South Africa: Potassium Nitrate Market 2024

Potassium Nitrate Market Size in South Africa

In 2022, the South African potassium nitrate market was finally on the rise to reach $X for the first time since 2019, thus ending a two-year declining trend. Overall, consumption, however, showed a relatively flat trend pattern. As a result, consumption reached the peak level of $X. From 2015 to 2022, the growth of the market failed to regain momentum.

Potassium Nitrate Exports

Exports from South Africa

In 2022, after four years of growth, there was significant decline in overseas shipments of potassium nitrates, when their volume decreased by -84.1% to X tons. Over the period under review, exports showed a slight setback. The pace of growth was the most pronounced in 2021 with an increase of 153%. As a result, the exports attained the peak of X tons, and then shrank markedly in the following year.

In value terms, potassium nitrate exports declined remarkably to $X in 2022. In general, exports saw a noticeable reduction. The growth pace was the most rapid in 2021 when exports increased by 154% against the previous year. As a result, the exports attained the peak of $X, and then contracted notably in the following year.

Exports by Country

Zimbabwe (X tons) was the main destination for potassium nitrate exports from South Africa, with a 64% share of total exports. Moreover, potassium nitrate exports to Zimbabwe exceeded the volume sent to the second major destination, Zambia (X tons), threefold. The third position in this ranking was taken by Namibia (X tons), with a 9.3% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to Zimbabwe stood at +30.3%. Exports to the other major destinations recorded the following average annual rates of exports growth: Zambia (-3.4% per year) and Namibia (+101.9% per year).

In value terms, the largest markets for potassium nitrate exported from South Africa were Zimbabwe ($X), Zambia ($X) and Namibia ($X), together accounting for 89% of total exports.

Namibia, with a CAGR of +108.2%, recorded the highest growth rate of the value of exports, among 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 potassium nitrate export price amounted to $X per ton, growing by 17% against the previous year. Overall, the export price, however, showed a mild slump. The growth pace was the most rapid in 2017 when the average export price increased by 43% against the previous year. Over the period under review, the average export prices hit record highs at $X per ton in 2013; however, from 2014 to 2022, the export prices failed to regain momentum.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Swaziland ($X per ton), while the average price for exports to Zimbabwe ($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 Kenya (+13.7%), while the prices for the other major destinations experienced more modest paces of growth.

Potassium Nitrate Imports

Imports into South Africa

In 2022, supplies from abroad of potassium nitrates decreased by -7.7% to X tons, falling for the third year in a row after two years of growth. Over the period under review, imports recorded a noticeable slump. The pace of growth appeared the most rapid in 2018 when imports increased by 266%. Imports peaked at X tons in 2014; however, from 2015 to 2022, imports failed to regain momentum.

In value terms, potassium nitrate imports skyrocketed to $X in 2022. Overall, imports, however, showed a modest increase. The most prominent rate of growth was recorded in 2018 with an increase of 239% against the previous year. Over the period under review, imports hit record highs at $X in 2014; however, from 2015 to 2022, imports stood at a somewhat lower figure.

Imports by Country

In 2022, Chile (X tons) constituted the largest supplier of potassium nitrate to South Africa, with a 71% share of total imports. Moreover, potassium nitrate imports from Chile exceeded the figures recorded by the second-largest supplier, Jordan (X tons), threefold. China (X tons) ranked third in terms of total imports with a 6.4% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from Chile stood at -6.0%. The remaining supplying countries recorded the following average annual rates of imports growth: Jordan (+0.8% per year) and China (+17.9% per year).

In value terms, Chile ($X) constituted the largest supplier of potassium nitrates to South Africa, comprising 72% of total imports. The second position in the ranking was taken by Jordan ($X), with a 19% share of total imports. It was followed by China, with a 7.1% share.

From 2012 to 2022, the average annual rate of growth in terms of value from Chile was relatively modest. The remaining supplying countries recorded the following average annual rates of imports growth: Jordan (+2.6% per year) and China (+21.4% per year).

Import Prices by Country

In 2022, the average potassium nitrate import price amounted to $X per ton, growing by 91% against the previous year. Over the period under review, import price indicated a resilient expansion from 2012 to 2022: its price increased at an average annual rate of +5.6% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, potassium nitrate import price increased by +96.9% against 2019 indices. As a result, import price attained the peak level and is likely to continue growth in the immediate term.

Average prices varied somewhat amongst the major supplying countries. In 2022, amid the top importers, the highest price was recorded for prices from China ($X per ton) and Chile ($X per ton), while the price for Belarus ($X per ton) and Jordan ($X per ton) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Belarus (+28.8%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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