Singapore: Urea Market 2024

Urea Market Size in Singapore

The Singaporean urea market dropped to $X in 2022, waning by -7.3% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). Over the period under review, consumption, however, continues to indicate buoyant growth. As a result, consumption reached the peak level of $X, and then fell in the following year.

Urea Exports

Exports from Singapore

In 2022, overseas shipments of urea decreased by -1% to X tons, falling for the second consecutive year after four years of growth. Overall, exports, however, showed prominent growth. The growth pace was the most rapid in 2014 when exports increased by 92% against the previous year. The exports peaked at X tons in 2020; however, from 2021 to 2022, the exports remained at a lower figure.

In value terms, urea exports soared to $X in 2022. Over the period under review, exports, however, recorded a prominent increase. The pace of growth appeared the most rapid in 2014 when exports increased by 160% against the previous year. The exports peaked in 2022 and are expected to retain growth in the immediate term.

Exports by Country

Australia (X tons), Thailand (X tons) and Taiwan (Chinese) (X tons) were the main destinations of urea exports from Singapore, together comprising 80% of total exports.

From 2012 to 2022, the biggest increases were recorded for Taiwan (Chinese) (with a CAGR of +50.0%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, the largest markets for urea exported from Singapore were Thailand ($X), Australia ($X) and Mongolia ($X), together comprising 72% of total exports. Malaysia, Taiwan (Chinese) and New Zealand lagged somewhat behind, together accounting for a further 22%.

Taiwan (Chinese), with a CAGR of +44.4%, recorded the highest rates of growth with regard to the value of exports, in terms of the main countries of destination over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2022, the average urea export price amounted to $X per ton, surging by 28% against the previous year. Overall, the export price showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2014 an increase of 35%. As a result, the export price reached the peak level of $X per ton. From 2015 to 2022, the average export prices failed to regain momentum.

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 Mongolia ($X per ton), while the average price for exports to New Zealand ($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 Mongolia (+16.1%), while the prices for the other major destinations experienced mixed trend patterns.

Urea Imports

Imports into Singapore

In 2022, overseas purchases of urea decreased by -11.5% to X tons for the first time since 2017, thus ending a four-year rising trend. Overall, imports, however, showed buoyant growth. The most prominent rate of growth was recorded in 2021 when imports increased by 81%. As a result, imports reached the peak of X tons, and then dropped in the following year.

In value terms, urea imports contracted modestly to $X in 2022. In general, imports, however, saw a remarkable increase. The most prominent rate of growth was recorded in 2021 with an increase of 151% against the previous year. As a result, imports attained the peak of $X, and then declined in the following year.

Imports by Country

Saudi Arabia (X tons), China (X tons) and South Korea (X tons) were the main suppliers of urea imports to Singapore, with a combined 61% share of total imports. Malaysia, Indonesia, Belgium, Japan and Germany lagged somewhat behind, together accounting for a further 32%.

From 2012 to 2022, the biggest increases were recorded for Japan (with a CAGR of +212.0%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the largest urea suppliers to Singapore were Malaysia ($X), Saudi Arabia ($X) and China ($X), with a combined 61% share of total imports. South Korea, Indonesia, Belgium, Japan and Germany lagged somewhat behind, together accounting for a further 25%.

Japan, with a CAGR of +196.2%, 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

In 2022, the average urea import price amounted to $X per ton, growing by 9% against the previous year. Overall, import price indicated a slight expansion from 2012 to 2022: its price increased at an average annual rate of +1.5% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, urea import price increased by +53.3% against 2017 indices. The most prominent rate of growth was recorded in 2021 an increase of 38% against the previous year. The import price peaked in 2022 and is likely to see steady growth in the immediate term.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Germany ($X per ton), while the price for Belgium ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Germany (+8.6%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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