U.S.: Urea Market 2024

Urea Market Size in the U.S.

The U.S. urea market dropped notably to $X in 2022, declining by -75.4% against the previous year. Overall, consumption saw a precipitous shrinkage. Urea consumption peaked at $X in 2013; however, from 2014 to 2022, consumption remained at a lower figure.

Urea Production in the U.S.

In value terms, urea production stood at less than $X in 2022. Overall, production continues to indicate a relatively flat trend pattern.

Urea Exports

Exports from the U.S.

In 2022, overseas shipments of urea increased by 23% to X tons, rising for the second year in a row after two years of decline. In general, exports saw significant growth. The pace of growth was the most pronounced in 2015 with an increase of 904% against the previous year. The exports peaked in 2022 and are expected to retain growth in the near future.

In value terms, urea exports soared to $X in 2022. Over the period under review, exports showed a significant expansion. The growth pace was the most rapid in 2015 with an increase of 701% against the previous year. The exports peaked in 2022 and are expected to retain growth in the near future.

Exports by Country

Canada (X tons) was the main destination for urea exports from the United States, with a 44% share of total exports. Moreover, urea exports to Canada exceeded the volume sent to the second major destination, Chile (X tons), fourfold. The third position in this ranking was taken by Mexico (X tons), with a 7.1% share.

From 2012 to 2022, the average annual growth rate of volume to Canada stood at +28.8%. Exports to the other major destinations recorded the following average annual rates of exports growth: Chile (+130.9% per year) and Mexico (+34.0% per year).

In value terms, Canada ($X) remains the key foreign market for urea exports from the United States, comprising 43% of total exports. The second position in the ranking was taken by Chile ($X), with an 11% share of total exports. It was followed by Mexico, with a 5.7% share.

From 2012 to 2022, the average annual rate of growth in terms of value to Canada totaled +35.6%. Exports to the other major destinations recorded the following average annual rates of exports growth: Chile (+131.6% per year) and Mexico (+38.7% per year).

Export Prices by Country

The average urea export price stood at $X per ton in 2022, picking up by 16% against the previous year. Overall, the export price showed a buoyant increase. The pace of growth appeared the most rapid in 2020 when the average export price increased by 81% against the previous year. Over the period under review, the average export prices attained the maximum in 2022 and is expected to retain growth in years to come.

Average prices varied somewhat for the major foreign markets. In 2022, amid the top suppliers, the highest price was recorded for prices to Chile ($X per ton) and Poland ($X per ton), while the average price for exports to Mexico ($X per ton) and Brazil ($X per ton) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to India (+6.4%), while the prices for the other major destinations experienced more modest paces of growth.

Urea Imports

Imports into the U.S.

In 2022, purchases abroad of urea decreased by -95.5% to X tons, falling for the third year in a row after two years of growth. Overall, imports showed a precipitous decrease. The most prominent rate of growth was recorded in 2013 with an increase of 532% against the previous year. As a result, imports attained the peak of X tons. From 2014 to 2022, the growth of imports failed to regain momentum.

In value terms, urea imports shrank dramatically to $X in 2022. In general, imports saw a precipitous shrinkage. The most prominent rate of growth was recorded in 2013 with an increase of 459%. As a result, imports attained the peak of $X. From 2014 to 2022, the growth of imports remained at a lower figure.

Imports by Country

In 2022, Canada (X tons) constituted the largest urea supplier to the United States, accounting for a 45% share of total imports. Moreover, urea imports from Canada exceeded the figures recorded by the second-largest supplier, the Netherlands (X tons), twofold. Bahrain (X tons) ranked third in terms of total imports with a 13% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from Canada totaled -34.8%. The remaining supplying countries recorded the following average annual rates of imports growth: the Netherlands (-18.2% per year) and Bahrain (-33.5% per year).

In value terms, Canada ($X) constituted the largest supplier of urea to the United States, comprising 57% of total imports. The second position in the ranking was held by Bahrain ($X), with a 15% share of total imports. It was followed by the Netherlands, with a 12% share.

From 2012 to 2022, the average annual growth rate of value from Canada stood at -36.9%. The remaining supplying countries recorded the following average annual rates of imports growth: Bahrain (-34.9% per year) and the Netherlands (-17.8% per year).

Import Prices by Country

The average urea import price stood at $X per ton in 2022, with an increase of 7.8% against the previous year. Over the period under review, the import price, however, continues to indicate a pronounced contraction. The growth pace was the most rapid in 2017 when the average import price increased by 127% against the previous year. As a result, import price reached the peak level of $X per ton. From 2018 to 2022, the average import prices remained at a lower figure.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Oman (+0.6%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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