Source: markettimes.vn
According to preliminary statistics of the General Department of Customs, in March 2024 the country imported 428,853 tons of fertilizer, equivalent to 123.33 million USD, average price 287.6 USD/ton, an increase of 52.3% in volume. , an increase of 34.7% in turnover compared to February 2024. Compared to March 2023, it increased by 47.2% in volume and 9% in turnover.
In the first 3 months of 2024, the country’s imported fertilizer volume reached over 1.12 million tons, worth nearly 351.9 million USD, the average price reached 314.2 USD/ton, an increase of 82.8% in terms of quantity. volume, up 48.2% in turnover but down 18.9% in price compared to the first 3 months of 2023.
China still leads the fertilizer supply market for Vietnam in the first quarter of 2024, accounting for 41.6% of the total volume and 29.6% of the country’s total fertilizer import turnover, reaching 466,409 tons. , equivalent to 104.16 million USD, average price 223.3 USD/ton, up 54.5% in volume, but down 3.1% in turnover and down 37.3% in price compared to the first 3 months of the year 2023.
Next, the Russian market ranked second, accounting for 12.5% of the total volume and 23.8% of the total turnover, with 140,435 tons, equivalent to 83.81 million USD, average price 596.8 USD/ton, an increase of 573% in volume, an increase of 574.6% in turnover and an increase of 0.2% in price compared to the first 3 months of 2023.
Laos is Vietnam’s third import market, reaching 83.7 thousand tons, equivalent to 22.7 million USD, an increase of 105.73% in volume and an increase of 32.06% in turnover compared to the first quarter of 2023.
Overall, in the first 3 months of 2024, fertilizer imports from most markets increased in volume but decreased in turnover compared to the first 3 months of 2023. Prominent among all markets is Canada with increased imports. mutation.
In the first 3 months of the year, this country provided Vietnam with more than 40 thousand tons of fertilizer, equivalent to 13.6 million USD, an increase of 28,386% in volume and an increase of 5,170% in value compared to the same period last year. The average import price from Canada reached 338.2 USD/ton, a sharp decrease of 81.5% over the same period last year.
Currently, Vietnam is importing fertilizers that are lacking or cannot be produced domestically. For example, DAP, Vietnam can only produce 400,000 – 500,000 tons but needs to import approximately 1 million tons; or ammonium sulfate (SA) fertilizer, each year Vietnam imports from 900,000 – 1 million tons. In addition, Vietnam also has to import all of potassium fertilizer (MOP), fluctuating at 1 million tons/year.
Fertilizer supply in our country is not completely dependent on foreign markets. Some types of fertilizers that Vietnam has produced for domestic use and export such as UREA or Super Phosphorus…
China is the world’s largest exporter of phosphates and a major supplier of urea, but since 2021 it has imposed measures including export quotas and extended inspection requirements for fertilizer ingredients to lower domestic prices. By September 2023, the government continued to ask some of the country’s leading urea producers to temporarily suspend exports.
This causes fertilizer markets around the world to fluctuate, especially in countries that are dependent on imported fertilizers to ensure food production for domestic needs. Uncertainties in the Red Sea and the prospect of China’s export tightening could cause fertilizer prices in 2024 to increase slightly compared to previous years.
