Mexico: Nitrogen Market 2024

Nitrogen Market Size in Mexico

The Mexican nitrogen market expanded markedly to $X in 2021, growing by 7.4% against the previous year. In general, the total consumption indicated a pronounced increase from 2012 to 2021: its value increased at an average annual rate of +4.9% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, consumption decreased by -6.5% against 2019 indices. Over the period under review, the market attained the peak level at $X in 2019; however, from 2020 to 2021, consumption failed to regain momentum.

Nitrogen Production in Mexico

In value terms, nitrogen production expanded remarkably to $X in 2021 estimated in export price. In general, the total production indicated a tangible expansion from 2012 to 2021: its value increased at an average annual rate of +4.9% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, production decreased by -6.5% against 2019 indices. The pace of growth was the most pronounced in 2016 when the production volume increased by 25%. Nitrogen production peaked at $X in 2019; however, from 2020 to 2021, production failed to regain momentum.

Nitrogen Exports

Exports from Mexico

In 2021, shipments abroad of nitrogen decreased by -18.4% to X cubic meters, falling for the second consecutive year after three years of growth. Overall, exports, however, saw a significant expansion. The most prominent rate of growth was recorded in 2018 when exports increased by 238% against the previous year. The exports peaked at X cubic meters in 2019; however, from 2020 to 2021, the exports stood at a somewhat lower figure.

In value terms, nitrogen exports declined sharply to $X in 2021. In general, exports recorded a abrupt downturn. The pace of growth appeared the most rapid in 2014 when exports increased by 141%. As a result, the exports reached the peak of $X. From 2015 to 2021, the growth of the exports remained at a somewhat lower figure.

Exports by Country

El Salvador (X cubic meters) was the main destination for nitrogen exports from Mexico, accounting for a 63% share of total exports. Moreover, nitrogen exports to El Salvador exceeded the volume sent to the second major destination, Costa Rica (X cubic meters), fivefold. The third position in this ranking was taken by South Africa (X cubic meters), with a 10% share.

From 2012 to 2021, the average annual rate of growth in terms of volume to El Salvador totaled +34.9%. Exports to the other major destinations recorded the following average annual rates of exports growth: Costa Rica (+35.4% per year) and South Africa (+66.8% per year).

In value terms, the largest markets for nitrogen exported from Mexico were Costa Rica ($X), El Salvador ($X) and Peru ($X), with a combined 63% share of total exports.

Among the main countries of destination, Costa Rica, with a CAGR of -0.5%, 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 a decline.

Export Prices by Country

The average nitrogen export price stood at $X per cubic meter in 2021, dropping by -36.2% against the previous year. In general, the export price recorded a precipitous shrinkage. The pace of growth was the most pronounced in 2019 an increase of 12% against the previous year. The export price peaked at $X per cubic meter in 2012; however, from 2013 to 2021, the export prices failed to regain momentum.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Panama ($X per cubic meter), while the average price for exports to Chile (less than $X per cubic meter) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Panama (+20.1%), while the prices for the other major destinations experienced a decline.

Nitrogen Imports

Imports into Mexico

In 2021, overseas purchases of nitrogen decreased by -38.6% to X cubic meters for the first time since 2018, thus ending a two-year rising trend. Overall, imports continue to indicate a abrupt curtailment. The pace of growth appeared the most rapid in 2019 with an increase of 212% against the previous year. Imports peaked at X cubic meters in 2012; however, from 2013 to 2021, imports failed to regain momentum.

In value terms, nitrogen imports shrank to $X in 2021. Over the period under review, imports continue to indicate a noticeable downturn. The pace of growth was the most pronounced in 2016 with an increase of 16%. As a result, imports reached the peak of $X. From 2017 to 2021, the growth of imports remained at a somewhat lower figure.

Imports by Country

In 2021, the United States (X cubic meters) was the main supplier of nitrogen to Mexico, accounting for a approx. 99% share of total imports.

From 2012 to 2021, the average annual growth rate of volume from the United States totaled -8.1%.

In value terms, the United States ($X) constituted the largest supplier of nitrogen to Mexico.

From 2012 to 2021, the average annual growth rate of value from the United States amounted to -2.0%.

Import Prices by Country

The average nitrogen import price stood at $X per cubic meter in 2021, growing by 49% against the previous year. Overall, the import price recorded a strong increase. The pace of growth appeared the most rapid in 2013 when the average import price increased by 93%. Over the period under review, average import prices attained the maximum at $X per cubic meter in 2018; however, from 2019 to 2021, import prices stood at a somewhat lower figure.

As there is only one major supplying country, the average price level is determined by prices for the United States.

From 2012 to 2021, the rate of growth in terms of prices for the United States amounted to +6.7% per year.

Source: IndexBox Platform

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