Greece: Potassium Nitrate Market 2024

Potassium Nitrate Market Size in Greece

The Greek potassium nitrate market dropped slightly to $X in 2022, which is down by -1.8% 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). Overall, the total consumption indicated pronounced growth from 2012 to 2022: its value increased at an average annual rate of +4.0% 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 +23.0% against 2020 indices. As a result, consumption attained the peak level of $X. From 2015 to 2022, the growth of the market remained at a somewhat lower figure.

Potassium Nitrate Exports

Exports from Greece

In 2022, exports of potassium nitrates from Greece declined notably to X tons, falling by -38.5% against the previous year. Over the period under review, exports, however, saw significant growth. The growth pace was the most rapid in 2013 when exports increased by 366%. Over the period under review, the exports attained the peak figure at X tons in 2019; however, from 2020 to 2022, the exports stood at a somewhat lower figure.

In value terms, potassium nitrate exports amounted to $X in 2022. Overall, exports, however, continue to indicate significant growth. The growth pace was the most rapid in 2013 when exports increased by 325%. The exports peaked at $X in 2019; however, from 2020 to 2022, the exports remained at a lower figure.

Exports by Country

Hungary (X tons) was the main destination for potassium nitrate exports from Greece, with a 54% share of total exports. Moreover, potassium nitrate exports to Hungary exceeded the volume sent to the second major destination, Romania (X tons), fourfold. The third position in this ranking was taken by Croatia (X tons), with a 10% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to Hungary totaled +20.7%. Exports to the other major destinations recorded the following average annual rates of exports growth: Romania (+103.2% per year) and Croatia (+14.3% per year).

In value terms, Hungary ($X) remains the key foreign market for potassium nitrates exports from Greece, comprising 55% of total exports. The second position in the ranking was held by Romania ($X), with a 15% share of total exports. It was followed by Croatia, with an 11% share.

From 2012 to 2022, the average annual rate of growth in terms of value to Hungary amounted to +34.7%. Exports to the other major destinations recorded the following average annual rates of exports growth: Romania (+115.5% per year) and Croatia (+21.1% per year).

Export Prices by Country

In 2022, the average potassium nitrate export price amounted to $X per ton, with an increase of 64% against the previous year. Over the period under review, export price indicated a noticeable increase from 2012 to 2022: its price increased at an average annual rate of +2.6% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, potassium nitrate export price increased by +112.5% against 2019 indices. As a result, the export price attained the peak level and is likely to continue growth in the immediate term.

Average prices varied noticeably for the major export markets. In 2022, amid the top suppliers, the countries with the highest prices were Lebanon ($X per ton) and Bulgaria ($X per ton), while the average price for exports to Cyprus ($X per ton) and Slovenia ($X per ton) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Hungary (+11.6%), while the prices for the other major destinations experienced more modest paces of growth.

Potassium Nitrate Imports

Imports into Greece

In 2022, the amount of potassium nitrates imported into Greece contracted significantly to X tons, reducing by -27.8% on the previous year. Overall, total imports indicated perceptible growth from 2012 to 2022: its volume increased at an average annual rate of +4.4% 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 -35.8% against 2019 indices. The most prominent rate of growth was recorded in 2014 when imports increased by 76%. As a result, imports reached the peak of X tons. From 2015 to 2022, the growth of imports remained at a somewhat lower figure.

In value terms, potassium nitrate imports expanded markedly to $X in 2022. Over the period under review, total imports indicated a buoyant increase from 2012 to 2022: its value increased at an average annual rate of +6.6% 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 +32.3% against 2020 indices. The pace of growth appeared the most rapid in 2014 with an increase of 53%. As a result, imports attained the peak of $X. From 2015 to 2022, the growth of imports remained at a lower figure.

Imports by Country

In 2022, Israel (X tons) constituted the largest supplier of potassium nitrate to Greece, with a 59% share of total imports. Moreover, potassium nitrate imports from Israel exceeded the figures recorded by the second-largest supplier, Jordan (X tons), fourfold. The third position in this ranking was taken by the Netherlands (X tons), with a 14% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from Israel amounted to +2.3%. The remaining supplying countries recorded the following average annual rates of imports growth: Jordan (+8.9% per year) and the Netherlands (+227.3% per year).

In value terms, Israel ($X) constituted the largest supplier of potassium nitrates to Greece, comprising 52% of total imports. The second position in the ranking was taken by the Netherlands ($X), with an 18% share of total imports. It was followed by Jordan, with an 18% share.

From 2012 to 2022, the average annual rate of growth in terms of value from Israel stood at +3.3%. The remaining supplying countries recorded the following average annual rates of imports growth: the Netherlands (+247.8% per year) and Jordan (+11.2% per year).

Import Prices by Country

The average potassium nitrate import price stood at $X per ton in 2022, rising by 53% against the previous year. Overall, import price indicated a notable expansion from 2012 to 2022: its price increased at an average annual rate of +2.1% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, potassium nitrate import price increased by +54.9% against 2020 indices. 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 origin: amid the top importers, the country with the highest price was the Netherlands ($X per ton), while the price for Russia ($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 Netherlands (+6.3%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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