Latin America and the Caribbean: Ammonium Nitrate Market 2024

Ammonium Nitrate Market Size in Latin America and the Caribbean

The Latin American ammonium nitrate market soared to $X in 2021, picking up by 22% against the previous year. Over the period under review, consumption, however, showed a relatively flat trend pattern. Over the period under review, the market hit record highs at $X in 2013; however, from 2014 to 2021, consumption remained at a lower figure.

Ammonium Nitrate Production in Latin America and the Caribbean

In value terms, ammonium nitrate production declined to $X in 2021 estimated in export price. Overall, production, however, continues to indicate a abrupt setback. The pace of growth was the most pronounced in 2015 when the production volume increased by 15% against the previous year. Over the period under review, production attained the peak level at $X in 2012; however, from 2013 to 2021, production stood at a somewhat lower figure.

Ammonium Nitrate Exports

Exports in Latin America and the Caribbean

In 2021, exports of ammonium nitrate in Latin America and the Caribbean skyrocketed to X tons, increasing by 19% compared with 2020. In general, exports, however, showed a abrupt downturn. The volume of export peaked at X tons in 2012; however, from 2013 to 2021, the exports remained at a lower figure.

In value terms, ammonium nitrate exports skyrocketed to $X in 2021. Over the period under review, exports, however, recorded a abrupt shrinkage. Over the period under review, the exports reached the maximum at $X in 2012; however, from 2013 to 2021, the exports remained at a lower figure.

Exports by Country

Chile prevails in exports structure, accounting for X tons, which was near 93% of total exports in 2021. Honduras (X tons) followed a long way behind the leaders.

From 2012 to 2021, average annual rates of growth with regard to ammonium nitrate exports from Chile stood at -5.4%. At the same time, Honduras (+26.0%) displayed positive paces of growth. Moreover, Honduras emerged as the fastest-growing exporter exported in Latin America and the Caribbean, with a CAGR of +26.0% from 2012-2021. Honduras (+1.6 p.p.) significantly strengthened its position in terms of the total exports, while the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Chile ($X) remains the largest ammonium nitrate supplier in Latin America and the Caribbean, comprising 92% of total exports. The second position in the ranking was taken by Honduras ($X), with a 1.4% share of total exports.

In Chile, ammonium nitrate exports plunged by an average annual rate of -8.5% over the period from 2012-2021.

Export Prices by Country

In 2021, the export price in Latin America and the Caribbean amounted to $X per ton, picking up by 26% against the previous year. Over the period under review, the export price, however, continues to indicate a pronounced shrinkage. Over the period under review, the export prices hit record highs at $X per ton in 2013; however, from 2014 to 2021, the export prices failed to regain momentum.

Average prices varied noticeably amongst the major exporting countries. In 2021, amid the top suppliers, the country with the highest price was Chile ($X per ton), while Honduras stood at $X per ton.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Chile (-3.2%).

Ammonium Nitrate Imports

Imports in Latin America and the Caribbean

In 2021, ammonium nitrate imports in Latin America and the Caribbean amounted to X tons, growing by 7.8% against 2020 figures. Overall, imports saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2019 with an increase of 15%. As a result, imports attained the peak of X tons; afterwards, it flattened through to 2021.

In value terms, ammonium nitrate imports surged to $X in 2021. Over the period under review, imports, however, recorded a slight decrease. Over the period under review, imports hit record highs at $X in 2013; however, from 2014 to 2021, imports failed to regain momentum.

Imports by Country

Brazil was the largest importer of ammonium nitrate in Latin America and the Caribbean, with the volume of imports recording X tons, which was near 61% of total imports in 2021. It was distantly followed by Peru (X tons), comprising an 11% share of total imports. Guatemala (X tons), Mexico (X tons), Chile (X tons), Colombia (X tons), Panama (X tons), Argentina (X tons) and Costa Rica (X tons) followed a long way behind the leaders.

From 2012 to 2021, average annual rates of growth with regard to ammonium nitrate imports into Brazil stood at +2.2%. At the same time, Panama (+60.6%), Costa Rica (+11.0%), Guatemala (+7.1%) and Chile (+2.4%) displayed positive paces of growth. Moreover, Panama emerged as the fastest-growing importer imported in Latin America and the Caribbean, with a CAGR of +60.6% from 2012-2021. By contrast, Colombia (-3.2%), Mexico (-3.7%), Peru (-4.1%) and Argentina (-9.0%) illustrated a downward trend over the same period. While the share of Brazil (+7.7 p.p.), Panama (+2.8 p.p.) and Guatemala (+1.9 p.p.) increased significantly in terms of the total imports from 2012-2021, the share of Mexico (-2.1 p.p.), Argentina (-3.6 p.p.) and Peru (-6.2 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Brazil ($X) constitutes the largest market for imported ammonium nitrate in Latin America and the Caribbean, comprising 58% of total imports. The second position in the ranking was held by Peru ($X), with an 11% share of total imports. It was followed by Guatemala, with a 5.3% share.

In Brazil, ammonium nitrate imports remained relatively stable over the period from 2012-2021. The remaining importing countries recorded the following average annual rates of imports growth: Peru (-6.9% per year) and Guatemala (+6.8% per year).

Import Prices by Country

The import price in Latin America and the Caribbean stood at $X per ton in 2021, jumping by 30% against the previous year. In general, the import price, however, continues to indicate a noticeable descent. The level of import peaked at $X per ton in 2012; however, from 2013 to 2021, import prices failed to regain momentum.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Argentina ($X per ton), while Costa Rica ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Guatemala (-0.3%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform

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