Hungary: Urea Market 2024

Urea Market Size in Hungary

The Hungarian urea market skyrocketed to $X in 2022, rising by 94% against the previous year. Over the period under review, consumption saw a significant increase. Over the period under review, the market hit record highs in 2022 and is expected to retain growth in the near future.

Urea Production in Hungary

In value terms, urea production contracted to $X in 2022 estimated in export price. In general, production, however, showed a pronounced setback. The most prominent rate of growth was recorded in 2017 with an increase of 22%. As a result, production attained the peak level of $X. From 2018 to 2022, production growth remained at a lower figure.

Urea Exports

Exports from Hungary

Urea exports from Hungary plummeted to X tons in 2022, shrinking by -35.9% on the previous year's figure. In general, exports showed a abrupt curtailment. The pace of growth was the most pronounced in 2016 with an increase of 81% against the previous year. Over the period under review, the exports attained the peak figure at X tons in 2014; however, from 2015 to 2022, the exports failed to regain momentum.

In value terms, urea exports dropped slightly to $X in 2022. Over the period under review, exports recorded a deep downturn. The pace of growth was the most pronounced in 2016 when exports increased by 56% against the previous year. Over the period under review, the exports reached the peak figure at $X in 2012; however, from 2013 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

Slovakia (X tons), Austria (X tons) and Romania (X tons) were the main destinations of urea exports from Hungary, together accounting for 70% of total exports. Croatia, Slovenia, the Czech Republic, Poland, Serbia and Italy lagged somewhat behind, together comprising a further 29%.

From 2012 to 2022, the biggest increases were recorded for Croatia (with a CAGR of +38.2%), while shipments for the other leaders experienced a decline.

In value terms, the largest markets for urea exported from Hungary were Romania ($X), Slovakia ($X) and Austria ($X), with a combined 75% share of total exports. Croatia, Slovenia, the Czech Republic, Poland, Serbia and Italy lagged somewhat behind, together comprising a further 22%.

Among the main countries of destination, Croatia, with a CAGR of +39.9%, saw the highest growth rate of the value of exports, over the period under review, while shipments for the other leaders experienced mixed trend patterns.

Export Prices by Country

In 2022, the average urea export price amounted to $X per ton, growing by 48% against the previous year. Overall, export price indicated perceptible growth from 2012 to 2022: its price increased at an average annual rate of +2.2% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, urea export price increased by +105.7% against 2020 indices. As a result, the export price attained the peak level and is likely to continue growth in the immediate term.

There were significant differences in the average prices for the major external markets. In 2022, amid the top suppliers, the country with the highest price was Italy ($X per ton), while the average price for exports to Poland ($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 Italy (+9.1%), while the prices for the other major destinations experienced more modest paces of growth.

Urea Imports

Imports into Hungary

In 2022, overseas purchases of urea increased by 73% to X tons, rising for the third year in a row after two years of decline. Overall, imports recorded a significant increase. As a result, imports attained the peak and are likely to continue growth in the immediate term.

In value terms, urea imports soared to $X in 2022. Over the period under review, imports showed a significant increase. The pace of growth appeared the most rapid in 2021 with an increase of 157%. Over the period under review, imports attained the peak figure in 2022 and are likely to continue growth in the near future.

Imports by Country

Austria (X tons), Slovakia (X tons) and Romania (X tons) were the main suppliers of urea imports to Hungary, together comprising 52% of total imports. Slovenia, the Netherlands, Italy, Germany, Poland, Egypt, Serbia, Croatia and Ukraine lagged somewhat behind, together accounting for a further 45%.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by the Netherlands (with a CAGR of +88.7%), while imports for the other leaders experienced more modest paces of growth.

In value terms, Romania ($X), Slovenia ($X) and Slovakia ($X) appeared to be the largest urea suppliers to Hungary, with a combined 47% share of total imports.

Slovenia, with a CAGR of +87.6%, recorded the highest growth rate of the value of imports, among the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The average urea import price stood at $X per ton in 2022, surging by 24% against the previous year. In general, the import price recorded a mild expansion. The most prominent rate of growth was recorded in 2021 an increase of 62%. The import price peaked in 2022 and is expected to retain growth in years to come.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Ukraine (+15.6%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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