Slovakia: Urea Market 2024

Urea Market Size in Slovakia

The Slovak urea market surged to $X in 2022, rising by 28% against the previous year. In general, consumption, however, saw a strong increase. As a result, consumption reached the peak level of $X. From 2016 to 2022, the growth of the market remained at a somewhat lower figure.

Urea Production in Slovakia

In value terms, urea production dropped rapidly to $X in 2022 estimated in export price. Overall, production recorded a strong increase. The pace of growth was the most pronounced in 2015 with an increase of 1,072% against the previous year. As a result, production reached the peak level of $X. From 2016 to 2022, production growth failed to regain momentum.

Urea Exports

Exports from Slovakia

In 2022, overseas shipments of urea increased by 76% to X tons, rising for the second year in a row after two years of decline. Over the period under review, exports posted a prominent expansion. The most prominent rate of growth was recorded in 2015 when exports increased by 91%. Over the period under review, the exports attained the maximum in 2022 and are likely to see steady growth in the immediate term.

In value terms, urea exports surged to $X in 2022. In general, exports recorded a prominent increase. The most prominent rate of growth was recorded in 2021 with an increase of 97%. Over the period under review, the exports reached the peak figure in 2022 and are likely to see gradual growth in years to come.

Exports by Country

Hungary (X tons), Italy (X tons) and Austria (X tons) were the main destinations of urea exports from Slovakia, together comprising 54% of total exports. France, Spain, the Czech Republic, the Netherlands, Romania, Slovenia, Ireland and the UK lagged somewhat behind, together accounting for a further 40%.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Ireland (with a CAGR of +32.4%), while the other leaders experienced more modest paces of growth.

In value terms, Hungary ($X), Italy ($X) and France ($X) were the largest markets for urea exported from Slovakia worldwide, with a combined 44% share of total exports. The Czech Republic, Spain, Slovenia, Austria, the Netherlands, Romania, Ireland and the UK lagged somewhat behind, together comprising a further 48%.

In terms of the main countries of destination, Ireland, with a CAGR of +46.8%, 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, picking up by 3.6% against the previous year. Overall, the export price recorded a relatively flat trend pattern. The pace of growth appeared the most rapid in 2021 an increase of 40%. Over the period under review, the average export prices hit record highs in 2022 and is likely to continue growth in years to come.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was the UK ($X per ton), while the average price for exports to Austria ($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 Ireland (+10.9%), while the prices for the other major destinations experienced more modest paces of growth.

Urea Imports

Imports into Slovakia

In 2022, approx. X tons of urea were imported into Slovakia; increasing by 25% against the previous year's figure. In general, imports posted a prominent expansion. The most prominent rate of growth was recorded in 2014 with an increase of 32% against the previous year. Over the period under review, imports reached the peak figure in 2022 and are expected to retain growth in years to come.

In value terms, urea imports soared to $X in 2022. Over the period under review, imports continue to indicate a resilient increase. The most prominent rate of growth was recorded in 2021 when imports increased by 119%. Over the period under review, imports reached the maximum in 2022 and are likely to see gradual growth in the near future.

Imports by Country

In 2022, Poland (X tons) constituted the largest urea supplier to Slovakia, accounting for a 29% share of total imports. Moreover, urea imports from Poland exceeded the figures recorded by the second-largest supplier, Austria (X tons), threefold. Romania (X tons) ranked third in terms of total imports with a 7.6% share.

From 2012 to 2022, the average annual growth rate of volume from Poland amounted to +2.7%. The remaining supplying countries recorded the following average annual rates of imports growth: Austria (+11.4% per year) and Romania (+11.5% per year).

In value terms, Poland ($X) constituted the largest supplier of urea to Slovakia, comprising 34% of total imports. The second position in the ranking was taken by Germany ($X), with an 8.2% share of total imports. It was followed by Russia, with an 8.1% share.

From 2012 to 2022, the average annual rate of growth in terms of value from Poland stood at +15.1%. The remaining supplying countries recorded the following average annual rates of imports growth: Germany (+41.3% per year) and Russia (+29.9% per year).

Import Prices by Country

The average urea import price stood at $X per ton in 2022, increasing by 44% against the previous year. In general, the import price continues to indicate resilient growth. The growth pace was the most rapid in 2021 an increase of 67% against the previous year. The import price peaked in 2022 and is likely to see gradual growth in years to come.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Poland (+12.1%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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