Colombia: Nitrogen Market 2024

Nitrogen Market Size in Colombia

The Colombian nitrogen market reached $X in 2021, with an increase of 3.8% against the previous year. Overall, the total consumption indicated a strong expansion from 2012 to 2021: its value increased at an average annual rate of +5.5% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, consumption decreased by -3.5% against 2019 indices. Over the period under review, the market attained the peak level at $X in 2019; afterwards, it flattened through to 2021.

Nitrogen Production in Colombia

In value terms, nitrogen production rose to $X in 2021 estimated in export price. In general, the total production indicated a resilient increase from 2012 to 2021: its value increased at an average annual rate of +5.4% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, production decreased by -3.6% against 2019 indices. The pace of growth was the most pronounced in 2016 when the production volume increased by 14% against the previous year. Over the period under review, production hit record highs at $X in 2019; afterwards, it flattened through to 2021.

Nitrogen Exports

Exports from Colombia

In 2021, overseas shipments of nitrogen increased by 115% to X cubic meters, rising for the second consecutive year after seven years of decline. Overall, exports, however, saw a noticeable curtailment. The growth pace was the most rapid in 2020 with an increase of 257% against the previous year. The exports peaked at X cubic meters in 2012; however, from 2013 to 2021, the exports remained at a lower figure.

In value terms, nitrogen exports soared to $X in 2021. In general, exports, however, showed a perceptible shrinkage. The growth pace was the most rapid in 2020 when exports increased by 232% against the previous year. The exports peaked at $X in 2012; however, from 2013 to 2021, the exports stood at a somewhat lower figure.

Exports by Country

Panama (X cubic meters), Ecuador (X cubic meters) and Costa Rica (X cubic meters) were the main destinations of nitrogen exports from Colombia, with a combined 73% share of total exports.

From 2012 to 2021, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Costa Rica (with a CAGR of +95.9%), while the other leaders experienced more modest paces of growth.

In value terms, the largest markets for nitrogen exported from Colombia were Ecuador ($X), Panama ($X) and Costa Rica ($X), with a combined 73% share of total exports.

In terms of the main countries of destination, Costa Rica, with a CAGR of +69.6%, saw the highest rates of growth with regard to the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2021, the average nitrogen export price amounted to $X per cubic meter, surging by 48% against the previous year. Over the last nine years, it increased at an average annual rate of +2.1%. Over the period under review, the average export prices reached the maximum at $X per cubic meter in 2014; however, from 2015 to 2021, the export prices failed to regain momentum.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Costa Rica ($X per cubic meter), while the average price for exports to Venezuela ($X per cubic meter) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Curacao (+4.1%), while the prices for the other major destinations experienced more modest paces of growth.

Nitrogen Imports

Imports into Colombia

In 2021, the amount of nitrogen imported into Colombia rose to X cubic meters, surging by 2.9% compared with 2020. In general, imports enjoyed a significant expansion. The most prominent rate of growth was recorded in 2016 with an increase of 4,857%. As a result, imports reached the peak of X cubic meters. From 2017 to 2021, the growth of imports remained at a somewhat lower figure.

In value terms, nitrogen imports reached $X in 2021. Over the period under review, imports enjoyed a significant increase. The growth pace was the most rapid in 2017 when imports increased by 155%. Over the period under review, imports attained the maximum in 2021 and are expected to retain growth in the immediate term.

Imports by Country

In 2021, the United States (X cubic meters) constituted the largest supplier of nitrogen to Colombia, with a 72% share of total imports. Moreover, nitrogen imports from the United States exceeded the figures recorded by the second-largest supplier, China (X cubic meters), more than tenfold. The third position in this ranking was taken by France (X cubic meters), with a 2.1% share.

From 2012 to 2021, the average annual rate of growth in terms of volume from the United States amounted to +62.8%. The remaining supplying countries recorded the following average annual rates of imports growth: China (+41.6% per year) and France (+36.0% per year).

In value terms, the United States ($X) constituted the largest supplier of nitrogen to Colombia, comprising 58% of total imports. The second position in the ranking was taken by China ($X), with a 16% share of total imports. It was followed by France, with a 6.6% share.

From 2012 to 2021, the average annual rate of growth in terms of value from the United States amounted to +45.1%. The remaining supplying countries recorded the following average annual rates of imports growth: China (+42.8% per year) and France (+33.2% per year).

Import Prices by Country

In 2021, the average nitrogen import price amounted to $X per cubic meter, rising by 4% against the previous year. Over the period under review, the import price, however, showed a abrupt descent. The most prominent rate of growth was recorded in 2017 an increase of 3,061%. Over the period under review, average import prices attained the peak figure at $X per cubic meter in 2015; however, from 2016 to 2021, import prices remained at a lower figure.

There were significant differences in the average prices amongst the major supplying countries. In 2021, amid the top importers, the country with the highest price was China ($X per cubic meter), while the price for the United States ($X per cubic meter) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by China (+0.8%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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