Mexico: Ammonium Nitrate Market 2024

Ammonium Nitrate Market Size in Mexico

The Mexican ammonium nitrate market fell to $X in 2021, with a decrease of -6.1% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). Over the period under review, consumption, however, showed a deep contraction. As a result, consumption reached the peak level of $X. From 2015 to 2021, the growth of the market failed to regain momentum.

Ammonium Nitrate Exports

Exports from Mexico

In 2021, exports of ammonium nitrate from Mexico surged to X tons, picking up by 52% against the previous year's figure. Overall, exports, however, faced a deep downturn. The pace of growth was the most pronounced in 2019 with an increase of 156% against the previous year. Over the period under review, the exports reached the peak figure at X tons in 2012; however, from 2013 to 2021, the exports stood at a somewhat lower figure.

In value terms, ammonium nitrate exports surged to $X in 2021. Over the period under review, exports, however, saw a drastic downturn. The most prominent rate of growth was recorded in 2019 when exports increased by 137% against the previous year. The exports peaked at $X in 2012; however, from 2013 to 2021, the exports stood at a somewhat lower figure.

Exports by Country

Suriname (X tons) was the main destination for ammonium nitrate exports from Mexico, accounting for a 87% share of total exports. Moreover, ammonium nitrate exports to Suriname exceeded the volume sent to the second major destination, the United States (X tons), more than tenfold. Costa Rica (X tons) ranked third in terms of total exports with a 3.2% share.

From 2012 to 2021, the average annual rate of growth in terms of volume to Suriname stood at -9.0%. Exports to the other major destinations recorded the following average annual rates of exports growth: the United States (+20.7% per year) and Costa Rica (-39.1% per year).

In value terms, Suriname ($X) remains the key foreign market for ammonium nitrate exports from Mexico, comprising 94% of total exports. The second position in the ranking was taken by the United States ($X), with a 3.5% share of total exports. It was followed by Costa Rica, with a 2% share.

From 2012 to 2021, the average annual rate of growth in terms of value to Suriname stood at -5.8%. Exports to the other major destinations recorded the following average annual rates of exports growth: the United States (+1.2% per year) and Costa Rica (-37.8% per year).

Export Prices by Country

The average ammonium nitrate export price stood at $X per ton in 2021, rising by 37% against the previous year. Over the period under review, export price indicated buoyant growth from 2012 to 2021: its price increased at an average annual rate of +5.1% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, ammonium nitrate export price increased by +69.0% against 2016 indices. As a result, the export price reached the peak level and is likely to continue growth in the immediate term.

There were significant differences in the average prices for the major foreign markets. In 2021, amid the top suppliers, the country with the highest price was Suriname ($X per ton), while the average price for exports to Belize ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Suriname (+3.5%), while the prices for the other major destinations experienced more modest paces of growth.

Ammonium Nitrate Imports

Imports into Mexico

In 2021, imports of ammonium nitrate into Mexico soared to X tons, with an increase of 15% compared with the previous year's figure. Over the period under review, imports, however, showed a pronounced decline. The most prominent rate of growth was recorded in 2018 when imports increased by 66% against the previous year. Imports peaked at X tons in 2014; however, from 2015 to 2021, imports remained at a lower figure.

In value terms, ammonium nitrate imports fell remarkably to $X in 2021. Overall, imports, however, continue to indicate a abrupt decrease. The most prominent rate of growth was recorded in 2014 with an increase of 33%. As a result, imports attained the peak of $X. From 2015 to 2021, the growth of imports remained at a somewhat lower figure.

Imports by Country

In 2021, the United States (X tons) constituted the largest ammonium nitrate supplier to Mexico, accounting for a 61% share of total imports. Moreover, ammonium nitrate imports from the United States exceeded the figures recorded by the second-largest supplier, Sweden (X tons), threefold. The third position in this ranking was taken by Russia (X tons), with a 9.6% share.

From 2012 to 2021, the average annual rate of growth in terms of volume from the United States amounted to -1.1%. The remaining supplying countries recorded the following average annual rates of imports growth: Sweden (+1.5% per year) and Russia (-2.3% per year).

In value terms, the United States ($X) constituted the largest supplier of ammonium nitrate to Mexico, comprising 59% of total imports. The second position in the ranking was taken by Sweden ($X), with a 24% share of total imports. It was followed by Russia, with a 10% share.

From 2012 to 2021, the average annual growth rate of value from the United States amounted to -4.4%. The remaining supplying countries recorded the following average annual rates of imports growth: Sweden (-4.0% per year) and Russia (-3.5% per year).

Import Prices by Country

In 2021, the average ammonium nitrate import price amounted to $X per ton, shrinking by -33% against the previous year. In general, the import price showed a pronounced slump. The growth pace was the most rapid in 2015 an increase of 76% against the previous year. Over the period under review, average import prices reached the peak figure at $X per ton in 2016; however, from 2017 to 2021, import prices stood at a somewhat lower figure.

There were significant differences in the average prices amongst the major supplying countries. In 2021, amid the top importers, the country with the highest price was Chile ($X per ton), while the price for Canada ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Chile (+1.3%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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