Vietnam: Npk Fertilizer Market 2024

Npk Fertilizer Market Size in Vietnam

The Vietnamese NPK fertilizer market shrank slightly to $X in 2022, with a decrease of -1.8% against the previous year. In general, consumption, however, showed a slight contraction. Consumption peaked at $X in 2019; however, from 2020 to 2022, consumption remained at a lower figure.

Npk Fertilizer Production in Vietnam

In value terms, NPK fertilizer production reduced to $X in 2022 estimated in export price. Overall, production, however, recorded a mild shrinkage. The most prominent rate of growth was recorded in 2017 with an increase of 15%. Over the period under review, production attained the peak level at $X in 2012; however, from 2013 to 2022, production failed to regain momentum.

Npk Fertilizer Exports

Exports from Vietnam

After three years of growth, shipments abroad of mixed nitrogen, phosphorus and potassium (NPK) fertilizers decreased by -15% to X tons in 2022. Over the period under review, exports continue to indicate a relatively flat trend pattern. The pace of growth appeared the most rapid in 2020 when exports increased by 95%. Over the period under review, the exports attained the peak figure at X tons in 2021, and then contracted sharply in the following year.

In value terms, NPK fertilizer exports reduced remarkably to $X in 2022. Overall, exports recorded a noticeable shrinkage. The most prominent rate of growth was recorded in 2021 when exports increased by 57% against the previous year. Over the period under review, the exports hit record highs at $X in 2012; however, from 2013 to 2022, the exports failed to regain momentum.

Exports by Country

Cambodia (X tons) was the main destination for NPK fertilizer exports from Vietnam, accounting for a 59% share of total exports. Moreover, NPK fertilizer exports to Cambodia exceeded the volume sent to the second major destination, Myanmar (X tons), sixfold. The third position in this ranking was held by Ghana (X tons), with a 4.7% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to Cambodia amounted to +4.1%. Exports to the other major destinations recorded the following average annual rates of exports growth: Myanmar (+21.3% per year) and Ghana (+3.2% per year).

In value terms, Cambodia ($X) remains the key foreign market for mixed nitrogen, phosphorus and potassium (NPK) fertilizers exports from Vietnam, comprising 53% of total exports. The second position in the ranking was taken by Myanmar ($X), with a 16% share of total exports. It was followed by Madagascar, with a 5.4% share.

From 2012 to 2022, the average annual growth rate of value to Cambodia was relatively modest. Exports to the other major destinations recorded the following average annual rates of exports growth: Myanmar (+23.6% per year) and Madagascar (+5.0% per year).

Export Prices by Country

In 2022, the average NPK fertilizer export price amounted to $X per ton, reducing by -3.8% against the previous year. In general, the export price continues to indicate a pronounced downturn. The pace of growth was the most pronounced in 2018 an increase of 12% against the previous year. Over the period under review, the average export prices attained the peak figure at $X per ton in 2012; however, from 2013 to 2022, the export prices failed to regain momentum.

There were significant differences in the average prices for the major overseas markets. In 2022, amid the top suppliers, the country with the highest price was Myanmar ($X per ton), while the average price for exports to the Philippines ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Myanmar (+1.9%), while the prices for the other major destinations experienced mixed trend patterns.

Npk Fertilizer Imports

Imports into Vietnam

In 2022, purchases abroad of mixed nitrogen, phosphorus and potassium (NPK) fertilizers was finally on the rise to reach X tons after two years of decline. Over the period under review, imports, however, recorded a relatively flat trend pattern. The pace of growth appeared the most rapid in 2017 when imports increased by 48%. Imports peaked at X tons in 2013; however, from 2014 to 2022, imports stood at a somewhat lower figure.

In value terms, NPK fertilizer imports contracted modestly to $X in 2022. Overall, imports, however, saw a pronounced setback. The pace of growth appeared the most rapid in 2019 with an increase of 51%. Imports peaked at $X in 2013; however, from 2014 to 2022, imports stood at a somewhat lower figure.

Imports by Country

In 2022, Russia (X tons) constituted the largest supplier of NPK fertilizer to Vietnam, accounting for a 47% share of total imports. Moreover, NPK fertilizer imports from Russia exceeded the figures recorded by the second-largest supplier, China (X tons), twofold. The third position in this ranking was held by Norway (X tons), with a 7.9% share.

From 2012 to 2022, the average annual growth rate of volume from Russia totaled +16.7%. The remaining supplying countries recorded the following average annual rates of imports growth: China (+31.0% per year) and Norway (+0.7% per year).

In value terms, the largest NPK fertilizer suppliers to Vietnam were Russia ($X), China ($X) and Norway ($X), together comprising 67% of total imports.

In terms of the main suppliers, China, with a CAGR of +28.4%, recorded the highest growth rate of the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2022, the average NPK fertilizer import price amounted to $X per ton, with a decrease of -7.2% against the previous year. Over the period under review, the import price recorded a noticeable curtailment. The pace of growth was the most pronounced in 2021 an increase of 16%. Over the period under review, average import prices attained the maximum at $X per ton in 2012; however, from 2013 to 2022, import prices stood at a somewhat 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 Belgium ($X per ton), while the price for Romania ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the Philippines (+0.3%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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