Philippines: Potassium Chloride (Mop) Market 2024

Potassium Chloride (Mop) Market Size in the Philippines

The Philippine potassium chloride (MOP) market surged to $X in 2022, picking up by 25% against the previous year. In general, the total consumption indicated noticeable growth from 2012 to 2022: its value increased at an average annual rate of +2.1% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption increased by +123.3% against 2014 indices. Over the period under review, the market reached the peak level in 2022 and is expected to retain growth in the immediate term.

Potassium Chloride (Mop) Production in the Philippines

In value terms, potassium chloride (MOP) production contracted to $X in 2022 estimated in export price. Over the period under review, production faced a sharp descent. The most prominent rate of growth was recorded in 2021 with an increase of 7%. Potassium chloride (MOP) production peaked at $X in 2012; however, from 2013 to 2022, production stood at a somewhat lower figure.

Potassium Chloride (Mop) Exports

Exports from the Philippines

In 2021, shipments abroad of potassium chloride (MOP) decreased by 0% to X tons, falling for the third consecutive year after five years of growth. Over the period under review, exports saw a abrupt downturn. The pace of growth appeared the most rapid in 2015 when exports increased by 367% against the previous year. Over the period under review, the exports hit record highs at X tons in 2018; however, from 2019 to 2021, the exports failed to regain momentum.

In value terms, potassium chloride (MOP) exports totaled $X in 2021. Overall, exports continue to indicate a deep reduction. The pace of growth was the most pronounced in 2015 when exports increased by 297%. The exports peaked at $X in 2018; however, from 2019 to 2021, the exports stood at a somewhat lower figure.

Exports by Country

Thailand (X tons) was the main destination for potassium chloride (MOP) exports from the Philippines, accounting for a approx. 100% share of total exports.

From 2014 to 2021, the average annual rate of growth in terms of volume to Thailand stood at -20.6%.

From 2014 to 2021, the average annual growth rate of value to Thailand amounted to -21.6%.

Export Prices by Country

In 2021, the average potassium chloride (MOP) export price amounted to $X per ton, approximately equating the previous year. Over the period under review, the export price saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2017 when the average export price increased by 9.7% against the previous year. The export price peaked at $X per ton in 2014; however, from 2015 to 2021, the export prices remained at a lower figure.

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

From 2014 to 2021, the rate of growth in terms of prices for Thailand amounted to -1.3% per year.

Potassium Chloride (Mop) Imports

Imports into the Philippines

In 2022, imports of potassium chloride (MOP) into the Philippines skyrocketed to X tons, picking up by 24% compared with the previous year. Overall, imports posted strong growth. The most prominent rate of growth was recorded in 2017 when imports increased by 47%. Over the period under review, imports attained the peak figure in 2022 and are expected to retain growth in the immediate term.

In value terms, potassium chloride (MOP) imports skyrocketed to $X in 2022. Over the period under review, imports posted a temperate expansion. The pace of growth appeared the most rapid in 2021 when imports increased by 47% against the previous year. Over the period under review, imports attained the maximum in 2022 and are likely to see gradual growth in the immediate term.

Imports by Country

In 2022, Canada (X tons) constituted the largest potassium chloride (MOP) supplier to the Philippines, with a 57% share of total imports. Moreover, potassium chloride (MOP) imports from Canada exceeded the figures recorded by the second-largest supplier, Jordan (X tons), fourfold. Uzbekistan (X tons) ranked third in terms of total imports with a 9.3% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from Canada totaled +7.7%. The remaining supplying countries recorded the following average annual rates of imports growth: Jordan (+9.9% per year) and Uzbekistan (+44.1% per year).

In value terms, Canada ($X) constituted the largest supplier of potassium chloride (MOP) to the Philippines, comprising 61% of total imports. The second position in the ranking was held by Jordan ($X), with a 13% share of total imports. It was followed by Uzbekistan, with a 7.4% share.

From 2012 to 2022, the average annual growth rate of value from Canada amounted to +6.9%. The remaining supplying countries recorded the following average annual rates of imports growth: Jordan (+3.9% per year) and Uzbekistan (+36.3% per year).

Import Prices by Country

The average potassium chloride (MOP) import price stood at $X per ton in 2022, stabilizing at the previous year. Over the period under review, the import price, however, saw a noticeable contraction. The pace of growth was the most pronounced in 2021 an increase of 25%. The import price peaked at $X per ton in 2012; however, from 2013 to 2022, import prices stood at a somewhat lower figure.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Israel ($X per ton), while the price for Belarus ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Israel (+2.1%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

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