Singapore: Fertilizer Market 2024

Fertilizer Market Size in Singapore

The Singaporean fertilizer market was finally on the rise to reach $X in 2022, after three years of decline. The market value increased at an average annual rate of X% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, consumption attained the peak level and is likely to continue growth in the immediate term.

Fertilizer Production in Singapore

In value terms, fertilizer production declined to $X in 2022 estimated in export price. The total output value increased at an average annual rate of X% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The most prominent rate of growth was recorded in 2014 when the production volume increased by X%. Fertilizer production peaked at $X in 2019; however, from 2020 to 2022, production stood at a somewhat lower figure.

Fertilizer Exports

Exports from Singapore

Fertilizer exports from Singapore dropped significantly to X tons in 2022, with a decrease of X% compared with the previous year. In general, exports, however, enjoyed a perceptible expansion. The growth pace was the most rapid in 2014 with an increase of X% against the previous year. The exports peaked at X tons in 2021, and then fell remarkably in the following year.

In value terms, fertilizer exports plummeted to $X in 2022. Over the period under review, exports recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 when exports increased by X% against the previous year. As a result, the exports attained the peak of $X, and then shrank rapidly in the following year.

Exports by Country

Malaysia (X tons) was the main destination for fertilizer exports from Singapore, accounting for a X% share of total exports. Moreover, fertilizer exports to Malaysia exceeded the volume sent to the second major destination, Indonesia (X tons), fourfold. Australia (X tons) ranked third in terms of total exports with a X% share.

From 2012 to 2022, the average annual growth rate of volume to Malaysia amounted to X%. Exports to the other major destinations recorded the following average annual rates of exports growth: Indonesia (X% per year) and Australia (X% per year).

In value terms, Malaysia ($X), Indonesia ($X) and Australia ($X) were the largest markets for fertilizer exported from Singapore worldwide, with a combined X% share of total exports.

In terms of the main countries of destination, Malaysia, with a CAGR of X%, 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 fertilizer export price stood at $X per ton in 2022, rising by X% against the previous year. Overall, the export price, however, recorded a pronounced setback. The pace of growth appeared the most rapid in 2021 an increase of X% against the previous year. Over the period under review, the average export prices reached the maximum 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 Sri Lanka ($X per ton), while the average price for exports to Malaysia ($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 Sri Lanka (X%), while the prices for the other major destinations experienced more modest paces of growth.

Fertilizer Imports

Imports into Singapore

In 2022, overseas purchases of fertilizers were finally on the rise to reach X tons for the first time since 2018, thus ending a three-year declining trend. Over the period under review, total imports indicated a noticeable expansion from 2012 to 2022: its volume increased at an average annual rate of X% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth was the most pronounced in 2014 with an increase of X% against the previous year. Over the period under review, imports hit record highs at X tons in 2018; however, from 2019 to 2022, imports failed to regain momentum.

In value terms, fertilizer imports skyrocketed to $X in 2022. In general, total imports indicated a noticeable increase from 2012 to 2022: its value increased at an average annual rate of X% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by X% against 2020 indices. The pace of growth appeared the most rapid in 2014 with an increase of X% against the previous year. Imports peaked in 2022 and are expected to retain growth in years to come.

Imports by Country

In 2022, China (X tons) constituted the largest fertilizer supplier to Singapore, with a X% share of total imports. Moreover, fertilizer imports from China exceeded the figures recorded by the second-largest supplier, Malaysia (X tons), threefold. Saudi Arabia (X tons) ranked third in terms of total imports with an X% share.

From 2012 to 2022, the average annual growth rate of volume from China amounted to X%. The remaining supplying countries recorded the following average annual rates of imports growth: Malaysia (X% per year) and Saudi Arabia (X% per year).

In value terms, the largest fertilizer suppliers to Singapore were China ($X), the United States ($X) and Malaysia ($X), together comprising X% of total imports. South Korea, Saudi Arabia, Germany, the Czech Republic, Israel, Indonesia, Belgium and Jordan lagged somewhat behind, together comprising a further X%.

The Czech Republic, with a CAGR of X%, recorded the highest rates of growth with regard to the value of imports, among 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 fertilizer import price stood at $X per ton in 2022, increasing by X% against the previous year. In general, the import price continues to indicate a relatively flat trend pattern. The pace of growth was the most pronounced in 2021 when the average import price increased by X% against the previous year. Over the period under review, average import prices reached the peak figure in 2022 and is likely to continue growth in years to come.

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 the United States ($X per ton), while the price for Israel ($X per ton) was amongst the lowest.

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

Source: IndexBox Platform

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