Vietnam's fertilizer exports earn over 420 million USD

In the first 7 months of 2024, the whole country exported over 1.03 million tons of various fertilizers, equivalent to nearly 420.32 million USD, up 9.7% in volume and 7.5% in turnover.

According to statistics from the General Department of Customs, in the first 7 months of 2024, the whole country export over 1.03 million tons of various fertilizers, equivalent to nearly 420.32 million USD, average price 406.6 USD/ton, up 9.7% in volume, up 7.5% in turnover but down 2% in price compared to the same period in 2023.

July 2024 alone, 132,215 tons exported fertilizer All types reached 58.81 million USD, price 444.8 USD/ton, down 23.6% in volume, down 8.5% in turnover but up 19.7% in price compared to June 2024. Compared to July 2023, it also decreased 6.2% in volume, but increased 7.6% in turnover and increased 14.7% in price.

Vietnam's fertilizers are mainly exported to the Cambodian market, which alone accounts for 30.8% of the total volume and 31.5% of the total fertilizer export turnover of the country, reaching 318,716 tons, equivalent to 132.51 million USD, with an average price of 415.8 USD/ton, down 6.6% in volume, down 7.1% in turnover and down 0.5% in price compared to the same period in 2023.

In July 2024, exports to this market reached 68,698 tons, equivalent to 30.28 million USD, with an average price of 440.7 USD/ton, up 12.2% in volume, up 17.6% in turnover, and up 4.8% in price compared to June 2024.

Behind the main market Cambodia is Korean market reached 114,697 tons, equivalent to over 47.68 million USD, average price 415.7 USD/ton, increased 136.6% in volume, increased 165.9% in turnover and increased 12.4% in price, accounting for over 11% of the total volume and total export turnover of fertilizers of the whole country.

Exports to the Malaysian market reached 73,740 tons, equivalent to 27.27 million USD, with an average price of 369.8 USD/ton, up 29.8% in volume, 47.8% in turnover and 13.9% in price, accounting for 7.1% in total volume and 6.5% in total turnover.

In the first 7 months of 2024, the whole country exported over 1.03 million tons of fertilizers of all kinds, equivalent to nearly 420.32 million USD. Illustrative photo

With the situation of fertilizer exports improving after a year of decline, a number of enterprises in the fertilizer industry have just announced business results with impressive figures.

Information from Ca Mau Petroleum Fertilizer Joint Stock Company said that in July 2024, the company's urea production output reached 86,150 tons, a slight increase of 2% compared to June 2024. The company consumed 42,420 tons of urea, of which domestic consumption reached 23,130 tons, a sharp decrease of 46% compared to the previous month; exports reached 19,290 tons, an increase of 31%. The company consumed 3,040 tons of functional nitrogen, a sharp decrease of 82% compared to the previous month; NPK also decreased by 92%, to 2,970 tons; self-traded fertilizer decreased by 57%, to 23,110 tons.

In the first 7 months of 2024, Ca Mau Fertilizer produced 588,950 tons of urea, completing 66% of the yearly plan; NPK reached 111,280 tons, completing 61%. The enterprise consumed 302,100 tons of urea domestically, completing 57% of the 2024 plan; exports reached 193,530 tons, completing 86%.

According to the Vietnam Fertilizer Association, the world urea market is expected to be more vibrant from the second half of this year when major consumers such as China, India, the US, Brazil and Europe return to bidding.

This year, fertilizer and chemical enterprises have made a strong breakthrough as urea prices have grown strongly in recent times and may continue to increase in the coming months, due to the impact of limited supply from Russia and China.

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 key agricultural commodities, including rice, wheat, and corn, to remain high compared to the average of the past 10 years.

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