Hungary: Potassium Sulphate (Sop) Market 2024

Potassium Sulphate (Sop) Market Size in Hungary

In 2022, the Hungarian potassium sulphate (SOP) market increased by 27% to $X, rising for the third consecutive year after two years of decline. Over the period under review, consumption, however, showed tangible growth. Potassium sulphate (SOP) consumption peaked in 2022 and is likely to continue growth in years to come.

Potassium Sulphate (Sop) Exports

Exports from Hungary

In 2022, shipments abroad of potassium sulphate (SOP) decreased by -17.2% to X tons, falling for the fourth year in a row after two years of growth. Overall, exports showed a deep downturn. The growth pace was the most rapid in 2013 with an increase of 96% against the previous year. Over the period under review, the exports attained the peak figure at X tons in 2018; however, from 2019 to 2022, the exports stood at a somewhat lower figure.

In value terms, potassium sulphate (SOP) exports surged to $X in 2022. In general, exports showed a abrupt curtailment. The growth pace was the most rapid in 2013 when exports increased by 95%. As a result, the exports attained the peak of $X. From 2014 to 2022, the growth of the exports remained at a lower figure.

Exports by Country

Austria (X tons), Slovakia (X tons) and North Macedonia (X tons) were the main destinations of potassium sulphate (SOP) exports from Hungary, together accounting for 81% of total exports.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Slovakia (with a CAGR of +5.4%), while the other leaders experienced more modest paces of growth.

In value terms, North Macedonia ($X), Romania ($X) and Slovakia ($X) constituted the largest markets for potassium sulphate (SOP) exported from Hungary worldwide, with a combined 77% share of total exports. Austria and Bulgaria lagged somewhat behind, together comprising a further 22%.

Austria, with a CAGR of +12.4%, saw the highest rates of growth with regard to the value of exports, among the main countries of destination over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2022, the average potassium sulphate (SOP) export price amounted to $X per ton, increasing by 50% against the previous year. In general, the export price, however, saw a noticeable decline. The export price peaked at $X per ton in 2012; however, from 2013 to 2022, the 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 North Macedonia ($X per ton), while the average price for exports to Austria ($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 Austria (+7.6%), while the prices for the other major destinations experienced more modest paces of growth.

Potassium Sulphate (Sop) Imports

Imports into Hungary

After two years of growth, purchases abroad of potassium sulphate (SOP) decreased by -5.4% to X tons in 2022. Over the period under review, total imports indicated a slight increase from 2012 to 2022: its volume increased at an average annual rate of +1.7% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2020 with an increase of 56% against the previous year. Over the period under review, imports hit record highs at X tons in 2014; however, from 2015 to 2022, imports failed to regain momentum.

In value terms, potassium sulphate (SOP) imports surged to $X in 2022. Overall, total imports indicated a prominent expansion from 2012 to 2022: its value increased at an average annual rate of +5.6% 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 +131.0% against 2019 indices. As a result, imports reached the peak and are likely to continue growth in the immediate term.

Imports by Country

In 2022, Germany (X tons) constituted the largest supplier of potassium sulphate (SOP) to Hungary, accounting for a 73% share of total imports. Moreover, potassium sulphate (SOP) imports from Germany exceeded the figures recorded by the second-largest supplier, the Netherlands (X tons), sevenfold. The third position in this ranking was taken by Greece (X tons), with a 9.6% share.

From 2012 to 2022, the average annual growth rate of volume from Germany stood at +3.6%. The remaining supplying countries recorded the following average annual rates of imports growth: the Netherlands (+19.1% per year) and Greece (+10.7% per year).

In value terms, Germany ($X) constituted the largest supplier of potassium sulphate (SOP) to Hungary, comprising 59% of total imports. The second position in the ranking was held by Belgium ($X), with a 14% share of total imports. It was followed by the Netherlands, with a 13% share.

From 2012 to 2022, the average annual rate of growth in terms of value from Germany totaled +5.4%. The remaining supplying countries recorded the following average annual rates of imports growth: Belgium (-4.8% per year) and the Netherlands (+31.4% per year).

Import Prices by Country

In 2022, the average potassium sulphate (SOP) import price amounted to $X per ton, growing by 59% against the previous year. Overall, import price indicated a noticeable expansion from 2012 to 2022: its price increased at an average annual rate of +3.9% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, potassium sulphate (SOP) import price increased by +74.1% against 2020 indices. As a result, import price reached 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 Belgium ($X per ton), while the price for Germany ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Greece (+14.4%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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