ASEAN: Sodium Nitrate Market 2024

Sodium Nitrate Exports

Exports in ASEAN

In 2022, overseas shipments of sodium nitrate were finally on the rise to reach X tons after two years of decline. In general, exports showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2014 with an increase of 307% against the previous year. As a result, the exports reached the peak of X tons. From 2015 to 2022, the growth of the exports remained at a somewhat lower figure.

In value terms, sodium nitrate exports surged to $X in 2022. Overall, exports saw a measured expansion. The most prominent rate of growth was recorded in 2019 with an increase of 221% against the previous year. Over the period under review, the exports attained the maximum at $X in 2014; however, from 2015 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

Singapore was the key exporter of sodium nitrate in ASEAN, with the volume of exports recording X tons, which was near 62% of total exports in 2022. It was distantly followed by Vietnam (X tons) and Malaysia (X tons), together constituting a 38% share of total exports.

Singapore was also the fastest-growing in terms of the sodium nitrate exports, with a CAGR of +35.7% from 2012 to 2022. Malaysia experienced a relatively flat trend pattern. Vietnam (-9.5%) illustrated a downward trend over the same period. While the share of Singapore (+59 p.p.) increased significantly in terms of the total exports from 2012-2022, the share of Vietnam (-49.4 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Singapore ($X) remains the largest sodium nitrate supplier in ASEAN, comprising 79% of total exports. The second position in the ranking was taken by Vietnam ($X), with a 13% share of total exports.

In Singapore, sodium nitrate exports increased at an average annual rate of +25.2% over the period from 2012-2022. The remaining exporting countries recorded the following average annual rates of exports growth: Vietnam (-12.0% per year) and Malaysia (-3.1% per year).

Export Prices by Country

In 2022, the export price in ASEAN amounted to $X per ton, dropping by -24.3% against the previous year. Over the period under review, the export price, however, showed a noticeable increase. The pace of growth was the most pronounced in 2021 an increase of 51% against the previous year. As a result, the export price attained the peak level of $X per ton, and then declined rapidly in the following year.

There were significant differences in the average prices amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was Singapore ($X per ton), while Vietnam ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Vietnam (-2.8%), while the other leaders experienced a decline in the export price figures.

Sodium Nitrate Imports

Imports in ASEAN

In 2022, overseas purchases of sodium nitrate decreased by -3.4% to X tons, falling for the fourth year in a row after three years of growth. Overall, imports, however, recorded a relatively flat trend pattern. The pace of growth appeared the most rapid in 2017 when imports increased by 27%. The volume of import peaked at X tons in 2018; however, from 2019 to 2022, imports failed to regain momentum.

In value terms, sodium nitrate imports rose significantly to $X in 2022. The total import value increased at an average annual rate of +1.0% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The most prominent rate of growth was recorded in 2017 with an increase of 36% against the previous year. Over the period under review, imports reached the peak figure at $X in 2018; however, from 2019 to 2022, imports remained at a lower figure.

Imports by Country

In 2022, Malaysia (X tons) was the largest importer of sodium nitrate, committing 51% of total imports. It was distantly followed by Vietnam (X tons), Thailand (X tons) and Indonesia (X tons), together making up a 44% share of total imports. Lao People's Democratic Republic (X tons) followed a long way behind the leaders.

Malaysia was also the fastest-growing in terms of the sodium nitrate imports, with a CAGR of +26.1% from 2012 to 2022. At the same time, Lao People's Democratic Republic (+3.7%) displayed positive paces of growth. Thailand experienced a relatively flat trend pattern. By contrast, Vietnam (-3.9%) and Indonesia (-12.7%) illustrated a downward trend over the same period. Malaysia (+46 p.p.) significantly strengthened its position in terms of the total imports, while Vietnam and Indonesia saw its share reduced by -12.2% and -32.9% from 2012 to 2022, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Malaysia ($X), Thailand ($X) and Vietnam ($X) were the countries with the highest levels of imports in 2022, with a combined 83% share of total imports.

Malaysia, with a CAGR of +19.3%, saw the highest rates of growth with regard to the value of imports, in terms of the main importing countries over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2022, the import price in ASEAN amounted to $X per ton, increasing by 14% against the previous year. In general, the import price saw a relatively flat trend pattern. As a result, import price attained the peak level and is likely to continue growth in the immediate term.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Thailand ($X per ton), while Malaysia ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Thailand (+4.8%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform