According to statistics from the General Department of Customs, in the 11 months of 2024, the country exported more than 1.57 million tons of fertilizers of all kinds, equivalent to nearly 644.46 million USD, with an average price of 410 USD/ton, up 13.7% in volume, up 11.6% in turnover but down slightly by 1.8% in price compared to the same period in 2023.
In November 2024 alone, 130,728 tons of various fertilizers were exported, reaching 53.83 million USD, at a price of 411.8 USD/ton, down 11.4% in volume, down 10% in turnover but up 1.5% in price compared to October 2024; compared to November 2023, it increased sharply by 56.5% in volume, up 43.9% in turnover but down 8% in price.
In terms of market, Vietnam's fertilizers are mainly exported to the Cambodian market, which alone accounts for over 34% of the total volume and total export turnover of fertilizers in the country, reaching 536,161 tons, equivalent to 219.51 million USD, with an average price of 409.4 USD/ton, up 8.4% in volume, up 5.5% in turnover but down 2.7% in price compared to the same period in 2023.
In November 2024, fertilizer exports to this market reached 57,609 tons, equivalent to 22.14 million USD, with an average price of 384.3 USD/ton, down 3.5% in volume, down 4.5% in turnover and down 1.1% in price compared to October 2024.
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| In 11 months, Vietnam exported over 1.57 million tons of fertilizer, equivalent to nearly 644.46 million USD. Photo: Nguyen Hanh |
Following the main market of Cambodia is the Korean market with 188,258 tons, equivalent to 76.18 million USD, average price of 404.7 USD/ton, a sharp increase of 211.9% in volume, 230.6% in turnover and 6% in price, accounting for nearly 12% of the total volume and total export turnover of fertilizers of the whole country.
Exports to the Philippines market reached 96,438 tons, equivalent to 41.33 million USD, with an average price of 428.6 USD/ton, up 83.2% in volume, up 73% in turnover and down 5.6% in price, accounting for 6.1% in total volume and 6.4% in total turnover.
Fourth, exports to the Malaysian market accounted for 6.38% of the total volume and 5.92% of the total fertilizer export turnover of the country, reaching 100,299 tons, with a turnover of 38.16 million USD, an increase of 15.79% in volume and 29.26% in turnover over the same period in 2023.
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| Fertilizer exports in the first 11 months of 2024. Source: General Department of Customs |
In addition, fertilizer export turnover to some markets has a strong increase in turnover such as Laos, Taiwan (China), Japan with increases of 42.43%, 605.24%, 316.89% respectively.
World fertilizer prices in November 2024 decreased due to low demand while supply was abundant. In line with the general trend of the world, domestic Urea prices traded slowly in most regions while supply was abundant.
Specifically, the prices of some types of fertilizer are as follows: In the Northern provinces, the price of Phu My Urea decreased by 3.3% compared to the previous month, down to 11,700 VND/kg, but still increased by 0.9% compared to the same period in 2023; the price of Chinese Urea decreased by 1.9% compared to the previous month and decreased by 0.9% compared to the same period in 2023 to 10,600 VND/kg; the price of Lao Cai Phosphate is 4,100 VND/kg.
Similarly, in Da Nang, Phu My Urea price decreased by 2.5% compared to the previous month, down to 11,600 VND/kg; Chinese Urea price decreased by 1.9% compared to the previous month and decreased by 0.9% compared to the same period in 2023 to 10,600 VND/kg; Lao Cai Phosphate price was 4,100 VND/kg.
In Quy Nhon, Phu My Urea price decreased by 2.5% compared to last month, down to 11,600 VND/kg; Chinese Urea price decreased by 1.9% compared to last month and 0.9% compared to the same period last year, down to 10,600 VND/kg; Lao Cai Phosphate price is 4,100 VND/kg.
In Ho Chi Minh City, Phu My Urea price decreased by 1.7% compared to the previous month and decreased by 1.7% compared to the same period last year, down to 11,300 VND/kg; Chinese Urea price decreased by 2.8% compared to the previous month and decreased by 1.9% compared to the same period last year, down to 10,400 VND/kg; Lao Cai Phosphate price is 4,200 VND/kg.
In Tien Giang, Phu My Urea price decreased by 2.8% compared to the previous month and decreased by 1.9% compared to the same period last year, down to 11,400 VND/kg; Chinese Urea price decreased by 2.8% compared to the previous month and decreased by 1.9% compared to the same period last year, down to 10,500 VND/kg; Lao Cai Phosphate price is 4,200 VND/kg.
The demand for winter-spring rice in the Mekong Delta is gradually increasing as the sowing area increases. In addition, the high prices of agricultural products are factors promoting the growth of fertilizer consumption in Vietnam. Favorable weather and high prices of agricultural products will be good conditions for farmers to increase fertilization of crops, improve productivity, thereby increasing the demand for fertilizers.
The forecast for the trend of using chemical and organic fertilizers in the period 2024-2029 is expected to reach a compound annual growth rate of 6.5% - 6.7% reflecting the trend of shifting to sustainable and environmentally friendly agriculture.
The International Fertilizer Association (IFA) forecasts that the demand for urea fertilizer will increase by 6% in the period 2024 - 2028. In Vietnam alone, the demand for urea in 2024 is forecast to increase by about 13% compared to the 2022 - 2023 crop year thanks to the positive export of Vietnamese agricultural products.
In addition, fertilizer exports are expected to recover, especially in traditional markets such as Cambodia and South Korea. At the same time, Vietnam is also expanding its market to Europe, where product quality standards are higher.
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