Hungary: Nitrates Market 2024

Nitrates Market Size in Hungary

The Hungarian nitrates market shrank slightly to $X in 2021, remaining stable against the previous year. Over the period under review, consumption, however, enjoyed a resilient expansion. Over the period under review, the market hit record highs at $X in 2018; however, from 2019 to 2021, consumption remained at a lower figure.

Nitrates Production in Hungary

In value terms, nitrates production dropped to $X in 2021 estimated in export price. Over the period under review, production, however, recorded a remarkable increase. The pace of growth was the most pronounced in 2017 when the production volume increased by 72% against the previous year. Nitrates production peaked at $X in 2018; however, from 2019 to 2021, production remained at a lower figure.

Nitrates Exports

Exports from Hungary

Nitrates exports from Hungary declined dramatically to X tons in 2021, with a decrease of -89.9% on the year before. Over the period under review, exports showed a abrupt descent. The growth pace was the most rapid in 2014 with an increase of 429%. Over the period under review, the exports attained the maximum at X tons in 2017; however, from 2018 to 2021, the exports failed to regain momentum.

In value terms, nitrates exports contracted sharply to $X in 2021. In general, exports showed a abrupt decline. The pace of growth was the most pronounced in 2014 when exports increased by 143% against the previous year. The exports peaked at $X in 2017; however, from 2018 to 2021, the exports remained at a lower figure.

Exports by Country

Poland (X tons) was the main destination for nitrates exports from Hungary, accounting for a 68% share of total exports. Moreover, nitrates exports to Poland exceeded the volume sent to the second major destination, North Macedonia (X tons), fivefold. The third position in this ranking was held by Austria (X tons), with a 9.7% share.

From 2012 to 2021, the average annual growth rate of volume to Poland amounted to -6.2%. Exports to the other major destinations recorded the following average annual rates of exports growth: North Macedonia (+5.8% per year) and Austria (-33.5% per year).

In value terms, North Macedonia ($X) emerged as the key foreign market for nitrates (excluding those of potassium) exports from Hungary, comprising 70% of total exports. The second position in the ranking was held by Poland ($X), with a 21% share of total exports. It was followed by Austria, with a 2.9% share.

From 2012 to 2021, the average annual rate of growth in terms of value to North Macedonia amounted to +11.2%. Exports to the other major destinations recorded the following average annual rates of exports growth: Poland (-7.7% per year) and Austria (-33.2% per year).

Export Prices by Country

In 2021, the average nitrates export price amounted to $X per ton, rising by 223% against the previous year. Overall, the export price continues to indicate a prominent increase. The export price peaked at $X per ton in 2013; however, from 2014 to 2021, the export prices remained at a lower figure.

There were significant differences in the average prices for the major export markets. In 2021, amid the top suppliers, the country with the highest price was North Macedonia ($X per ton), while the average price for exports to Austria ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to North Macedonia (+5.1%), while the prices for the other major destinations experienced more modest paces of growth.

Nitrates Imports

Imports into Hungary

In 2021, overseas purchases of nitrates (excluding those of potassium) decreased by -71.8% to X tons, falling for the third consecutive year after three years of growth. Overall, imports recorded a perceptible curtailment. The most prominent rate of growth was recorded in 2014 with an increase of 131% against the previous year. Over the period under review, imports attained the maximum at X tons in 2018; however, from 2019 to 2021, imports remained at a lower figure.

In value terms, nitrates imports fell sharply to $X in 2021. Over the period under review, imports, however, recorded a pronounced expansion. The pace of growth was the most pronounced in 2018 when imports increased by 64% against the previous year. As a result, imports attained the peak of $X. From 2019 to 2021, the growth of imports remained at a somewhat lower figure.

Imports by Country

Poland (X tons), Germany (X tons) and Greece (X tons) were the main suppliers of nitrates imports to Hungary, with a combined 81% share of total imports.

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Greece (with a CAGR of +55.6%), while imports for the other leaders experienced more modest paces of growth.

In value terms, Germany ($X) constituted the largest supplier of nitrates (excluding those of potassium) to Hungary, comprising 61% of total imports. The second position in the ranking was taken by Poland ($X), with a 14% share of total imports. It was followed by the Czech Republic, with an 8.7% share.

From 2012 to 2021, the average annual rate of growth in terms of value from Germany totaled +37.7%. The remaining supplying countries recorded the following average annual rates of imports growth: Poland (-9.1% per year) and the Czech Republic (+24.1% per year).

Import Prices by Country

The average nitrates import price stood at $X per ton in 2021, growing by 100% against the previous year. In general, the import price showed a temperate increase. As a result, import price attained the peak level and is likely to continue growth in the immediate term.

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 the UK ($X per ton), while the price for Ukraine ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by the UK (+12.8%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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