Chile: Urea Market 2024

Urea Market Size in Chile

The Chilean urea market skyrocketed to $X in 2022, growing by 30% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). Over the period under review, the total consumption indicated a measured increase from 2012 to 2022: its value increased at an average annual rate of +3.7% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption increased by +83.0% against 2020 indices. Over the period under review, the market hit record highs in 2022 and is expected to retain growth in the immediate term.

Urea Exports

Exports from Chile

After four years of decline, shipments abroad of urea increased by 495% to X tons in 2022. In general, exports recorded a prominent increase. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

In value terms, urea exports surged to $X in 2022. Overall, exports recorded a prominent increase. As a result, the exports attained the peak and are likely to continue growth in the immediate term.

Exports by Country

Uruguay (X tons) was the main destination for urea exports from Chile, accounting for a 68% share of total exports. Moreover, urea exports to Uruguay exceeded the volume sent to the second major destination, Peru (X tons), sixfold. The third position in this ranking was held by Argentina (X tons), with a 10% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to Uruguay amounted to +34.5%. Exports to the other major destinations recorded the following average annual rates of exports growth: Peru (+14.5% per year) and Argentina (+25.8% per year).

In value terms, Uruguay ($X) emerged as the key foreign market for urea exports from Chile, comprising 47% of total exports. The second position in the ranking was taken by Peru ($X), with an 18% share of total exports. It was followed by Argentina, with an 18% share.

From 2012 to 2022, the average annual rate of growth in terms of value to Uruguay totaled +32.7%. Exports to the other major destinations recorded the following average annual rates of exports growth: Peru (+18.8% per year) and Argentina (+25.8% per year).

Export Prices by Country

In 2022, the average urea export price amounted to $X per ton, increasing by 7.3% against the previous year. In general, the export price continues to indicate a relatively flat trend pattern. The pace of growth appeared the most rapid in 2019 an increase of 23% against the previous year. Over the period under review, the average export prices reached the peak figure in 2022 and is expected to retain growth in the immediate term.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Argentina ($X per ton), while the average price for exports to Uruguay ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Luxembourg (+110.1%), while the prices for the other major destinations experienced mixed trend patterns.

Urea Imports

Imports into Chile

In 2022, supplies from abroad of urea increased by 17% to X tons, rising for the fifth year in a row after two years of decline. The total import volume increased at an average annual rate of +2.7% over the period from 2012 to 2022; the trend pattern remained relatively stable, with only minor fluctuations being observed in certain years. The most prominent rate of growth was recorded in 2015 with an increase of 17% against the previous year. Imports peaked in 2022 and are likely to see steady growth in the near future.

In value terms, urea imports skyrocketed to $X in 2022. Overall, imports saw pronounced growth. The growth pace was the most rapid in 2021 when imports increased by 75%. Over the period under review, imports attained the maximum in 2022 and are likely to see gradual growth in the immediate term.

Imports by Country

In 2022, the United States (X tons) constituted the largest urea supplier to Chile, with a 48% share of total imports. Moreover, urea imports from the United States exceeded the figures recorded by the second-largest supplier, Indonesia (X tons), fourfold. The third position in this ranking was held by Nigeria (X tons), with a 9.5% share.

From 2012 to 2022, the average annual growth rate of volume from the United States stood at +20.9%. The remaining supplying countries recorded the following average annual rates of imports growth: Indonesia (+57.4% per year) and Nigeria (0.0% per year).

In value terms, the United States ($X), Indonesia ($X) and Nigeria ($X) constituted the largest urea suppliers to Chile, with a combined 59% share of total imports.

Among the main suppliers, Indonesia, with a CAGR of +64.5%, saw the highest rates of growth with regard to the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2022, the average urea import price amounted to $X per ton, jumping by 16% against the previous year. In general, the import price saw a mild expansion. The growth pace was the most rapid in 2021 when the average import price increased by 74% against the previous year. The import price peaked in 2022 and is likely to see gradual growth in the near future.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Indonesia ($X per ton), while the price for the United States ($X per ton) was amongst the lowest.

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

Source: IndexBox Platform

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