Uruguay: Herbicide Market 2024

Herbicide Market Size in Uruguay

The Uruguayan herbicide market surged to $X in 2021, increasing by 29% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). In general, the total consumption indicated a measured expansion from 2012 to 2021: its value increased at an average annual rate of +2.9% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, consumption attained the peak level and is likely to continue growth in the immediate term.

Herbicide Exports

Exports from Uruguay

In 2021, overseas shipments of herbicides increased by 63% to X tons, rising for the second consecutive year after two years of decline. Over the period under review, exports, however, recorded a slight descent. The pace of growth was the most pronounced in 2017 when exports increased by 138% against the previous year. As a result, the exports reached the peak of X tons. From 2018 to 2021, the growth of the exports remained at a somewhat lower figure.

In value terms, herbicide exports skyrocketed to $X in 2021. In general, exports enjoyed a moderate increase. The exports peaked at $X in 2017; however, from 2018 to 2021, the exports remained at a lower figure.

Exports by Country

Bolivia (X tons) was the main destination for herbicide exports from Uruguay, accounting for a 68% share of total exports. Moreover, herbicide exports to Bolivia exceeded the volume sent to the second major destination, Paraguay (X tons), threefold. Argentina (X tons) ranked third in terms of total exports with a 4.7% share.

From 2012 to 2021, the average annual growth rate of volume to Bolivia totaled +8.5%. Exports to the other major destinations recorded the following average annual rates of exports growth: Paraguay (+63.1% per year) and Argentina (-9.4% per year).

In value terms, the largest markets for herbicide exported from Uruguay were Bolivia ($X), Paraguay ($X) and Argentina ($X), with a combined 98% share of total exports.

In terms of the main countries of destination, Paraguay, with a CAGR of +61.5%, 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

In 2021, the average herbicide export price amounted to $X per ton, with an increase of 33% against the previous year. Over the last nine-year period, it increased at an average annual rate of +3.5%. As a result, the export price attained the peak level and is likely to continue growth in the immediate term.

There were significant differences in the average prices for the major external markets. In 2021, amid the top suppliers, the country with the highest price was Argentina ($X per ton), while the average price for exports to Bolivia ($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 Argentina (+16.2%), while the prices for the other major destinations experienced more modest paces of growth.

Herbicide Imports

Imports into Uruguay

Herbicide imports into Uruguay totaled X tons in 2021, increasing by 7.1% against the year before. In general, imports showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2017 when imports increased by 22%. Over the period under review, imports attained the peak figure in 2021 and are expected to retain growth in the immediate term.

In value terms, herbicide imports surged to $X in 2021. Overall, total imports indicated moderate growth from 2012 to 2021: its value increased at an average annual rate of +3.4% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, imports reached the peak and are likely to continue growth in the immediate term.

Imports by Country

In 2021, China (X tons) constituted the largest supplier of herbicide to Uruguay, with a 67% share of total imports. Moreover, herbicide imports from China exceeded the figures recorded by the second-largest supplier, Argentina (X tons), threefold. The third position in this ranking was taken by Brazil (X tons), with a 3.6% share.

From 2012 to 2021, the average annual growth rate of volume from China stood at +6.1%. The remaining supplying countries recorded the following average annual rates of imports growth: Argentina (-8.3% per year) and Brazil (+9.8% per year).

In value terms, China ($X) constituted the largest supplier of herbicides to Uruguay, comprising 59% of total imports. The second position in the ranking was taken by Argentina ($X), with a 23% share of total imports. It was followed by Brazil, with a 5% share.

From 2012 to 2021, the average annual rate of growth in terms of value from China totaled +10.6%. The remaining supplying countries recorded the following average annual rates of imports growth: Argentina (-6.3% per year) and Brazil (+7.8% per year).

Import Prices by Country

In 2021, the average herbicide import price amounted to $X per ton, rising by 33% against the previous year. Over the last nine years, it increased at an average annual rate of +2.5%. As a result, import price reached the peak level and is likely to continue growth in the immediate term.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Brazil ($X per ton), while the price for Hong Kong SAR ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Hong Kong SAR (+12.3%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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