In the first 11 months of 2022, Vietnam spent nearly $1.5 billion on fertilizer imports. In which, the supply of fertilizer from China accounted for 45.5% of the total import turnover of this item.
In November, the whole country imported 330,785 tons of fertilizer, equivalent to USD162 million, up 3% in volume and 5% in value compared to October.
In the first 11 months of 2022, fertilizer imports reached 3.1 million tons, equivalent to nearly $1.5 billion, down 26% in volume but up 12% in value over the same period in 2021.
Imported fertilizer price in November was at $489/ton, up 21% compared to November 2021. On average, in the first 11 months of the year, the price of imported fertilizers was at $471/ton, up 52% over the same period in 2021.
In the first 11 months of the year, China still ranks first in the fertilizer supply market to Vietnam with nearly 1.6 million tons, equivalent to $666 million, up 22% in turnover over the same period in 2021. Currently, China's fertilizer supply accounts for 51% of the total volume and 45.5% of the total fertilizer import turnover of the country.
Next, the Russian market ranked second with 216,678 tons, equivalent to USD156 million, up 37% in turnover over the same period in 2021. Fertilizer supply from Russia accounts for 7% of the total volume and 11% of Vietnam's total fertilizer import turnover.
VITIC added that fertilizer imports from the Southeast Asian market reached 243,892 tons, equivalent to $149.5 million, down 13% in turnover compared to the same period in 2021. Fertilizer supply from Southeast Asia accounted for nearly 8% of the total volume and accounted for 10.2% of the country's total fertilizer import turnover.
Fertilizers imported from the FTA RCEP market reached 2.3 million tons, equivalent to USD934 million, up 17% in turnover over the same period, accounting for 74% of the total volume and accounted for 64% of the total fertilizer import turnover of the country.
Fertilizer imports from the FTA CPTTP market reached 470,675 tons, equivalent to USD143 million, up 10.6% in turnover over the same period in 2021, accounting for 15.2% of the total volume and accounted for 9.8% of the total fertilizer import turnover of the country.
According to VITIC, in the 11 months of 2022, fertilizer imports from most markets decreased in volume but increased in turnover compared to the same period in 2021.
(Vietnambiz)
Read more: Fertilizer Industry Report
FERTILIZER INDUSTRY REPORT - 12/2022
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