Venezuela: Nitrogen Market 2024

Nitrogen Market Size in Venezuela

In 2021, after two years of growth, there was decline in the Venezuelan nitrogen market, when its value decreased by -0.7% to $X. In general, consumption, however, showed a noticeable descent. As a result, consumption reached the peak level of $X. From 2014 to 2021, the growth of the market failed to regain momentum.

Nitrogen Production in Venezuela

In value terms, nitrogen production shrank modestly to $X in 2021 estimated in export price. Overall, production, however, recorded a noticeable reduction. The most prominent rate of growth was recorded in 2013 when the production volume increased by 27%. As a result, production reached the peak level of $X. From 2014 to 2021, production growth remained at a lower figure.

Nitrogen Exports

Exports from Venezuela

In 2021, the amount of nitrogen exported from Venezuela declined to X cubic meters, with a decrease of -12.2% against 2020 figures. Overall, exports saw a abrupt slump. The most prominent rate of growth was recorded in 2019 when exports increased by 265%. The exports peaked at X cubic meters in 2012; however, from 2013 to 2021, the exports failed to regain momentum.

In value terms, nitrogen exports amounted to $X in 2021. Over the period under review, exports continue to indicate a significant contraction. The growth pace was the most rapid in 2019 when exports increased by 260% against the previous year. Over the period under review, the exports attained the maximum at $X in 2013; however, from 2014 to 2021, the exports stood at a somewhat lower figure.

Exports by Country

Brazil (X cubic meters), Aruba (X cubic meters) and Colombia (X cubic meters) were the main destinations of nitrogen exports from Venezuela, with a combined 99.9% share of total exports.

From 2012 to 2021, the biggest increases were recorded for Brazil (with a CAGR of +4.5%), while shipments for the other leaders experienced a decline.

In value terms, Aruba ($X) remains the key foreign market for nitrogen exports from Venezuela, comprising 64% of total exports. The second position in the ranking was taken by Brazil ($X), with a 30% share of total exports.

From 2012 to 2021, the average annual rate of growth in terms of value to Aruba stood at -23.5%. Exports to the other major destinations recorded the following average annual rates of exports growth: Brazil (-7.1% per year) and Colombia (-23.7% per year).

Export Prices by Country

In 2021, the average nitrogen export price amounted to $X per cubic meter, jumping by 19% against the previous year. Over the period under review, the export price, however, continues to indicate a deep reduction. The most prominent rate of growth was recorded in 2013 an increase of 63% against the previous year. As a result, the export price attained the peak level of $X per cubic meter. From 2014 to 2021, the average export prices remained at a lower figure.

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 Aruba ($X per cubic meter), while the average price for exports to Colombia ($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 Aruba (-9.6%), while the prices for the other major destinations experienced a decline.

Nitrogen Imports

Imports into Venezuela

In 2021, overseas purchases of nitrogen increased by 29% to X cubic meters, rising for the second year in a row after five years of decline. Overall, imports, however, saw a dramatic contraction. The pace of growth appeared the most rapid in 2014 when imports increased by 172%. As a result, imports attained the peak of X cubic meters. From 2015 to 2021, the growth of imports remained at a somewhat lower figure.

In value terms, nitrogen imports dropped slightly to $X in 2021. In general, imports, however, showed a precipitous contraction. The pace of growth appeared the most rapid in 2014 when imports increased by 3% against the previous year. Imports peaked at $X in 2012; however, from 2013 to 2021, imports stood at a somewhat lower figure.

Imports by Country

In 2021, the United States (X cubic meters) was the main supplier of nitrogen to Venezuela, accounting for a 94% share of total imports. It was followed by Colombia (X cubic meters), with a 2.2% share of total imports.

From 2012 to 2021, the average annual growth rate of volume from the United States was relatively modest. The remaining supplying countries recorded the following average annual rates of imports growth: Colombia (-46.0% per year) and Canada (-16.8% per year).

In value terms, the United States ($X) constituted the largest supplier of nitrogen to Venezuela, comprising 35% of total imports. The second position in the ranking was held by Colombia ($X), with a 5.4% share of total imports.

From 2012 to 2021, the average annual growth rate of value from the United States totaled -28.3%. The remaining supplying countries recorded the following average annual rates of imports growth: Colombia (-43.1% per year) and Canada (-22.4% per year).

Import Prices by Country

The average nitrogen import price stood at $X per cubic meter in 2021, shrinking by -24.9% against the previous year. Over the period under review, the import price faced a deep contraction. The most prominent rate of growth was recorded in 2017 an increase of 91%. Over the period under review, average import prices hit record highs at $X per cubic meter in 2013; however, from 2014 to 2021, import prices failed to regain momentum.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Colombia ($X per cubic meter), while the price for the United States ($X per cubic meter) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Colombia (+5.1%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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