Fertilizer exports to South Korea increased sharply in volume and value.

Fertilizer exports to the Korean market reached 164,334 tons, worth nearly 66.85 million USD, up 174.5% in volume and 192.7% in value over the same period last year.

According to statistics from the General Department of Customs, in the first 10 months of 2024, the country exported over 1.44 million tons of various fertilizers, equivalent to nearly 590.54 million USD, with an average price of 409.9 USD/ton, up 10.9% in volume, up 9.36% in turnover but down slightly by 1.4% in price compared to the same period in 2023.

In October 2024 alone, 147,489 tons of various fertilizers were exported, reaching 59.81 million USD, at a price of 405.6 USD/ton, up 15.5% in volume, up 15.4% in turnover but down 0.15% in price compared to September 2024. Compared to October 2023, it also increased by 38% in volume, increased by 22.8% in turnover but decreased by 11% in price.

Fertilizer exports to South Korea increased sharply in volume and value. Photo: Nguyen Hanh

Vietnam's fertilizers are mainly exported to the Cambodian market, which alone accounts for 33.2% of the total volume and 33.4% of the total fertilizer export turnover of the country, reaching 478,564 tons, equivalent to 197.37 million USD, with an average price of 412.4 USD/ton, up 2.27% in volume, down 0.32% in turnover and down 2.5% in price compared to the same period in 2023. In October 2024, exports to this market reached 59,699 tons, equivalent to 23.19 million USD, with an average price of 388.4 USD/ton, up 18.2% in volume, up 10% in turnover, but down 6.9% in price compared to September 2024.

Following the main market of Cambodia is the Korean market with 164,334 tons, equivalent to nearly 66.85 million USD, average price of 406.8 USD/ton, a sharp increase of 174.5% in volume, 192.7% in turnover and 6.6% 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 95,763 tons, equivalent to 36.51 million USD, with an average price of 381.3 USD/ton, up 17.6% in volume, 32.4% in turnover and 12.5% ​​in price, accounting for 6.7% in total volume and 6.2% in total turnover.

According to some fertilizer traders, fertilizer exports are recovering, but the entire year's export turnover will still be far from the record of 1 billion USD in 2022. Because this year, fertilizer prices on the global market are still on a downward trend.

According to the World Bank (WB), the decline in input prices is leading to an improvement in fertilizer production worldwide. For example, in Europe, the price of natural gas (the most important input for nitrogen fertilizer production) in the second quarter was 11% lower than in the same period in 2023, the price of sulfur was 26% lower... In the second quarter of this year, the reasonable fertilizer price index reached the average level of the period 2015 - 2019.

The World Bank forecasts that the average fertilizer price in 2024 and 2025 will be lower than in 2023, but still higher than the average price in the period 2015 - 2019. The reason is that the demand for fertilizer is high, while China continues to restrict the export of phosphate fertilizer, international sanctions are being imposed on Belarus and Russia (two countries that account for nearly 50% of the total global potassium fertilizer production)...

Due to the decrease in world prices, Vietnam's fertilizer export prices have also decreased this year. In the first 10 months of 2024, the average fertilizer export price reached 409.9 USD/ton, down 1.4% compared to the same period in 2023. Of which, the fertilizer export price to Cambodia decreased by 2.5% to 412.4 USD/ton.

While the general export price of fertilizers decreased, the export price of fertilizers to South Korea and Malaysia increased. Specifically, the average export price of fertilizers to South Korea in the first 10 months of the year reached 406.8 USD/ton, up 6.6% over the same period in 2023. For fertilizers exported to Malaysia, the average export price reached 381.3 USD/ton, up 12.5% ​​over the same period last year.

Source: https://congthuong.vn/xuat-khau-phan-bon-sang-han-quoc-tang-manh-ve-luong-va-kim-ngach-358624.html