South-Eastern Asia: Urea Market 2024

Urea Market Size in South-Eastern Asia

In 2022, the Southeast Asian urea market increased by 8.4% to $X, rising for the second year in a row after two years of decline. Over the period under review, consumption, however, saw a relatively flat trend pattern. The level of consumption peaked at $X in 2012; however, from 2013 to 2022, consumption stood at a somewhat lower figure.

Urea Production in South-Eastern Asia

In value terms, urea production fell to $X in 2022 estimated in export price. In general, production recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 with an increase of 23%. As a result, production attained the peak level of $X, and then shrank in the following year.

Urea Exports

Exports in South-Eastern Asia

In 2022, overseas shipments of urea decreased by -15.5% to X tons, falling for the second consecutive year after five years of growth. Overall, exports, however, enjoyed resilient growth. The most prominent rate of growth was recorded in 2013 with an increase of 34%. The volume of export peaked at X tons in 2020; however, from 2021 to 2022, the exports failed to regain momentum.

In value terms, urea exports reached $X in 2022. In general, exports, however, posted buoyant growth. The growth pace was the most rapid in 2021 when exports increased by 49% against the previous year. Over the period under review, the exports hit record highs in 2022 and are expected to retain growth in years to come.

Exports by Country

Malaysia was the largest exporting country with an export of around X tons, which reached 51% of total exports. It was distantly followed by Indonesia (X tons), Brunei Darussalam (X tons) and Vietnam (X tons), together making up a 47% share of total exports. Thailand (X tons) followed a long way behind the leaders.

From 2012 to 2022, the biggest increases were recorded for Vietnam (with a CAGR of +13.3%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, Indonesia ($X), Malaysia ($X) and Brunei Darussalam ($X) were the countries with the highest levels of exports in 2022, together accounting for 91% of total exports. Vietnam and Thailand lagged somewhat behind, together comprising a further 9.2%.

Among the main exporting countries, Vietnam, with a CAGR of +15.5%, recorded 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

In 2022, the export price in South-Eastern Asia amounted to $X per ton, rising by 25% against the previous year. Over the period under review, the export price recorded a relatively flat trend pattern. The pace of growth appeared the most rapid in 2021 an increase of 57% against the previous year. Over the period under review, the export prices reached the peak figure in 2022 and is likely to see gradual growth in the immediate term.

There were significant differences in the average prices amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was Thailand ($X per ton), while Malaysia ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Indonesia (+5.1%), while the other leaders experienced more modest paces of growth.

Urea Imports

Imports in South-Eastern Asia

In 2022, approx. X tons of urea were imported in South-Eastern Asia; falling by -18.2% on the previous year. In general, imports continue to indicate a noticeable decline. The pace of growth appeared the most rapid in 2017 when imports increased by 13% against the previous year. As a result, imports attained the peak of X tons. From 2018 to 2022, the growth of imports remained at a somewhat lower figure.

In value terms, urea imports skyrocketed to $X in 2022. Total imports indicated a modest increase from 2012 to 2022: its value increased at an average annual rate of +1.1% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +55.4% against 2020 indices. As a result, imports attained the peak and are likely to continue growth in the immediate term.

Imports by Country

Thailand represented the major importing country with an import of around X tons, which resulted at 53% of total imports. The Philippines (X tons) held the second position in the ranking, distantly followed by Vietnam (X tons), Cambodia (X tons) and Malaysia (X tons). All these countries together took approx. 42% share of total imports. Myanmar (X tons) followed a long way behind the leaders.

Imports into Thailand decreased at an average annual rate of -2.7% from 2012 to 2022. At the same time, Cambodia (+9.0%) and the Philippines (+2.2%) displayed positive paces of growth. Moreover, Cambodia emerged as the fastest-growing importer imported in South-Eastern Asia, with a CAGR of +9.0% from 2012-2022. By contrast, Vietnam (-4.8%), Malaysia (-5.4%) and Myanmar (-11.0%) illustrated a downward trend over the same period. From 2012 to 2022, the share of the Philippines and Cambodia increased by +7.6 and +3.9 percentage points, respectively.

In value terms, Thailand ($X) constitutes the largest market for imported urea in South-Eastern Asia, comprising 64% of total imports. The second position in the ranking was held by the Philippines ($X), with a 22% share of total imports. It was followed by Vietnam, with a 5.2% share.

From 2012 to 2022, the average annual rate of growth in terms of value in Thailand totaled +2.0%. The remaining importing countries recorded the following average annual rates of imports growth: the Philippines (+6.3% per year) and Vietnam (-6.7% per year).

Import Prices by Country

The import price in South-Eastern Asia stood at $X per ton in 2022, increasing by 55% against the previous year. In general, the import price posted a notable increase. As a result, import price reached the peak level and is likely to continue growth in the immediate term.

There were significant differences in the average prices amongst the major importing countries. In 2022, amid the top importers, the country with the highest price was Thailand ($X per ton), while Cambodia ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Thailand (+4.8%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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