Singapore: Npk Fertilizer Market 2024

Npk Fertilizer Market Size in Singapore

The Singaporean NPK fertilizer market soared to $X in 2022, rising by 6,516% against the previous year. Overall, consumption recorded significant growth. As a result, consumption attained the peak level and is likely to continue growth in the immediate term.

Npk Fertilizer Production in Singapore

In value terms, NPK fertilizer production amounted to less than $X in 2022 estimated in export price. Overall, production posted a prominent increase. The pace of growth appeared the most rapid in 2014 when the production volume increased by 139%. As a result, production attained the peak level of $X. From 2015 to 2022, production growth failed to regain momentum.

Npk Fertilizer Exports

Exports from Singapore

In 2022, the amount of mixed nitrogen, phosphorus and potassium (NPK) fertilizers exported from Singapore surged to X tons, with an increase of 36% on the previous year. Over the period under review, exports saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 with an increase of 103%. The exports peaked at X tons in 2014; however, from 2015 to 2022, the exports remained at a lower figure.

In value terms, NPK fertilizer exports skyrocketed to $X in 2022. In general, exports posted resilient growth. The most prominent rate of growth was recorded in 2014 with an increase of 59% against the previous year. The exports peaked in 2022 and are expected to retain growth in the near future.

Exports by Country

Indonesia (X tons) was the main destination for NPK fertilizer exports from Singapore, accounting for a 93% share of total exports. Moreover, NPK fertilizer exports to Indonesia exceeded the volume sent to the second major destination, Malaysia (X tons), more than tenfold.

From 2012 to 2022, the average annual rate of growth in terms of volume to Indonesia amounted to +23.4%. Exports to the other major destinations recorded the following average annual rates of exports growth: Malaysia (-25.4% per year) and India (+18.9% per year).

In value terms, Indonesia ($X) remains the key foreign market for mixed nitrogen, phosphorus and potassium (NPK) fertilizers exports from Singapore, comprising 83% of total exports. The second position in the ranking was held by India ($X), with a 9% share of total exports.

From 2012 to 2022, the average annual rate of growth in terms of value to Indonesia amounted to +25.4%. Exports to the other major destinations recorded the following average annual rates of exports growth: India (+24.7% per year) and Malaysia (-5.8% per year).

Export Prices by Country

The average NPK fertilizer export price stood at $X per ton in 2022, with an increase of 12% against the previous year. In general, the export price saw a buoyant expansion. The most prominent rate of growth was recorded in 2020 an increase of 148% against the previous year. As a result, the export price reached the peak level of $X per ton. From 2021 to 2022, the average export prices remained at a lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was India ($X per ton), while the average price for exports to Indonesia ($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 Malaysia (+26.3%), while the prices for the other major destinations experienced more modest paces of growth.

Npk Fertilizer Imports

Imports into Singapore

In 2022, overseas purchases of mixed nitrogen, phosphorus and potassium (NPK) fertilizers increased by 3.2% to X tons, rising for the second year in a row after four years of decline. Over the period under review, imports, however, saw a mild downturn. The pace of growth was the most pronounced in 2016 with an increase of 62%. As a result, imports reached the peak of X tons. From 2017 to 2022, the growth of imports remained at a somewhat lower figure.

In value terms, NPK fertilizer imports surged to $X in 2022. In general, imports posted a prominent increase. The most prominent rate of growth was recorded in 2016 when imports increased by 78% against the previous year. Imports peaked in 2022 and are expected to retain growth in years to come.

Imports by Country

China (X tons), Malaysia (X tons) and the United States (X tons) were the main suppliers of NPK fertilizer imports to Singapore, together accounting for 74% of total imports. Canada, Belgium, Indonesia, India, Japan and the UK lagged somewhat behind, together comprising a further 21%.

From 2012 to 2022, the biggest increases were recorded for India (with a CAGR of +168.0%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, China ($X) constituted the largest supplier of mixed nitrogen, phosphorus and potassium (NPK) fertilizers to Singapore, comprising 54% of total imports. The second position in the ranking was taken by the United States ($X), with a 15% share of total imports. It was followed by Malaysia, with a 10% share.

From 2012 to 2022, the average annual growth rate of value from China amounted to +28.8%. The remaining supplying countries recorded the following average annual rates of imports growth: the United States (-0.2% per year) and Malaysia (-0.3% per year).

Import Prices by Country

In 2022, the average NPK fertilizer import price amounted to $X per ton, increasing by 29% against the previous year. In general, the import price enjoyed a remarkable increase. As a result, import price attained the peak level and is likely to continue growth in the immediate term.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was China ($X per ton), while the price for Indonesia ($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 (+19.4%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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