Latin America and the Caribbean: Nitrates Market 2024

Nitrates Market Size in Latin America and the Caribbean

The Latin American nitrates market was finally on the rise to reach $X in 2021, after two years of decline. Overall, consumption recorded a prominent increase. As a result, consumption reached the peak level of $X. From 2019 to 2021, the growth of the market failed to regain momentum.

Nitrates Production in Latin America and the Caribbean

In value terms, nitrates production shrank to $X in 2021 estimated in export price. In general, production showed a buoyant expansion. The most prominent rate of growth was recorded in 2018 when the production volume increased by 69% against the previous year. As a result, production attained the peak level of $X. From 2019 to 2021, production growth remained at a lower figure.

Nitrates Exports

Exports in Latin America and the Caribbean

In 2021, approx. X tons of nitrates (excluding those of potassium) were exported in Latin America and the Caribbean; shrinking by -35.7% against 2020 figures. In general, exports showed a deep contraction. The pace of growth appeared the most rapid in 2017 when exports increased by 22% against the previous year. As a result, the exports reached the peak of X tons. From 2018 to 2021, the growth of the exports remained at a lower figure.

In value terms, nitrates exports shrank remarkably to $X in 2021. Overall, exports showed a abrupt shrinkage. The pace of growth was the most pronounced in 2013 when exports increased by 17%. As a result, the exports attained the peak of $X. From 2014 to 2021, the growth of the exports failed to regain momentum.

Exports by Country

Colombia represented the largest exporting country with an export of around X tons, which recorded 43% of total exports. Honduras (X tons) held a 22% share (based on physical terms) of total exports, which put it in second place, followed by Mexico (14%), Costa Rica (8.6%) and Peru (4.7%). The following exporters - Brazil (X tons) and Guatemala (X tons) - together made up 5% of total exports.

From 2012 to 2021, the biggest increases were recorded for Honduras (with a CAGR of +39.9%), while shipments for the other leaders experienced mixed trends in the exports figures.

In value terms, the largest nitrates supplying countries in Latin America and the Caribbean were Colombia ($X), Mexico ($X) and Honduras ($X), together comprising 73% of total exports.

In terms of the main exporting countries, Honduras, with a CAGR of +36.3%, recorded the highest rates of growth with regard to the value of exports, over the period under review, while shipments for the other leaders experienced mixed trends in the exports figures.

Export Prices by Country

In 2021, the export price in Latin America and the Caribbean amounted to $X per ton, reducing by -20.5% against the previous year. Overall, the export price showed a mild slump. The most prominent rate of growth was recorded in 2020 when the export price increased by 103% against the previous year. The level of export peaked at $X per ton in 2013; however, from 2014 to 2021, the export prices stood at a somewhat lower figure.

There were significant differences in the average prices amongst the major exporting countries. In 2021, amid the top suppliers, the country with the highest price was Brazil ($X per ton), while Costa Rica ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Colombia (+1.7%), while the other leaders experienced mixed trends in the export price figures.

Nitrates Imports

Imports in Latin America and the Caribbean

After five years of growth, purchases abroad of nitrates (excluding those of potassium) decreased by -1.8% to X tons in 2021. Total imports indicated buoyant growth from 2012 to 2021: its volume increased at an average annual rate of +5.9% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports increased by +30.0% against 2014 indices. The pace of growth was the most pronounced in 2013 when imports increased by 17% against the previous year. The volume of import peaked at X tons in 2020, and then contracted slightly in the following year.

In value terms, nitrates imports reached $X in 2021. Overall, imports, however, showed a relatively flat trend pattern. The pace of growth appeared the most rapid in 2018 with an increase of 17%. As a result, imports attained the peak of $X. From 2019 to 2021, the growth of imports failed to regain momentum.

Imports by Country

In 2021, Chile (X tons), distantly followed by Mexico (X tons), Costa Rica (X tons), Peru (X tons), Guatemala (X tons) and Brazil (X tons) represented the key importers of nitrates (excluding those of potassium), together comprising 89% of total imports. Ecuador (X tons) followed a long way behind the leaders.

From 2012 to 2021, the biggest increases were recorded for Costa Rica (with a CAGR of +49.1%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the largest nitrates importing markets in Latin America and the Caribbean were Mexico ($X), Chile ($X) and Brazil ($X), with a combined 55% share of total imports. Peru, Guatemala, Costa Rica and Ecuador lagged somewhat behind, together comprising a further 24%.

Costa Rica, with a CAGR of +26.0%, recorded the highest rates of growth with regard to the value of imports, among the main importing countries over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2021, the import price in Latin America and the Caribbean amounted to $X per ton, picking up by 12% against the previous year. In general, the import price, however, saw a abrupt curtailment. Over the period under review, import prices reached the peak figure at $X per ton in 2013; however, from 2014 to 2021, import prices remained at a lower figure.

There were significant differences in the average prices amongst the major importing countries. In 2021, amid the top importers, the country with the highest price was Brazil ($X per ton), while Costa Rica ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Mexico (-2.0%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform

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