Ukraine: Nitrates Market 2024

Nitrates Market Size in Ukraine

In 2021, the Ukrainian nitrates market increased by 35% to $X, rising for the fifth consecutive year after four years of decline. In general, consumption continues to indicate a relatively flat trend pattern. As a result, consumption reached the peak level and is likely to continue growth in the immediate term.

Nitrates Production in Ukraine

In value terms, nitrates production fell slightly to $X in 2021 estimated in export price. Overall, production continues to indicate a slight shrinkage. The most prominent rate of growth was recorded in 2017 when the production volume increased by 69% against the previous year. Over the period under review, production attained the peak level at $X in 2012; however, from 2013 to 2021, production stood at a somewhat lower figure.

Nitrates Exports

Exports from Ukraine

In 2021, shipments abroad of nitrates (excluding those of potassium) decreased by -62.8% to X tons for the first time since 2018, thus ending a two-year rising trend. Overall, exports, however, continue to indicate a resilient increase. The most prominent rate of growth was recorded in 2017 with an increase of 376% against the previous year. As a result, the exports attained the peak of X tons. From 2018 to 2021, the growth of the exports failed to regain momentum.

In value terms, nitrates exports dropped dramatically to $X in 2021. Over the period under review, exports recorded a pronounced decrease. The pace of growth was the most pronounced in 2017 with an increase of 283%. As a result, the exports reached the peak of $X. From 2018 to 2021, the growth of the exports remained at a somewhat lower figure.

Exports by Country

Russia (X tons), Poland (X tons) and Azerbaijan (X tons) were the main destinations of nitrates exports from Ukraine, together accounting for 68% of total exports. Hungary, Belarus, Italy, Moldova and Turkey lagged somewhat behind, together accounting for a further 27%.

From 2012 to 2021, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Hungary (with a CAGR of +648.5%), while the other leaders experienced more modest paces of growth.

In value terms, the largest markets for nitrates exported from Ukraine were Russia ($X), Poland ($X) and Azerbaijan ($X), with a combined 66% share of total exports. Italy, Belarus, Moldova, Hungary and Turkey lagged somewhat behind, together comprising a further 30%.

In terms of the main countries of destination, Hungary, with a CAGR of +672.5%, saw 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

The average nitrates export price stood at $X per ton in 2021, surging by 11% against the previous year. Overall, the export price, however, recorded a abrupt curtailment. The growth pace was the most rapid in 2018 when the average export price increased by 12%. Over the period under review, the average export prices hit record highs at $X per ton in 2012; however, from 2013 to 2021, the export prices remained at a lower figure.

There were significant differences in the average prices for the major overseas markets. In 2021, amid the top suppliers, the country with the highest price was Moldova ($X per ton), while the average price for exports to Hungary ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Brazil (+12.8%), while the prices for the other major destinations experienced more modest paces of growth.

Nitrates Imports

Imports into Ukraine

In 2021, after two years of decline, there was significant growth in supplies from abroad of nitrates (excluding those of potassium), when their volume increased by 86% to X tons. Overall, imports saw a strong expansion. The most prominent rate of growth was recorded in 2018 with an increase of 107% against the previous year. As a result, imports reached the peak of X tons. From 2019 to 2021, the growth of imports remained at a lower figure.

In value terms, nitrates imports soared to $X in 2021. In general, imports recorded strong growth. Imports peaked at $X in 2018; however, from 2019 to 2021, imports failed to regain momentum.

Imports by Country

In 2021, Slovakia (X tons) constituted the largest nitrates supplier to Ukraine, accounting for a 57% share of total imports. Moreover, nitrates imports from Slovakia exceeded the figures recorded by the second-largest supplier, Poland (X tons), twofold. China (X tons) ranked third in terms of total imports with a 9.7% share.

From 2012 to 2021, the average annual growth rate of volume from Slovakia totaled +65.5%. The remaining supplying countries recorded the following average annual rates of imports growth: Poland (+7.6% per year) and China (-2.9% per year).

In value terms, Slovakia ($X) constituted the largest supplier of nitrates (excluding those of potassium) to Ukraine, comprising 55% of total imports. The second position in the ranking was held by Poland ($X), with a 26% share of total imports. It was followed by China, with a 10% share.

From 2012 to 2021, the average annual rate of growth in terms of value from Slovakia stood at +72.0%. The remaining supplying countries recorded the following average annual rates of imports growth: Poland (+7.0% per year) and China (-5.3% per year).

Import Prices by Country

The average nitrates import price stood at $X per ton in 2021, surging by 15% against the previous year. In general, the import price, however, saw a noticeable contraction. The pace of growth appeared the most rapid in 2013 when the average import price increased by 71%. As a result, import price attained the peak level of $X per ton. From 2014 to 2021, the average import prices failed to regain momentum.

Average prices varied somewhat amongst the major supplying countries. In 2021, amid the top importers, the highest price was recorded for prices from Lithuania ($X per ton) and Norway ($X per ton), while the price for Poland ($X per ton) and Slovakia ($X per ton) were amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Slovakia (+3.9%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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