Malaysia: Potassium Sulphate (Sop) Market 2024

Potassium Sulphate (Sop) Market Size in Malaysia

After three years of growth, the Malaysian potassium sulphate (SOP) market decreased by -14.4% to $X in 2022. Over the period under review, consumption, however, posted a significant increase. Over the period under review, the market attained the peak level at $X in 2021, and then declined in the following year.

Potassium Sulphate (Sop) Production in Malaysia

In value terms, potassium sulphate (SOP) production amounted to $X in 2022 estimated in export price. In general, production continues to indicate a dramatic decline. The most prominent rate of growth was recorded in 2020 with a decrease of 99.9% against the previous year. Potassium sulphate (SOP) production peaked at $X in 2013; however, from 2014 to 2022, production remained at a lower figure.

Potassium Sulphate (Sop) Exports

Exports from Malaysia

In 2022, the amount of potassium sulphate (SOP) exported from Malaysia reduced notably to X tons, declining by -38.6% on 2021 figures. In general, exports continue to indicate a noticeable decrease. The pace of growth was the most pronounced in 2018 with an increase of 1,353%. As a result, the exports attained the peak of X tons. From 2019 to 2022, the growth of the exports failed to regain momentum.

In value terms, potassium sulphate (SOP) exports shrank rapidly to $X in 2022. Over the period under review, exports continue to indicate a drastic downturn. The pace of growth appeared the most rapid in 2018 with an increase of 1,462%. As a result, the exports attained the peak of $X. From 2019 to 2022, the growth of the exports remained at a somewhat lower figure.

Exports by Country

Vietnam (X tons) was the main destination for potassium sulphate (SOP) exports from Malaysia, accounting for a 80% share of total exports. Moreover, potassium sulphate (SOP) exports to Vietnam exceeded the volume sent to the second major destination, Indonesia (X tons), tenfold. The third position in this ranking was taken by India (X tons), with a 5.8% share.

From 2012 to 2022, the average annual growth rate of volume to Vietnam amounted to +70.8%. Exports to the other major destinations recorded the following average annual rates of exports growth: Indonesia (+43.9% per year) and India (-27.3% per year).

In value terms, Vietnam ($X) remains the key foreign market for potassium sulphate (SOP) exports from Malaysia, comprising 70% of total exports. The second position in the ranking was held by Indonesia ($X), with a 12% share of total exports. It was followed by Myanmar, with a 9.4% share.

From 2012 to 2022, the average annual growth rate of value to Vietnam amounted to +60.2%. Exports to the other major destinations recorded the following average annual rates of exports growth: Indonesia (+27.8% per year) and Myanmar (+7.9% per year).

Export Prices by Country

The average potassium sulphate (SOP) export price stood at $X per ton in 2022, picking up by 14% against the previous year. Overall, the export price, however, saw a mild shrinkage. The most prominent rate of growth was recorded in 2014 when the average export price increased by 69% against the previous year. As a result, the export price reached the peak level of $X per ton. From 2015 to 2022, the average export prices failed to regain momentum.

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 Myanmar ($X per ton), while the average price for exports to Vietnam ($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 China (+25.0%), while the prices for the other major destinations experienced mixed trend patterns.

Potassium Sulphate (Sop) Imports

Imports into Malaysia

In 2022, after eight years of growth, there was significant decline in overseas purchases of potassium sulphate (SOP), when their volume decreased by -17.1% to X tons. Overall, imports, however, recorded a buoyant increase. The pace of growth appeared the most rapid in 2019 when imports increased by 69% against the previous year. Imports peaked at X tons in 2021, and then contracted sharply in the following year.

In value terms, potassium sulphate (SOP) imports shrank remarkably to $X in 2022. Over the period under review, imports, however, saw a buoyant increase. The growth pace was the most rapid in 2019 with an increase of 53% against the previous year. Over the period under review, imports attained the peak figure at $X in 2021, and then contracted markedly in the following year.

Imports by Country

In 2022, Canada (X tons) was the main potassium sulphate (SOP) supplier to Malaysia, accounting for a 94% share of total imports. It was followed by Singapore (X tons), with a 2.9% share of total imports.

From 2012 to 2022, the average annual growth rate of volume from Canada amounted to +20.4%.

In value terms, Canada ($X) constituted the largest supplier of potassium sulphate (SOP) to Malaysia, comprising 84% of total imports. The second position in the ranking was taken by Singapore ($X), with a 2% share of total imports.

From 2012 to 2022, the average annual rate of growth in terms of value from Canada stood at +13.0%.

Import Prices by Country

In 2022, the average potassium sulphate (SOP) import price amounted to $X per ton, standing approx. at the previous year. Over the period under review, the import price, however, recorded a deep reduction. Over the period under review, average import prices hit record highs at $X per ton in 2012; however, from 2013 to 2022, import prices remained at a lower figure.

Average prices varied somewhat amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was Canada ($X per ton), while the price for Singapore totaled $X per ton.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Canada (-6.1%).

Source: IndexBox Platform

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