Peru: Nitrogen Market 2024

Nitrogen Market Size in Peru

The Peruvian nitrogen market fell slightly to $X in 2021, dropping by -3.2% against the previous year. In general, the total consumption indicated a buoyant increase from 2012 to 2021: its value increased at an average annual rate of +6.7% 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 increased by +3.5% against 2019 indices. Over the period under review, the market hit record highs at $X in 2018; however, from 2019 to 2021, consumption failed to regain momentum.

Nitrogen Production in Peru

In value terms, nitrogen production dropped slightly to $X in 2021 estimated in export price. In general, the total production indicated buoyant growth from 2012 to 2021: its value increased at an average annual rate of +6.8% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, production increased by +2.0% against 2019 indices. The pace of growth was the most pronounced in 2015 when the production volume increased by 38%. Nitrogen production peaked at $X in 2018; however, from 2019 to 2021, production stood at a somewhat lower figure.

Nitrogen Exports

Exports from Peru

In 2021, exports of nitrogen from Peru soared to X cubic meters, increasing by 7,975% compared with the year before. Over the period under review, exports showed significant growth. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

In value terms, nitrogen exports soared to $X in 2021. Overall, exports recorded a prominent increase. As a result, the exports attained the peak and are likely to continue growth in the immediate term.

Exports by Country

Bolivia (X cubic meters) was the main destination for nitrogen exports from Peru, with a 98% share of total exports. It was followed by the United States (X cubic meters), with a 0.8% share of total exports.

From 2012 to 2021, the average annual growth rate of volume to Bolivia totaled +62.0%. Exports to the other major destinations recorded the following average annual rates of exports growth: the United States (+109.6% per year) and Ecuador (-52.6% per year).

In value terms, Bolivia ($X) emerged as the key foreign market for nitrogen exports from Peru, comprising 97% of total exports. The second position in the ranking was held by the United States ($X), with a 1.1% share of total exports.

From 2012 to 2021, the average annual growth rate of value to Bolivia amounted to +54.3%. Exports to the other major destinations recorded the following average annual rates of exports growth: the United States (+103.4% per year) and Ecuador (-50.5% per year).

Export Prices by Country

The average nitrogen export price stood at $X per cubic meter in 2021, declining by -38.6% against the previous year. In general, the export price recorded a dramatic contraction. The growth pace was the most rapid in 2017 when the average export price increased by 183% against the previous year. Over the period under review, the average export prices attained the peak figure at $X per cubic meter in 2012; however, from 2013 to 2021, the export prices remained at a lower figure.

There were significant differences in the average prices for the major overseas markets. In 2021, amid the top suppliers, the country with the highest price was Ecuador ($X per cubic meter), while the average price for exports to Bolivia ($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 Ecuador (+4.4%), while the prices for the other major destinations experienced mixed trend patterns.

Nitrogen Imports

Imports into Peru

In 2021, the amount of nitrogen imported into Peru reached X cubic meters, approximately equating 2020 figures. Overall, imports showed a remarkable increase. The growth pace was the most rapid in 2019 with an increase of 210% against the previous year. Over the period under review, imports attained the peak figure in 2021 and are likely to continue growth in years to come.

In value terms, nitrogen imports surged to $X in 2021. In general, imports posted a prominent expansion. The pace of growth was the most pronounced in 2015 when imports increased by 303%. As a result, imports reached the peak of $X. From 2016 to 2021, the growth of imports remained at a lower figure.

Imports by Country

In 2021, Chile (X cubic meters) constituted the largest nitrogen supplier to Peru, with a 39% share of total imports. Moreover, nitrogen imports from Chile exceeded the figures recorded by the second-largest supplier, the United States (X cubic meters), twofold. Ecuador (X cubic meters) ranked third in terms of total imports with a 19% share.

From 2012 to 2021, the average annual growth rate of volume from Chile totaled +46.1%. The remaining supplying countries recorded the following average annual rates of imports growth: the United States (+2.3% per year) and Ecuador (+31.7% per year).

In value terms, the largest nitrogen suppliers to Peru were the United States ($X), Ecuador ($X) and Mexico ($X), with a combined 71% share of total imports.

Mexico, with a CAGR of +82.4%, recorded the highest rates of growth with regard to the value of imports, among the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The average nitrogen import price stood at $X per cubic meter in 2021, picking up by 36% against the previous year. Overall, the import price, however, recorded a abrupt descent. The pace of growth appeared the most rapid in 2016 when the average import price increased by 69%. Over the period under review, average import prices hit record highs at $X per cubic meter in 2017; however, from 2018 to 2021, import prices failed to regain momentum.

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 the United States ($X per cubic meter), while the price for Costa Rica ($X per cubic meter) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Chile (+6.4%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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