Portugal: Urea Market 2024

Urea Market Size in Portugal

For the third year in a row, the Portuguese urea market recorded growth in sales value, which increased by 35% to $X in 2022. Overall, consumption continues to indicate a prominent increase. Urea consumption peaked in 2022 and is likely to continue growth in the near future.

Urea Production in Portugal

In value terms, urea production declined dramatically to $X in 2022 estimated in export price. Overall, production, however, saw a slight increase. The pace of growth was the most pronounced in 2014 when the production volume increased by 106% against the previous year. Over the period under review, production hit record highs at $X in 2015; however, from 2016 to 2022, production failed to regain momentum.

Urea Exports

Exports from Portugal

In 2022, approx. X tons of urea were exported from Portugal; growing by 50% compared with 2021 figures. Overall, exports posted a buoyant increase. The pace of growth was the most pronounced in 2013 with an increase of 170%. The exports peaked in 2022 and are likely to see gradual growth in the immediate term.

In value terms, urea exports surged to $X in 2022. Over the period under review, exports showed a significant increase. The pace of growth was the most pronounced in 2021 with an increase of 165% against the previous year. Over the period under review, the exports reached the peak figure in 2022 and are likely to see steady growth in the immediate term.

Exports by Country

Spain (X tons) was the main destination for urea exports from Portugal, accounting for a 54% share of total exports. Moreover, urea exports to Spain exceeded the volume sent to the second major destination, France (X tons), threefold. The third position in this ranking was taken by Morocco (X tons), with a 20% share.

From 2012 to 2022, the average annual growth rate of volume to Spain totaled +11.4%. Exports to the other major destinations recorded the following average annual rates of exports growth: France (+23.2% per year) and Morocco (+168.7% per year).

In value terms, Spain ($X) remains the key foreign market for urea exports from Portugal, comprising 61% of total exports. The second position in the ranking was held by France ($X), with a 27% share of total exports. It was followed by Morocco, with a 6.6% share.

From 2012 to 2022, the average annual growth rate of value to Spain totaled +19.4%. Exports to the other major destinations recorded the following average annual rates of exports growth: France (+30.2% per year) and Morocco (+133.5% per year).

Export Prices by Country

The average urea export price stood at $X per ton in 2022, jumping by 42% against the previous year. Overall, the export price showed measured growth. The pace of growth was the most pronounced in 2021 when the average export price increased by 82%. The export price peaked in 2022 and is likely to continue growth in the immediate term.

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 Angola ($X per ton), while the average price for exports to Morocco ($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 Spain (+7.2%), while the prices for the other major destinations experienced more modest paces of growth.

Urea Imports

Imports into Portugal

In 2022, imports of urea into Portugal expanded notably to X tons, surging by 7.3% compared with 2021 figures. The total import volume increased at an average annual rate of +2.8% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The pace of growth was the most pronounced in 2018 with an increase of 32%. Over the period under review, imports reached the maximum in 2022 and are expected to retain growth in the immediate term.

In value terms, urea imports surged to $X in 2022. Over the period under review, imports posted a buoyant expansion. The pace of growth appeared the most rapid in 2021 when imports increased by 116% against the previous year. Over the period under review, imports attained the peak figure in 2022 and are expected to retain growth in years to come.

Imports by Country

Spain (X tons), Egypt (X tons) and Algeria (X tons) were the main suppliers of urea imports to Portugal, with a combined 81% share of total imports.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Algeria (with a CAGR of +38.7%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the largest urea suppliers to Portugal were Egypt ($X), Spain ($X) and Algeria ($X), with a combined 82% share of total imports.

In terms of the main suppliers, Algeria, with a CAGR of +55.1%, saw 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 urea import price amounted to $X per ton, with an increase of 52% against the previous year. In general, the import price recorded a strong expansion. The pace of growth was the most pronounced in 2021 an increase of 80% against the previous year. Over the period under review, average import prices hit record highs in 2022 and is expected to retain growth in the immediate term.

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 Slovakia ($X per ton), while the price for Germany ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Algeria (+11.8%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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