up 45.7% in volume and 0.14% in value over the same period, accounting for 64.6% in total volume and 48.8% in total fertilizer import turnover of the country.
Fertilizer imports from the CPTPP FTA market reached 155,047 tons, equivalent to 32.72 million USD, up 77.2% in volume, up 143.5% in turnover over the same period, accounting for 13.8% in total volume and 9.3% in total fertilizer import turnover of the country.
In general, in the first 3 months of 2024, fertilizer imports from most markets increased in volume but decreased in value compared to the first 3 months of 2023.
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