Vietnam imports 1.25 million tons of fertilizer from the Chinese market

According to preliminary statistics of the General Department of Customs, in July 2024, the country imported 424,319 tons of fertilizer, equivalent to 137.15 million USD, with an average price of 323.2 USD/ton, down 6.9% in volume, down 11.1% in turnover and down 4.5% in price compared to June 2024. Compared to July 2023, it increased sharply by 36.5% in volume, up 56.7% in turnover and up 14.8% in price.

In July 2024, fertilizer imports from the main market China increased by 14.2% in volume, 8.3% in turnover but decreased by 5.2% in price compared to June 2024, reaching 213,795 tons, equivalent to 70.71 million USD, price 330.7 USD/ton; compared to July 2023, it increased by 9.4% in volume, 39.5% in turnover and 27.5% in price.

Imports from the Russian market in July 2024 decreased sharply by 82.4% in volume and 81.4% in value but increased by 5.8% in price compared to June 2024, reaching 4,761 tons, equivalent to over 2.2 million USD, price of 462.2 USD/ton; compared to July 2023, it decreased by 3.2% in volume, 24.2% in value and 21.6% in price.

Vietnam imported 1.25 million tons of fertilizer from the Chinese market. Photo: Investment Newspaper

In the first 7 months of 2024, the country's total imported fertilizer volume reached nearly 3.06 million tons, worth nearly 980.47 million USD, with an average price of 320.9 USD/ton, up 55.5% in volume, up 46.3% in value but down 5.9% in price compared to the first 7 months of 2023.

China is still the leading fertilizer supplier to Vietnam, accounting for 40.8% of the total volume and 37.4% of the total fertilizer import turnover of the country, reaching nearly 1.25 million tons, equivalent to 366.65 million USD, with an average price of 293.9 USD/ton, up 18.8% in volume, up 13.1% in turnover but down 4.8% in price compared to the first 7 months of 2023.

Next, the Russian market ranked second, accounting for 11.9% of the total volume and 16.9% of the total turnover, with 364,402 tons, equivalent to 165.48 million USD, the average price was 454.1 USD/ton, up 397.9% in volume, up 325.4% in turnover but down 14.6% in price compared to the first 7 months of 2023.

Fertilizer imports from the Lao market reached 211,944 tons, equivalent to 54.99 million USD, up 47.3% in volume and 4.2% in value over the same period, accounting for over 6.9% of the total volume and 5.6% of the total fertilizer import turnover of the country.

Notably, the world's fourth largest fertilizer supplier is sharply increasing its exports of this product to Vietnam. Israel exported 79,283 tons of fertilizer to our country with a turnover of over 29.6 million USD, an increase of 3,788% in volume and 884% in value compared to the same period last year. The average import price reached 375 USD/ton, a sharp decrease of 293% compared to the same period last year.

Fertilizer imports in the first 7 months of 2024

Calculated based on data published by the General Department of Customs. Source: Vinanet

In general, in the first 7 months of 2024, fertilizer imports from most markets increased compared to the same period in 2023.

Today's record, August 16, shows that fertilizer prices are stable in the national market. In the Northern region, the fertilizer market has not recorded any new adjustments. Specifically, NPK 16 - 16 - 8 +TE fertilizer is still listed at a selling price of about 870,000 - 890,000 VND/bag. In addition, Lam Thao superphosphate fertilizer has the lowest selling price, falling to about 260,000 - 290,000 VND/bag.

In the Southwest region, the fertilizer market today (August 16) recorded stability for urea fertilizer. Phu My and Ninh Binh urea fertilizers have selling prices of 560,000 - 600,000 VND/bag and 550,000 - 590,000 VND/bag, respectively.

Specifically, NKP 20-20-15 fertilizer at Song Giang was adjusted down by VND10,000/bag to VND920,000 - VND960,000/bag. Meanwhile, Phu My powdered potassium fertilizer increased by VND10,000/bag, ranging from VND520,000/bag to VND570,000/bag.

Meanwhile, NPK 20-20-15 Ba Con Co fertilizer is still sold by agents at prices ranging from VND 850,000/bag to VND 900,000/bag.

The International Fertilizer Association (IFA) currently forecasts that global fertilizer consumption will increase by 4% this year compared to 2023, reaching 192.5 million tons. Factors such as geopolitical instability and extreme weather conditions have caused prices of a series of key agricultural products, including rice, wheat, and corn, to remain high compared to the average of the past 10 years.

Currently, Vietnam is still proactive in fertilizer supply. The total designed capacity of fertilizer production in the country is about 20.7 million tons, of which inorganic fertilizer is 16.1 million tons, organic fertilizer is 4.6 million tons and imported about 3-4 million tons. Meanwhile, the annual fertilizer consumption demand is 10.4 million tons/year, of which inorganic fertilizer consumption is 7.6 million tons/year.

Source: https://congthuong.vn/viet-nam-nhap-khau-125-trieu-tan-phan-bon-tu-thi-truong-trung-quoc-339267.html