Sri Lanka: Nitrogen Market 2024

Nitrogen Market Size in Sri Lanka

In 2021, the Sri Lankan nitrogen market decreased by -3.1% to $X for the first time since 2014, thus ending a six-year rising trend. The market value increased at an average annual rate of +1.4% over the period from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. Over the period under review, the market attained the maximum level at $X in 2020, and then reduced slightly in the following year.

Nitrogen Production in Sri Lanka

In value terms, nitrogen production dropped modestly to $X in 2021 estimated in export price. Over the period under review, production, however, showed a relatively flat trend pattern. The pace of growth appeared the most rapid in 2018 with an increase of 13%. Over the period under review, production attained the maximum level at $X in 2013; however, from 2014 to 2021, production remained at a lower figure.

Nitrogen Exports

Exports from Sri Lanka

For the third year in a row, Sri Lanka recorded decline in shipments abroad of nitrogen, which decreased by -9.7% to X cubic meters in 2021. In general, exports, however, recorded moderate growth. The most prominent rate of growth was recorded in 2013 with an increase of 180% against the previous year. As a result, the exports attained the peak of X cubic meters. From 2014 to 2021, the growth of the exports remained at a lower figure.

In value terms, nitrogen exports contracted dramatically to $X in 2021. Overall, exports continue to indicate a abrupt descent. The pace of growth was the most pronounced in 2013 when exports increased by 221%. As a result, the exports attained the peak of $X. From 2014 to 2021, the growth of the exports remained at a lower figure.

Exports by Country

Maldives (X cubic meters) was the main destination for nitrogen exports from Sri Lanka, with a 82% share of total exports. Moreover, nitrogen exports to Maldives exceeded the volume sent to the second major destination, the United Arab Emirates (X cubic meters), sixfold.

From 2012 to 2021, the average annual rate of growth in terms of volume to Maldives was relatively modest. Exports to the other major destinations recorded the following average annual rates of exports growth: the United Arab Emirates (0.0% per year) and the United States (+14.8% per year).

In value terms, Maldives ($X) remains the key foreign market for nitrogen exports from Sri Lanka, comprising 73% of total exports. The second position in the ranking was held by the United Arab Emirates ($X), with a 5.6% share of total exports.

From 2012 to 2021, the average annual rate of growth in terms of value to Maldives totaled -19.7%. Exports to the other major destinations recorded the following average annual rates of exports growth: the United Arab Emirates (0.0% per year) and the United States (+7.1% per year).

Export Prices by Country

In 2021, the average nitrogen export price amounted to $X per cubic meter, declining by -17.5% against the previous year. In general, the export price showed a deep contraction. The pace of growth was the most pronounced in 2014 an increase of 32%. As a result, the export price attained the peak level of $X per cubic meter. From 2015 to 2021, the average export prices remained at a somewhat lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Maldives ($X per cubic meter), while the average price for exports to the United States ($X per cubic meter) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to the United States (-6.1%).

Nitrogen Imports

Imports into Sri Lanka

In 2021, the amount of nitrogen imported into Sri Lanka skyrocketed to X cubic meters, increasing by 26% against the previous year's figure. In general, imports posted a significant expansion. The pace of growth was the most pronounced in 2019 when imports increased by 2,805%. Imports peaked in 2021 and are likely to continue growth in the near future.

In value terms, nitrogen imports dropped to $X in 2021. Over the period under review, imports saw a buoyant expansion. The most prominent rate of growth was recorded in 2019 with an increase of 1,238%. Over the period under review, imports reached the peak figure at $X in 2020, and then declined in the following year.

Imports by Country

In 2021, the United States (X cubic meters) was the main nitrogen supplier to Sri Lanka, accounting for a 96% share of total imports. It was followed by Australia (X cubic meters), with a 1.1% share of total imports.

From 2012 to 2021, the average annual rate of growth in terms of volume from the United States totaled +148.7%.

In value terms, the United States ($X) constituted the largest supplier of nitrogen to Sri Lanka, comprising 67% of total imports. The second position in the ranking was held by Australia ($X), with a 0.8% share of total imports.

From 2012 to 2021, the average annual growth rate of value from the United States stood at +62.3%.

Import Prices by Country

The average nitrogen import price stood at $X per cubic meter in 2021, dropping by -30.5% against the previous year. Over the period under review, the import price saw a precipitous setback. The pace of growth appeared the most rapid in 2015 an increase of 0.5%. The import price peaked at $X per cubic meter in 2012; however, from 2013 to 2021, import prices failed to regain momentum.

Average prices varied noticeably amongst the major supplying countries. In 2021, amid the top importers, the country with the highest price was the United States ($X per cubic meter), while the price for Australia amounted to $X per cubic meter.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by the United States (-34.7%).

Source: IndexBox Platform

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