Russian Federation: Potassium Sulphate (Sop) Market 2024

Potassium Sulphate (Sop) Market Size in the Russian Federation

The Russian potassium sulphate (SOP) market soared to $X in 2022, jumping by 274% against the previous year. Over the period under review, consumption, however, showed a abrupt downturn. Potassium sulphate (SOP) consumption peaked at $X in 2015; however, from 2016 to 2022, consumption stood at a somewhat lower figure.

Potassium Sulphate (Sop) Production in the Russian Federation

In value terms, potassium sulphate (SOP) production stood at $X in 2022 estimated in export price. In general, production, however, recorded a deep reduction. The most prominent rate of growth was recorded in 2018 when the production volume increased by 64%. Potassium sulphate (SOP) production peaked at $X in 2012; however, from 2013 to 2022, production stood at a somewhat lower figure.

Potassium Sulphate (Sop) Exports

Exports from the Russian Federation

In 2022, after two years of growth, there was significant decline in shipments abroad of potassium sulphate (SOP), when their volume decreased by -12.4% to X tons. Over the period under review, exports recorded a abrupt decrease. The pace of growth was the most pronounced in 2018 when exports increased by 45%. The exports peaked at X tons in 2012; however, from 2013 to 2022, the exports stood at a somewhat lower figure.

In value terms, potassium sulphate (SOP) exports dropped to $X in 2022. In general, exports showed a abrupt downturn. The pace of growth appeared the most rapid in 2018 when exports increased by 33%. Over the period under review, the exports hit record highs at $X in 2012; however, from 2013 to 2022, the exports failed to regain momentum.

Exports by Country

China (X tons) was the main destination for potassium sulphate (SOP) exports from Russia, accounting for a 86% share of total exports. Moreover, potassium sulphate (SOP) exports to China exceeded the volume sent to the second major destination, Turkey (X tons), more than tenfold. Kazakhstan (X tons) ranked third in terms of total exports with a 4.9% share.

From 2012 to 2022, the average annual growth rate of volume to China stood at -5.2%. Exports to the other major destinations recorded the following average annual rates of exports growth: Turkey (+7.4% per year) and Kazakhstan (+35.3% per year).

In value terms, China ($X) remains the key foreign market for potassium sulphate (SOP) exports from Russia, comprising 75% of total exports. The second position in the ranking was taken by Turkey ($X), with an 11% share of total exports. It was followed by Kazakhstan, with an 8.9% share.

From 2012 to 2022, the average annual growth rate of value to China stood at -8.7%. Exports to the other major destinations recorded the following average annual rates of exports growth: Turkey (+9.8% per year) and Kazakhstan (+37.2% per year).

Export Prices by Country

The average potassium sulphate (SOP) export price stood at $X per ton in 2022, standing approx. at the previous year. Over the period under review, the export price, however, continues to indicate a perceptible slump. The growth pace was the most rapid in 2014 when the average export price increased by 22%. As a result, the export price reached the peak level of $X per ton. From 2015 to 2022, the average export prices remained at a somewhat lower figure.

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 Mauritius ($X per ton), while the average price for exports to China ($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 Mauritius (+16.8%), while the prices for the other major destinations experienced more modest paces of growth.

Potassium Sulphate (Sop) Imports

Imports into the Russian Federation

In 2022, potassium sulphate (sop) imports into Russia shrank modestly to X tons, waning by -2.2% on the previous year's figure. Over the period under review, imports, however, continue to indicate significant growth. The most prominent rate of growth was recorded in 2015 when imports increased by 142% against the previous year. Imports peaked at X tons in 2019; however, from 2020 to 2022, imports stood at a somewhat lower figure.

In value terms, potassium sulphate (SOP) imports reduced to $X in 2022. Overall, imports, however, saw a remarkable increase. The growth pace was the most rapid in 2015 with an increase of 103%. Imports peaked at $X in 2019; however, from 2020 to 2022, imports remained at a lower figure.

Imports by Country

In 2022, Belgium (X tons) constituted the largest potassium sulphate (SOP) supplier to Russia, accounting for a 85% share of total imports. Moreover, potassium sulphate (SOP) imports from Belgium exceeded the figures recorded by the second-largest supplier, Sweden (X tons), sixfold.

From 2012 to 2022, the average annual rate of growth in terms of volume from Belgium totaled +21.9%.

In value terms, Belgium ($X) constituted the largest supplier of potassium sulphate (SOP) to Russia, comprising 84% of total imports. The second position in the ranking was taken by Sweden ($X), with a 16% share of total imports.

From 2012 to 2022, the average annual rate of growth in terms of value from Belgium stood at +19.3%.

Import Prices by Country

The average potassium sulphate (SOP) import price stood at $X per ton in 2022, dropping by -6.7% against the previous year. In general, the import price continues to indicate a pronounced contraction. The pace of growth was the most pronounced in 2021 when the average import price increased by 16% against the previous year. The import price peaked at $X per ton in 2013; however, from 2014 to 2022, import prices remained at a lower figure.

Average prices varied noticeably amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was Sweden ($X per ton), while the price for Belgium stood at $X per ton.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Sweden (+0.1%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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