South-Eastern Asia: Nitrates Market 2024

Nitrates Market Size in South-Eastern Asia

The Southeast Asian nitrates market dropped remarkably to $X in 2021, which is down by -24.2% against the previous year. Overall, consumption saw a noticeable contraction. Over the period under review, the market hit record highs at $X in 2017; however, from 2018 to 2021, consumption failed to regain momentum.

Nitrates Production in South-Eastern Asia

In value terms, nitrates production shrank significantly to $X in 2021 estimated in export price. Over the period under review, production saw a noticeable decrease. The pace of growth was the most pronounced in 2020 with an increase of 47% against the previous year. The level of production peaked at $X in 2012; however, from 2013 to 2021, production failed to regain momentum.

Nitrates Exports

Exports in South-Eastern Asia

In 2021, approx. X tons of nitrates (excluding those of potassium) were exported in South-Eastern Asia; rising by 72% against the previous year's figure. Over the period under review, exports recorded significant growth. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

In value terms, nitrates exports skyrocketed to $X in 2021. Overall, exports recorded a prominent increase. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

Exports by Country

Malaysia represented the key exporter of nitrates (excluding those of potassium) in South-Eastern Asia, with the volume of exports accounting for X tons, which was approx. 82% of total exports in 2021. It was distantly followed by Vietnam (X tons), making up a 17% share of total exports.

From 2012 to 2021, average annual rates of growth with regard to nitrates exports from Malaysia stood at +20.1%. At the same time, Vietnam (+41.9%) displayed positive paces of growth. Moreover, Vietnam emerged as the fastest-growing exporter exported in South-Eastern Asia, with a CAGR of +41.9% from 2012-2021. From 2012 to 2021, the share of Vietnam increased by +12 percentage points.

In value terms, Malaysia ($X) remains the largest nitrates supplier in South-Eastern Asia, comprising 78% of total exports. The second position in the ranking was taken by Vietnam ($X), with a 14% share of total exports.

From 2012 to 2021, the average annual rate of growth in terms of value in Malaysia amounted to +17.3%.

Export Prices by Country

In 2021, the export price in South-Eastern Asia amounted to $X per ton, rising by 8.9% against the previous year. In general, the export price, however, continues to indicate a perceptible slump. The growth pace was the most rapid in 2018 an increase of 17%. The level of export peaked at $X per ton in 2012; however, from 2013 to 2021, the export prices remained at a lower figure.

Average prices varied noticeably amongst the major exporting countries. In 2021, amid the top suppliers, the country with the highest price was Malaysia ($X per ton), while Vietnam totaled $X per ton.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Malaysia (-2.4%).

Nitrates Imports

Imports in South-Eastern Asia

In 2021, supplies from abroad of nitrates (excluding those of potassium) decreased by -5.8% to X tons, falling for the fourth consecutive year after four years of growth. In general, imports, however, continue to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2017 when imports increased by 15%. As a result, imports attained the peak of X tons. From 2018 to 2021, the growth of imports remained at a somewhat lower figure.

In value terms, nitrates imports fell to $X in 2021. Overall, imports recorded a relatively flat trend pattern. The pace of growth appeared the most rapid in 2018 when imports increased by 23% against the previous year. As a result, imports reached the peak of $X. From 2019 to 2021, the growth of imports remained at a lower figure.

Imports by Country

Malaysia represented the major importing country with an import of about X tons, which recorded 67% of total imports. Cambodia (X tons) ranks second in terms of the total imports with a 17% share, followed by Indonesia (8.9%). Vietnam (X tons) and the Philippines (X tons) held a little share of total imports.

Imports into Malaysia increased at an average annual rate of +3.6% from 2012 to 2021. At the same time, Vietnam (+12.8%), Indonesia (+8.2%) and Cambodia (+3.5%) displayed positive paces of growth. Moreover, Vietnam emerged as the fastest-growing importer imported in South-Eastern Asia, with a CAGR of +12.8% from 2012-2021. By contrast, the Philippines (-17.3%) illustrated a downward trend over the same period. Malaysia (+16 p.p.), Indonesia (+4.3 p.p.), Cambodia (+4.1 p.p.) and Vietnam (+2.9 p.p.) significantly strengthened its position in terms of the total imports, while the Philippines saw its share reduced by -7.2% from 2012 to 2021, respectively.

In value terms, Malaysia ($X) constitutes the largest market for imported nitrates (excluding those of potassium) in South-Eastern Asia, comprising 44% of total imports. The second position in the ranking was held by Indonesia ($X), with a 16% share of total imports. It was followed by Vietnam, with a 16% share.

In Malaysia, nitrates imports remained relatively stable over the period from 2012-2021. The remaining importing countries recorded the following average annual rates of imports growth: Indonesia (+5.2% per year) and Vietnam (+12.2% per year).

Import Prices by Country

The import price in South-Eastern Asia stood at $X per ton in 2021, declining by -7.1% against the previous year. Over the period under review, the import price continues to indicate a relatively flat trend pattern. The pace of growth appeared the most rapid in 2018 an increase of 34% against the previous year. The level of import peaked at $X per ton in 2014; however, from 2015 to 2021, import prices remained at a lower figure.

There were significant differences in the average prices amongst the major importing countries. In 2021, amid the top importers, the country with the highest price was the Philippines ($X per ton), while Malaysia ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by the Philippines (+11.9%), while the other leaders experienced mixed trends in the import price figures.

Source: IndexBox Platform

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