Russian Federation: Borates Market 2024

Borates Market Size in the Russian Federation

The Russian borates market reduced slightly to $X in 2022, declining by -2.8% against the previous year. Over the period under review, consumption continues to indicate a pronounced setback. Borates consumption peaked at $X in 2012; however, from 2013 to 2022, consumption stood at a somewhat lower figure.

Borates Production in the Russian Federation

In value terms, borates production declined slightly to $X in 2022 estimated in export price. Over the period under review, production saw a noticeable decline. The pace of growth appeared the most rapid in 2021 with an increase of 4.6% against the previous year. Borates production peaked at $X in 2012; however, from 2013 to 2022, production failed to regain momentum.

Borates Exports

Exports from the Russian Federation

In 2022, exports of borates from Russia rose modestly to X tons, growing by 3.5% compared with the previous year's figure. The total export volume increased at an average annual rate of +3.9% over the period 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 2016 with an increase of 22%. The exports peaked at X tons in 2020; however, from 2021 to 2022, the exports remained at a lower figure.

In value terms, borates exports declined to $X in 2022. Over the period under review, exports, however, continue to indicate a slight decline. The growth pace was the most rapid in 2016 with an increase of 15%. The exports peaked at $X in 2012; however, from 2013 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

China (X tons) was the main destination for borates exports from Russia, accounting for a 73% share of total exports. Moreover, borates exports to China exceeded the volume sent to the second major destination, Belarus (X tons), eightfold. The third position in this ranking was held by Kyrgyzstan (X tons), with a 7.1% share.

From 2012 to 2022, the average annual growth rate of volume to China totaled +6.1%. Exports to the other major destinations recorded the following average annual rates of exports growth: Belarus (+64.3% per year) and Kyrgyzstan (+101.2% per year).

In value terms, China ($X) emerged as the key foreign market for borates exports from Russia, comprising 68% of total exports. The second position in the ranking was held by Belarus ($X), with a 15% share of total exports. It was followed by South Korea, with a 5.9% share.

From 2012 to 2022, the average annual growth rate of value to China was relatively modest. Exports to the other major destinations recorded the following average annual rates of exports growth: Belarus (+52.7% per year) and South Korea (-11.5% per year).

Export Prices by Country

The average borates export price stood at $X per ton in 2022, falling by -5.4% against the previous year. In general, the export price continues to indicate a deep downturn. The most prominent rate of growth was recorded in 2021 when the average export price increased by 8.9%. The export price peaked at $X per ton in 2012; however, from 2013 to 2022, the export prices stood at a somewhat lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Belarus ($X per ton), while the average price for exports to Kyrgyzstan ($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 China (-5.8%), while the prices for the other major destinations experienced a decline.

Borates Imports

Imports into the Russian Federation

In 2022, supplies from abroad of borates increased by 3.3% to X tons for the first time since 2019, thus ending a two-year declining trend. Overall, total imports indicated noticeable growth from 2012 to 2022: its volume increased at an average annual rate of +4.1% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth appeared the most rapid in 2016 with an increase of 21%. Over the period under review, imports attained the peak figure at X tons in 2019; however, from 2020 to 2022, imports failed to regain momentum.

In value terms, borates imports totaled $X in 2022. The total import value increased at an average annual rate of +1.3% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth appeared the most rapid in 2017 with an increase of 13% against the previous year. Imports peaked at $X in 2019; however, from 2020 to 2022, imports failed to regain momentum.

Imports by Country

In 2022, Turkey (X tons) was the main supplier of borates to Russia, accounting for a 98% share of total imports. It was followed by China (X tons), with a 1.2% share of total imports.

From 2012 to 2022, the average annual rate of growth in terms of volume from Turkey stood at +4.5%. The remaining supplying countries recorded the following average annual rates of imports growth: China (-4.1% per year) and the United States (-19.1% per year).

In value terms, Turkey ($X) constituted the largest supplier of borates to Russia, comprising 91% of total imports. The second position in the ranking was taken by China ($X), with a 6.9% share of total imports.

From 2012 to 2022, the average annual rate of growth in terms of value from Turkey stood at +2.0%. The remaining supplying countries recorded the following average annual rates of imports growth: China (-0.5% per year) and the United States (-23.8% per year).

Import Prices by Country

The average borates import price stood at $X per ton in 2022, falling by -1.9% against the previous year. Over the period under review, the import price continues to indicate a noticeable setback. The most prominent rate of growth was recorded in 2015 when the average import price increased by 7%. Over the period under review, average import prices hit record highs at $X per ton in 2012; however, from 2013 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 China ($X per ton), while the price for Turkey ($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 (+3.8%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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