Mexico: Potassium Sulphate (Sop) Market 2024

Potassium Sulphate (Sop) Market Size in Mexico

The Mexican potassium sulphate (SOP) market soared to $X in 2022, surging by 73% 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). In general, consumption saw buoyant growth. Potassium sulphate (SOP) consumption peaked in 2022 and is expected to retain growth in the immediate term.

Potassium Sulphate (Sop) Exports

Exports from Mexico

In 2022, shipments abroad of potassium sulphate (SOP) decreased by 0% to X tons, falling for the second consecutive year after three years of decline. In general, exports recorded a deep reduction. The pace of growth was the most pronounced in 2017 when exports increased by 1,325% against the previous year. As a result, the exports reached the peak of X tons. From 2018 to 2022, the growth of the exports remained at a lower figure.

In value terms, potassium sulphate (SOP) exports amounted to $X in 2022. Overall, exports showed a abrupt decrease. The most prominent rate of growth was recorded in 2017 when exports increased by 1,203%. As a result, the exports reached the peak of $X. From 2018 to 2022, the growth of the exports remained at a lower figure.

Exports by Country

The United States (X tons) was the main destination for potassium sulphate (SOP) exports from Mexico, accounting for a 70% share of total exports. Moreover, potassium sulphate (SOP) exports to the United States exceeded the volume sent to the second major destination, the Dominican Republic (X tons), threefold. The third position in this ranking was taken by Costa Rica (X tons), with a 3% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to the United States amounted to +22.2%. Exports to the other major destinations recorded the following average annual rates of exports growth: the Dominican Republic (-14.9% per year) and Costa Rica (+42.9% per year).

In value terms, the largest markets for potassium sulphate (SOP) exported from Mexico were the Dominican Republic ($X), the United States ($X) and Brazil ($X), with a combined 72% share of total exports.

Brazil, with a CAGR of +29.8%, saw the highest growth rate of the value of exports, among the main countries of destination over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2022, the average potassium sulphate (SOP) export price amounted to $X per ton, leveling off at the previous year. Over the period under review, the export price continues to indicate a abrupt downturn. The most prominent rate of growth was recorded in 2013 an increase of 5.1%. As a result, the export price reached the peak level of $X per ton. From 2014 to 2022, the average export prices remained at a somewhat lower figure.

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 Brazil ($X per ton), while the average price for exports to the United States ($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 the Dominican Republic (-3.0%), while the prices for the other major destinations experienced a decline.

Potassium Sulphate (Sop) Imports

Imports into Mexico

In 2022, the amount of potassium sulphate (SOP) imported into Mexico surged to X tons, with an increase of 50% compared with the year before. Overall, imports saw a prominent expansion. The most prominent rate of growth was recorded in 2020 when imports increased by 94%. Over the period under review, imports reached the maximum in 2022 and are expected to retain growth in years to come.

In value terms, potassium sulphate (SOP) imports surged to $X in 2022. In general, imports enjoyed a buoyant increase. As a result, imports attained the peak and are likely to continue growth in the immediate term.

Imports by Country

In 2022, Belgium (X tons) constituted the largest potassium sulphate (SOP) supplier to Mexico, accounting for a 64% share of total imports. Moreover, potassium sulphate (SOP) imports from Belgium exceeded the figures recorded by the second-largest supplier, China (X tons), fourfold. The United States (X tons) ranked third in terms of total imports with a 10% share.

From 2012 to 2022, the average annual growth rate of volume from Belgium amounted to +26.0%. The remaining supplying countries recorded the following average annual rates of imports growth: China (+56.6% per year) and the United States (-8.1% per year).

In value terms, the largest potassium sulphate (SOP) suppliers to Mexico were Belgium ($X), China ($X) and the United States ($X), with a combined 81% share of total imports. Taiwan (Chinese) and Egypt lagged somewhat behind, together comprising a further 17%.

In terms of the main suppliers, Egypt, with a CAGR of +159.9%, recorded the highest growth rate of the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2022, the average potassium sulphate (SOP) import price amounted to $X per ton, growing by 23% against the previous year. Over the period under review, the import price recorded a relatively flat trend pattern. The import price peaked at $X per ton in 2015; however, from 2016 to 2022, import prices stood at a somewhat lower figure.

There were significant differences in the average prices amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was Taiwan (Chinese) ($X per ton), while the price for Belgium ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Egypt (+20.0%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :