Greece: Urea Market 2024

Urea Market Size in Greece

The Greek urea market surged to $X in 2022, increasing by 36% against the previous year. Overall, consumption recorded resilient growth. Over the period under review, the market hit record highs in 2022 and is expected to retain growth in the immediate term.

Urea Production in Greece

In value terms, urea production reduced to $X in 2022 estimated in export price. In general, production enjoyed a noticeable increase. The most prominent rate of growth was recorded in 2014 with an increase of 136% against the previous year. Over the period under review, production attained the maximum level at $X in 2015; however, from 2016 to 2022, production failed to regain momentum.

Urea Exports

Exports from Greece

In 2022, overseas shipments of urea were finally on the rise to reach X tons for the first time since 2019, thus ending a two-year declining trend. In general, exports saw a resilient increase. The exports peaked at X tons in 2019; however, from 2020 to 2022, the exports stood at a somewhat lower figure.

In value terms, urea exports soared to $X in 2022. Overall, exports saw a prominent expansion. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

Exports by Country

Bulgaria (X tons) was the main destination for urea exports from Greece, with a 39% share of total exports. Moreover, urea exports to Bulgaria exceeded the volume sent to the second major destination, North Macedonia (X tons), twofold. The third position in this ranking was taken by Serbia (X tons), with an 11% share.

From 2012 to 2022, the average annual growth rate of volume to Bulgaria amounted to +2.8%. Exports to the other major destinations recorded the following average annual rates of exports growth: North Macedonia (+59.8% per year) and Serbia (+277.2% per year).

In value terms, Bulgaria ($X) remains the key foreign market for urea exports from Greece, comprising 38% of total exports. The second position in the ranking was taken by North Macedonia ($X), with a 17% share of total exports. It was followed by Romania, with an 11% share.

From 2012 to 2022, the average annual rate of growth in terms of value to Bulgaria totaled +7.4%. Exports to the other major destinations recorded the following average annual rates of exports growth: North Macedonia (+69.4% per year) and Romania (+121.2% per year).

Export Prices by Country

The average urea export price stood at $X per ton in 2022, picking up by 45% against the previous year. Overall, the export price showed a pronounced increase. The most prominent rate of growth was recorded in 2021 when the average export price increased by 68% against the previous year. Over the period under review, the average export prices reached the maximum in 2022 and is likely to see gradual growth in the near future.

There were significant differences in the average prices for the major overseas markets. In 2022, amid the top suppliers, the country with the highest price was Romania ($X per ton), while the average price for exports to Lebanon ($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 North Macedonia (+6.0%), while the prices for the other major destinations experienced more modest paces of growth.

Urea Imports

Imports into Greece

In 2022, supplies from abroad of urea increased by 11% to X tons, rising for the third year in a row after three years of decline. In general, total imports indicated a prominent expansion from 2012 to 2022: its volume increased at an average annual rate of +11.2% 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 +21.6% against 2019 indices. The most prominent rate of growth was recorded in 2013 when imports increased by 73%. Over the period under review, imports hit record highs in 2022 and are likely to continue growth in the near future.

In value terms, urea imports skyrocketed to $X in 2022. Over the period under review, imports saw a resilient increase. The growth pace was the most rapid in 2021 when imports increased by 77%. Over the period under review, imports attained the peak figure in 2022 and are likely to see steady growth in the immediate term.

Imports by Country

In 2022, Egypt (X tons) constituted the largest supplier of urea to Greece, accounting for a 61% share of total imports. Moreover, urea imports from Egypt exceeded the figures recorded by the second-largest supplier, the Netherlands (X tons), fourfold. Indonesia (X tons) ranked third in terms of total imports with a 6.9% share.

From 2012 to 2022, the average annual growth rate of volume from Egypt totaled +11.2%. The remaining supplying countries recorded the following average annual rates of imports growth: the Netherlands (+20.4% per year) and Indonesia (+76.7% per year).

In value terms, Egypt ($X) constituted the largest supplier of urea to Greece, comprising 69% of total imports. The second position in the ranking was held by the Netherlands ($X), with an 8.3% share of total imports. It was followed by Indonesia, with a 7.6% share.

From 2012 to 2022, the average annual rate of growth in terms of value from Egypt stood at +15.5%. The remaining supplying countries recorded the following average annual rates of imports growth: the Netherlands (+17.1% per year) and Indonesia (+79.6% per year).

Import Prices by Country

The average urea import price stood at $X per ton in 2022, rising by 48% against the previous year. Overall, the import price posted notable growth. The growth pace was the most rapid in 2021 when the average import price increased by 77%. Over the period under review, average import prices reached the maximum in 2022 and is likely to see gradual growth in the immediate term.

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 Uzbekistan ($X per ton), while the price for Russia ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Uzbekistan (+7.8%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :