Russian Federation: Urea Market 2024

Urea Market Size in the Russian Federation

The Russian urea market totaled $X in 2022, with an increase of 1.6% against the previous year. Overall, consumption recorded a buoyant increase. As a result, consumption attained the peak level of $X. From 2016 to 2022, the growth of the market failed to regain momentum.

Urea Production in the Russian Federation

In value terms, urea production shrank to $X in 2022 estimated in export price. The total output value increased at an average annual rate of +2.2% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2021 with an increase of 39% against the previous year. As a result, production reached the peak level of $X, and then contracted in the following year.

Urea Exports

Exports from the Russian Federation

In 2022, shipments abroad of urea decreased by -5.3% to X tons, falling for the second consecutive year after five years of growth. Overall, total exports indicated a noticeable expansion from 2012 to 2022: its volume increased at an average annual rate of +2.9% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports decreased by -8.5% against 2020 indices. The pace of growth appeared the most rapid in 2016 when exports increased by 24%. The exports peaked at X tons in 2020; however, from 2021 to 2022, the exports stood at a somewhat lower figure.

In value terms, urea exports fell sharply to $X in 2022. Over the period under review, exports, however, saw a relatively flat trend pattern. The pace of growth appeared the most rapid in 2021 when exports increased by 64% against the previous year. As a result, the exports attained the peak of $X, and then shrank remarkably in the following year.

Exports by Country

Finland (X tons), Brazil (X tons) and India (X tons) were the main destinations of urea exports from Russia, together accounting for 59% of total exports.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Finland (with a CAGR of +54.5%), while the other leaders experienced more modest paces of growth.

In value terms, Finland ($X), Brazil ($X) and India ($X) were the largest markets for urea exported from Russia worldwide, together comprising 64% of total exports.

In terms of the main countries of destination, Finland, with a CAGR of +51.5%, saw the highest rates of growth with regard to the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The average urea export price stood at $X per ton in 2022, with a decrease of -14.9% against the previous year. In general, the export price showed a pronounced curtailment. The most prominent rate of growth was recorded in 2021 an increase of 69% against the previous year. The export price peaked at $X per ton in 2013; however, from 2014 to 2022, the export prices remained at a lower figure.

There were significant differences in the average prices for the major foreign markets. In 2022, amid the top suppliers, the country with the highest price was Ecuador ($X per ton), while the average price for exports to the UK ($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 Ecuador (+0.8%), while the prices for the other major destinations experienced mixed trend patterns.

Urea Imports

Imports into the Russian Federation

In 2022, approx. X tons of urea were imported into Russia; which is down by -8.2% on the previous year. Over the period under review, imports faced a abrupt curtailment. The pace of growth was the most pronounced in 2016 with an increase of 87% against the previous year. Over the period under review, imports attained the peak figure at X tons in 2012; however, from 2013 to 2022, imports failed to regain momentum.

In value terms, urea imports shrank to $X in 2022. Overall, imports recorded a abrupt downturn. The growth pace was the most rapid in 2016 when imports increased by 83%. Imports peaked at $X in 2012; however, from 2013 to 2022, imports stood at a somewhat lower figure.

Imports by Country

In 2022, Belarus (X tons) constituted the largest supplier of urea to Russia, with a 58% share of total imports. Moreover, urea imports from Belarus exceeded the figures recorded by the second-largest supplier, Germany (X tons), twofold. The third position in this ranking was held by Lithuania (X tons), with a 9.3% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from Belarus totaled +7.4%. The remaining supplying countries recorded the following average annual rates of imports growth: Germany (+23.1% per year) and Lithuania (-27.3% per year).

In value terms, the largest urea suppliers to Russia were Belarus ($X), Germany ($X) and Poland ($X), with a combined 93% share of total imports. Lithuania, Ukraine and Finland lagged somewhat behind, together accounting for a further 6.7%.

Finland, with a CAGR of +47.9%, recorded the highest rates of growth with regard to the value of imports, in terms of the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The average urea import price stood at $X per ton in 2022, reducing by -5.4% against the previous year. Over the period under review, the import price, however, posted a temperate expansion. The growth pace was the most rapid in 2020 an increase of 56%. The import price peaked at $X per ton in 2021, and then shrank in the following year.

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 Ukraine ($X per ton), while the price for Lithuania ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Turkmenistan (+13.2%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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