Latin America and the Caribbean: Nitrogen Market 2024

Nitrogen Market Size in Latin America and the Caribbean

The Latin American nitrogen market dropped modestly to $X in 2021, approximately reflecting the previous year. The market value increased at an average annual rate of +3.1% from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. Over the period under review, the market attained the maximum level at $X in 2020, and then dropped modestly in the following year.

Nitrogen Production in Latin America and the Caribbean

In value terms, nitrogen production contracted slightly to $X in 2021 estimated in export price. The total output value increased at an average annual rate of +4.5% from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The most prominent rate of growth was recorded in 2013 with an increase of 23%. The level of production peaked at $X in 2018; however, from 2019 to 2021, production stood at a somewhat lower figure.

Nitrogen Exports

Exports in Latin America and the Caribbean

In 2021, shipments abroad of nitrogen increased by 11% to X cubic meters for the first time since 2018, thus ending a two-year declining trend. The total export volume increased at an average annual rate of +2.5% over the period from 2012 to 2021; the trend pattern remained relatively stable, with somewhat noticeable fluctuations being observed throughout the analyzed period. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

In value terms, nitrogen exports surged to $X in 2021. Total exports indicated a prominent increase from 2012 to 2021: its value increased at an average annual rate of +7.6% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, exports increased by +79.7% against 2015 indices. As a result, the exports attained the peak and are likely to continue growth in the immediate term.

Exports by Country

In 2021, Trinidad and Tobago (X cubic meters), distantly followed by Guatemala (X cubic meters), El Salvador (X cubic meters) and Chile (X cubic meters) were the key exporters of nitrogen, together making up 79% of total exports. Costa Rica (X cubic meters), Argentina (X cubic meters), Panama (X cubic meters), Uruguay (X cubic meters), Colombia (X cubic meters) and Brazil (X cubic meters) held a minor share of total exports.

From 2012 to 2021, the most notable rate of growth in terms of shipments, amongst the key exporting countries, was attained by El Salvador (with a CAGR of +135.7%), while the other leaders experienced more modest paces of growth.

In value terms, the largest nitrogen supplying countries in Latin America and the Caribbean were Trinidad and Tobago ($X), Guatemala ($X) and El Salvador ($X), with a combined 73% share of total exports.

Among the main exporting countries, El Salvador, with a CAGR of +121.4%, recorded the highest growth rate of the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2021, the export price in Latin America and the Caribbean amounted to $X per cubic meter, rising by 14% against the previous year. Over the period from 2012 to 2021, it increased at an average annual rate of +4.9%. The most prominent rate of growth was recorded in 2013 an increase of 25% against the previous year. Over the period under review, the export prices hit record highs in 2021 and is expected to retain growth in the near future.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Brazil ($X per cubic meter), while Chile ($X per cubic meter) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Brazil (+13.4%), while the other leaders experienced more modest paces of growth.

Nitrogen Imports

Imports in Latin America and the Caribbean

In 2021, the amount of nitrogen imported in Latin America and the Caribbean totaled X cubic meters, picking up by 12% on 2020 figures. In general, imports, however, showed a mild setback. The most prominent rate of growth was recorded in 2016 when imports increased by 19%. The volume of import peaked at X cubic meters in 2012; however, from 2013 to 2021, imports stood at a somewhat lower figure.

In value terms, nitrogen imports totaled $X in 2021. Overall, imports showed a relatively flat trend pattern. The pace of growth appeared the most rapid in 2014 with an increase of 8% against the previous year. As a result, imports attained the peak of $X. From 2015 to 2021, the growth of imports failed to regain momentum.

Imports by Country

In 2021, Chile (X cubic meters), distantly followed by the Dominican Republic (X cubic meters), Costa Rica (X cubic meters), Honduras (X cubic meters) and Panama (X cubic meters) were the largest importers of nitrogen, together creating 73% of total imports. Mexico (X cubic meters), Curacao (X cubic meters), El Salvador (X cubic meters), Nicaragua (X cubic meters), Uruguay (X cubic meters), Guatemala (X cubic meters), Paraguay (X cubic meters) and Suriname (X cubic meters) took a relatively small share of total imports.

From 2012 to 2021, the biggest increases were recorded for Suriname (with a CAGR of +76.8%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, Mexico ($X) constitutes the largest market for imported nitrogen in Latin America and the Caribbean, comprising 43% of total imports. The second position in the ranking was taken by the Dominican Republic ($X), with an 11% share of total imports. It was followed by Chile, with a 6.3% share.

From 2012 to 2021, the average annual rate of growth in terms of value in Mexico totaled -2.0%. In the other countries, the average annual rates were as follows: the Dominican Republic (+10.7% per year) and Chile (-5.0% per year).

Import Prices by Country

The import price in Latin America and the Caribbean stood at $X per cubic meter in 2021, waning by -3.9% against the previous year. Over the period from 2012 to 2021, it increased at an average annual rate of +1.7%. The pace of growth was the most pronounced in 2013 when the import price increased by 40%. Over the period under review, import prices reached the peak figure at $X per cubic meter in 2015; however, from 2016 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 Mexico ($X per cubic meter), while Chile ($X per cubic meter) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by the Dominican Republic (+7.0%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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