MERCOSUR: Sodium Nitrate Market 2024

Sodium Nitrate Market Size in MERCOSUR

The MERCOSUR sodium nitrate market declined significantly to $X in 2022, waning by -47.9% against the previous year. Over the period under review, consumption, however, posted a buoyant increase. Over the period under review, the market reached the maximum level at $X in 2019; however, from 2020 to 2022, consumption failed to regain momentum.

Sodium Nitrate Production in MERCOSUR

In value terms, sodium nitrate production contracted modestly to $X in 2022 estimated in export price. Overall, production, however, continues to indicate a relatively flat trend pattern. The pace of growth appeared the most rapid in 2016 when the production volume increased by 8.8%. The level of production peaked at $X in 2013; however, from 2014 to 2022, production stood at a somewhat lower figure.

Sodium Nitrate Exports

Exports in MERCOSUR

In 2022, approx. X tons of sodium nitrate were exported in MERCOSUR; growing by 127% compared with the previous year's figure. Over the period under review, exports, however, recorded a mild curtailment. Over the period under review, the exports hit record highs at X tons in 2012; however, from 2013 to 2022, the exports stood at a somewhat lower figure.

In value terms, sodium nitrate exports skyrocketed to $X in 2022. In general, exports, however, recorded a slight reduction. The level of export peaked at $X in 2012; however, from 2013 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

The biggest shipments were from Chile (X tons), together amounting to 100% of total export.

Chile was also the fastest-growing in terms of the sodium nitrate exports, with a CAGR of -1.4% from 2012 to 2022. The shares of the largest exporters remained relatively stable throughout the analyzed period.

In value terms, Chile ($X) also remains the largest sodium nitrate supplier in MERCOSUR.

From 2012 to 2022, the average annual growth rate of value in Chile totaled -1.9%.

Export Prices by Country

The export price in MERCOSUR stood at $X per ton in 2022, falling by -4.2% against the previous year. Overall, the export price recorded a relatively flat trend pattern. The pace of growth was the most pronounced in 2021 an increase of 20%. The level of export peaked at $X per ton in 2013; however, from 2014 to 2022, the export prices stood at a somewhat lower figure.

As there is only one major export destination, the average price level is determined by prices for Chile.

From 2012 to 2022, the rate of growth in terms of prices for Chile amounted to -0.5% per year.

Sodium Nitrate Imports

Imports in MERCOSUR

In 2022, after three years of decline, there was significant growth in purchases abroad of sodium nitrate, when their volume increased by 62% to X tons. Over the period under review, imports, however, saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2018 when imports increased by 113% against the previous year. As a result, imports attained the peak of X tons. From 2019 to 2022, the growth of imports failed to regain momentum.

In value terms, sodium nitrate imports soared to $X in 2022. Total imports indicated measured growth from 2012 to 2022: its value increased at an average annual rate of +2.0% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +115.9% against 2020 indices. As a result, imports reached the peak and are likely to continue growth in the immediate term.

Imports by Country

Brazil was the key importer of sodium nitrate in MERCOSUR, with the volume of imports accounting for X tons, which was near 65% of total imports in 2022. Peru (X tons) held a 16% share (based on physical terms) of total imports, which put it in second place, followed by Argentina (13%). Ecuador (X tons) followed a long way behind the leaders.

Imports into Brazil increased at an average annual rate of +2.7% from 2012 to 2022. At the same time, Argentina (+3.4%) and Ecuador (+3.1%) displayed positive paces of growth. Moreover, Argentina emerged as the fastest-growing importer imported in MERCOSUR, with a CAGR of +3.4% from 2012-2022. By contrast, Peru (-6.7%) illustrated a downward trend over the same period. While the share of Brazil (+16 p.p.) and Argentina (+3.9 p.p.) increased significantly in terms of the total imports from 2012-2022, the share of Peru (-15.4 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Brazil ($X) constitutes the largest market for imported sodium nitrate in MERCOSUR, comprising 69% of total imports. The second position in the ranking was held by Argentina ($X), with a 14% share of total imports. It was followed by Peru, with an 8.3% share.

In Brazil, sodium nitrate imports expanded at an average annual rate of +5.4% over the period from 2012-2022. The remaining importing countries recorded the following average annual rates of imports growth: Argentina (+5.2% per year) and Peru (-9.3% per year).

Import Prices by Country

The import price in MERCOSUR stood at $X per ton in 2022, rising by 21% against the previous year. Over the last decade, it increased at an average annual rate of +2.2%. The growth pace was the most rapid in 2017 when the import price increased by 24%. The level of import peaked in 2022 and is expected to retain growth in years to come.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Brazil (+2.6%), while the other leaders experienced mixed trends in the import price figures.

Source: IndexBox Platform