Ecuador: Mixed Fertilizer Market 2024

Mixed Fertilizer Market Size in Ecuador

The Ecuadorian mixed fertilizer market fell to $X in 2022, shrinking by -12.8% against the previous year. In general, the total consumption indicated a notable increase from 2012 to 2022: its value increased at an average annual rate of +3.3% 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 +42.6% against 2016 indices. As a result, consumption attained the peak level of $X, and then fell in the following year.

Mixed Fertilizer Production in Ecuador

In value terms, mixed fertilizer production expanded slightly to $X in 2022 estimated in export price. Over the period under review, production, however, continues to indicate a remarkable increase. The most prominent rate of growth was recorded in 2016 with an increase of 40% against the previous year. Over the period under review, production hit record highs at $X in 2020; however, from 2021 to 2022, production remained at a lower figure.

Mixed Fertilizer Exports

Exports from Ecuador

In 2022, the amount of mixed fertilizers exported from Ecuador declined to X tons, with a decrease of -7.5% compared with 2021. In general, exports faced a abrupt decrease. The most prominent rate of growth was recorded in 2014 when exports increased by 82%. The exports peaked at X tons in 2012; however, from 2013 to 2022, the exports failed to regain momentum.

In value terms, mixed fertilizer exports dropped to $X in 2022. Over the period under review, exports recorded a deep slump. The pace of growth appeared the most rapid in 2014 with an increase of 59%. Over the period under review, the exports attained the peak figure at $X in 2012; however, from 2013 to 2022, the exports failed to regain momentum.

Exports by Country

Peru (X tons) was the main destination for mixed fertilizer exports from Ecuador, accounting for a 35% share of total exports. Moreover, mixed fertilizer exports to Peru exceeded the volume sent to the second major destination, Colombia (X tons), twofold. Suriname (X tons) ranked third in terms of total exports with a 15% share.

From 2012 to 2022, the average annual growth rate of volume to Peru amounted to +8.7%. Exports to the other major destinations recorded the following average annual rates of exports growth: Colombia (-3.0% per year) and Suriname (-7.0% per year).

In value terms, Peru ($X) remains the key foreign market for mixed fertilizers exports from Ecuador, comprising 44% of total exports. The second position in the ranking was held by Colombia ($X), with a 16% share of total exports. It was followed by Chile, with a 13% share.

From 2012 to 2022, the average annual rate of growth in terms of value to Peru stood at +15.2%. Exports to the other major destinations recorded the following average annual rates of exports growth: Colombia (+3.6% per year) and Chile (-9.5% per year).

Export Prices by Country

The average mixed fertilizer export price stood at $X per ton in 2022, standing approx. at the previous year. In general, the export price enjoyed a remarkable increase. The most prominent rate of growth was recorded in 2016 an increase of 74%. As a result, the export price attained the peak level of $X per ton. From 2017 to 2022, the average export prices failed to regain momentum.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Bolivia ($X per ton), while the average price for exports to Suriname ($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 Colombia (+6.8%), while the prices for the other major destinations experienced more modest paces of growth.

Mixed Fertilizer Imports

Imports into Ecuador

In 2022, the amount of mixed fertilizers imported into Ecuador contracted to X tons, reducing by -3.3% on the previous year's figure. In general, total imports indicated a measured expansion from 2012 to 2022: its volume increased at an average annual rate of +4.9% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports decreased by +0.7% against 2014 indices. The most prominent rate of growth was recorded in 2014 when imports increased by 39% against the previous year. Imports peaked at X tons in 2021, and then reduced modestly in the following year.

In value terms, mixed fertilizer imports contracted remarkably to $X in 2022. Overall, total imports indicated temperate growth from 2012 to 2022: its value increased at an average annual rate of +2.3% 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 +51.6% against 2016 indices. The growth pace was the most rapid in 2021 with an increase of 46%. As a result, imports reached the peak of $X, and then dropped sharply in the following year.

Imports by Country

In 2022, Russia (X tons) constituted the largest mixed fertilizer supplier to Ecuador, with a 43% share of total imports. Moreover, mixed fertilizer imports from Russia exceeded the figures recorded by the second-largest supplier, the United States (X tons), fourfold. China (X tons) ranked third in terms of total imports with a 9.8% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from Russia amounted to +27.9%. The remaining supplying countries recorded the following average annual rates of imports growth: the United States (-8.7% per year) and China (+24.2% per year).

In value terms, Russia ($X) constituted the largest supplier of mixed fertilizers to Ecuador, comprising 39% of total imports. The second position in the ranking was taken by the United States ($X), with a 10% share of total imports. It was followed by China, with a 9.4% share.

From 2012 to 2022, the average annual growth rate of value from Russia totaled +27.3%. The remaining supplying countries recorded the following average annual rates of imports growth: the United States (-10.9% per year) and China (+12.5% per year).

Import Prices by Country

In 2022, the average mixed fertilizer import price amounted to $X per ton, waning by -12.9% against the previous year. Overall, the import price recorded a pronounced downturn. The most prominent rate of growth was recorded in 2021 an increase of 39% against the previous year. The import price peaked at $X per ton in 2012; however, from 2013 to 2022, import prices failed to regain momentum.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Belgium (+6.9%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

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