Philippines: Potassium Sulphate (Sop) Market 2024

Potassium Sulphate (Sop) Market Size in the Philippines

The Philippine potassium sulphate (SOP) market declined notably to $X in 2022, which is down by -25% against the previous year. Over the period under review, consumption, however, recorded a relatively flat trend pattern. As a result, consumption reached the peak level of $X, and then declined sharply in the following year.

Potassium Sulphate (Sop) Production in the Philippines

In value terms, potassium sulphate (SOP) production shrank dramatically to $X in 2022 estimated in export price. Over the period under review, production showed a noticeable curtailment. The most prominent rate of growth was recorded in 2018 with an increase of 225% against the previous year. Over the period under review, production reached the peak level at $X in 2014; however, from 2015 to 2022, production stood at a somewhat lower figure.

Potassium Sulphate (Sop) Exports

Exports from the Philippines

In 2022, overseas shipments of potassium sulphate (SOP) decreased by -18.7% to X tons, falling for the sixth year in a row after five years of growth. Overall, exports continue to indicate a pronounced reduction. The most prominent rate of growth was recorded in 2014 when exports increased by 98% against the previous year. The exports peaked at X tons in 2016; however, from 2017 to 2022, the exports remained at a lower figure.

In value terms, potassium sulphate (SOP) exports skyrocketed to $X in 2022. Over the period under review, exports, however, saw a relatively flat trend pattern. The growth pace was the most rapid in 2014 when exports increased by 192% against the previous year. The exports peaked at $X in 2015; however, from 2016 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

Australia (X tons), Thailand (X tons) and Malaysia (X tons) were the main destinations of potassium sulphate (SOP) exports from the Philippines, together comprising 77% of total exports. Vietnam, Indonesia and Japan lagged somewhat behind, together accounting for a further 23%.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Indonesia (with a CAGR of +13.7%), while the other leaders experienced more modest paces of growth.

In value terms, Australia ($X), Thailand ($X) and Malaysia ($X) appeared to be the largest markets for potassium sulphate (SOP) exported from the Philippines worldwide, together comprising 76% of total exports. Vietnam, Indonesia and Japan lagged somewhat behind, together comprising a further 24%.

Indonesia, with a CAGR of +21.5%, recorded the highest rates of growth with regard to 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, growing by 64% against the previous year. Overall, the export price enjoyed a notable expansion. The most prominent rate of growth was recorded in 2021 when the average export price increased by 77% against the previous year. Over the period under review, the average export prices attained the peak figure in 2022 and is expected to retain growth in years to come.

Average prices varied noticeably for the major export markets. In 2022, amid the top suppliers, the highest price was recorded for prices to Japan ($X per ton) and Indonesia ($X per ton), while the average price for exports to Thailand ($X per ton) and Australia ($X per ton) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Indonesia (+6.9%), while the prices for the other major destinations experienced more modest paces of growth.

Potassium Sulphate (Sop) Imports

Imports into the Philippines

In 2022, overseas purchases of potassium sulphate (SOP) decreased by -87% to X tons, falling for the second consecutive year after two years of growth. Overall, imports, however, continue to indicate a prominent expansion. The pace of growth was the most pronounced in 2017 when imports increased by 1,485,022% against the previous year. Over the period under review, imports reached the peak figure at X tons in 2020; however, from 2021 to 2022, imports remained at a lower figure.

In value terms, potassium sulphate (SOP) imports declined sharply to $X in 2022. Over the period under review, imports, however, enjoyed resilient growth. The pace of growth was the most pronounced in 2017 with an increase of 57,748% against the previous year. Over the period under review, imports attained the peak figure at $X in 2020; however, from 2021 to 2022, imports stood at a somewhat lower figure.

Imports by Country

In 2022, Vietnam (X tons) constituted the largest supplier of potassium sulphate (SOP) to the Philippines, accounting for a 59% share of total imports. Moreover, potassium sulphate (SOP) imports from Vietnam exceeded the figures recorded by the second-largest supplier, India (X tons), twofold.

From 2012 to 2022, the average annual growth rate of volume from Vietnam totaled +220.0%. The remaining supplying countries recorded the following average annual rates of imports growth: India (+62.2% per year) and China (+9.7% per year).

In value terms, Vietnam ($X) constituted the largest supplier of potassium sulphate (SOP) to the Philippines, comprising 59% of total imports. The second position in the ranking was held by India ($X), with a 24% share of total imports.

From 2012 to 2022, the average annual rate of growth in terms of value from Vietnam totaled +150.7%. The remaining supplying countries recorded the following average annual rates of imports growth: India (+64.8% per year) and China (+13.1% per year).

Import Prices by Country

In 2022, the average potassium sulphate (SOP) import price amounted to $X per ton, growing by 48% against the previous year. In general, the import price continues to indicate a relatively flat trend pattern. The pace of growth appeared the most rapid in 2016 when the average import price increased by 1,148% against the previous year. As a result, import price reached the peak level of $X per ton. From 2017 to 2022, the average import prices remained at a lower figure.

Average prices varied somewhat amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was China ($X per ton), while the price for India ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by China (+3.1%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

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