Colombia: Urea Market 2024

Urea Market Size in Colombia

After three years of growth, the Colombian urea market decreased by -19.1% to $X in 2022. Overall, consumption showed a relatively flat trend pattern. As a result, consumption reached the peak level of $X, and then contracted remarkably in the following year.

Urea Production in Colombia

In value terms, urea production stood at $X in 2022 estimated in export price. In general, the total production indicated measured growth from 2012 to 2022: its value increased at an average annual rate of +2.7% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, production decreased by -2.1% against 2019 indices. The pace of growth appeared the most rapid in 2019 when the production volume increased by 44%. As a result, production reached the peak level of $X. From 2020 to 2022, production growth remained at a somewhat lower figure.

Urea Exports

Exports from Colombia

In 2022, overseas shipments of urea increased by 117% to X tons, rising for the third consecutive year after three years of decline. Overall, exports posted a noticeable increase. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

In value terms, urea exports soared to $X in 2022. Over the period under review, exports saw a buoyant increase. The pace of growth appeared the most rapid in 2020 when exports increased by 301%. As a result, the exports reached the peak of $X. From 2021 to 2022, the growth of the exports remained at a somewhat lower figure.

Exports by Country

The Dominican Republic (X tons) was the main destination for urea exports from Colombia, with a 78% share of total exports. Moreover, urea exports to the Dominican Republic exceeded the volume sent to the second major destination, Ecuador (X tons), fourfold.

From 2012 to 2022, the average annual rate of growth in terms of volume to the Dominican Republic was relatively modest.

In value terms, Ecuador ($X) emerged as the key foreign market for urea exports from Colombia, comprising 72% of total exports. The second position in the ranking was taken by the Dominican Republic ($X), with a 28% share of total exports.

From 2012 to 2022, the average annual growth rate of value to Ecuador totaled +65.7%.

Export Prices by Country

In 2022, the average urea export price amounted to $X per ton, growing by 1.9% against the previous year. Overall, the export price showed a temperate expansion. The pace of growth was the most pronounced in 2020 when the average export price increased by 247% against the previous year. As a result, the export price attained the peak level of $X per ton. From 2021 to 2022, the average export prices remained at a lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Ecuador ($X per ton), while the average price for exports to the Dominican Republic stood at $X per ton.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to the Dominican Republic (-5.2%).

Urea Imports

Imports into Colombia

After three years of growth, overseas purchases of urea decreased by -15.9% to X tons in 2022. In general, total imports indicated a mild expansion from 2012 to 2022: its volume increased at an average annual rate of +1.2% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +72.4% against 2018 indices. The growth pace was the most rapid in 2019 with an increase of 44%. Over the period under review, imports reached the maximum at X tons in 2017; however, from 2018 to 2022, imports failed to regain momentum.

In value terms, urea imports declined significantly to $X in 2022. Overall, imports continue to indicate a relatively flat trend pattern. The pace of growth was the most pronounced in 2021 when imports increased by 121%. As a result, imports reached the peak of $X, and then reduced markedly in the following year.

Imports by Country

Trinidad and Tobago (X tons), Russia (X tons) and China (X tons) were the main suppliers of urea imports to Colombia, with a combined 78% share of total imports. Algeria, Indonesia and the United States lagged somewhat behind, together accounting for a further 20%.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Indonesia (with a CAGR of +156.6%), while imports for the other leaders experienced more modest paces of growth.

In value terms, Trinidad and Tobago ($X), Russia ($X) and China ($X) constituted the largest urea suppliers to Colombia, with a combined 83% share of total imports. The United States, Indonesia and Algeria lagged somewhat behind, together accounting for a further 15%.

Indonesia, with a CAGR of +132.1%, recorded the highest rates of growth with regard to the value of imports, among the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The average urea import price stood at $X per ton in 2022, declining by -13.6% against the previous year. In general, the import price recorded a slight downturn. The pace of growth appeared the most rapid in 2021 when the average import price increased by 59%. The import price peaked at $X per ton in 2012; however, from 2013 to 2022, import prices failed to regain momentum.

There were significant differences in the average prices amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was the United States ($X per ton), while the price for Algeria ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the United States (+2.6%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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