Vietnam's fertilizer exports increased by 4.3% in volume over the same period.

According to preliminary statistics from the General Department of Customs, Vietnam's fertilizer exports in May reached 97,310 tons with a value of more than 41 million USD, down 21.4% in volume and 6.1% in value compared to the previous month.

In the first 5 months of the year, our country exported 721,920 tons of fertilizer with a value of more than 293 million USD, an increase of 4.3% in volume and 1.7% in value over the same period in 2023.

In terms of market, in the first 5 months of the year, Cambodia continued to be the largest fertilizer importer of Vietnam with 188,792 tons, equivalent to more than 76 million USD, but decreased by 17% in volume and 19% in value compared to 5M/2023. The average export price reached 405 USD/ton, down 3.3% over the same period.

Vietnam's fertilizer exports increased by 4.3% in volume over the same period.

Except for Cambodia, Vietnam's export markets have all seen strong growth in the first five months of the year. South Korea is the second largest export market with 85,507 tons, equivalent to more than 35 million USD, up 78% in volume and 100% in value compared to the same period last year. The average export price reached 412 USD/ton, up 12% over the same period.

Ranked third is the Malaysian market with 51,930 tons, equivalent to more than 17 million USD, up 14% in volume and 17% in value compared to the same period last year. Export prices recorded an increase of 3% compared to the same period, reaching 344 USD/ton.

Among the major export markets, Japan is emerging with impressive growth. Specifically, export output reached 16,506 tons and turnover reached more than 7 million USD, up 474% in volume and 424% in value over the same period. Export price decreased by 8.6% over the same period, reaching 474 USD/ton. In addition, other countries and territories are strongly increasing fertilizer imports from Vietnam, including Laos, Taiwan (China), Myanmar, Malaysia, etc.

The global urea market is expected to be more vibrant 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.

According to experts at Mirae Asset Securities Vietnam (MASVN), 2024 will be the year when fertilizer and chemical companies will have a strong breakthrough in revenue and profit. Urea prices, which grew by 11% in the first quarter, may continue to increase in the coming months due to the impact of supply restrictions from Russia and China.

Source: https://congthuong.vn/xuat-khau-phan-bon-cua-viet-nam-tang-43-ve-luong-so-cung-ky-325691.html