Vietnam: Nitrates Market 2025

Nitrates Market Size in Vietnam

In 2021, the Vietnamese nitrates market decreased by -25.8% to $X for the first time since 2016, thus ending a four-year rising trend. Overall, consumption recorded a noticeable reduction. As a result, consumption attained the peak level of $X, and then contracted significantly in the following year.

Nitrates Production in Vietnam

In value terms, nitrates production fell significantly to $X in 2021 estimated in export price. Overall, production recorded a perceptible slump. The growth pace was the most rapid in 2020 when the production volume increased by 47%. Nitrates production peaked at $X in 2012; however, from 2013 to 2021, production remained at a lower figure.

Nitrates Exports

Exports from Vietnam

In 2021, nitrates exports from Vietnam skyrocketed to X tons, rising by 1,103% on the previous year's figure. Over the period under review, exports continue to indicate significant growth. The pace of growth appeared the most rapid in 2019 when exports increased by 14,156% against the previous year. Over the period under review, the exports hit record highs in 2021 and are expected to retain growth in the immediate term.

In value terms, nitrates exports surged to $X in 2021. In general, exports saw significant growth. The pace of growth appeared the most rapid in 2019 when exports increased by 17,012%. The exports peaked in 2021 and are likely to continue growth in the near future.

Exports by Country

Malaysia (X tons) was the main destination for nitrates exports from Vietnam, with a 83% share of total exports. Moreover, nitrates exports to Malaysia exceeded the volume sent to the second major destination, Cambodia (X tons), fivefold.

From 2012 to 2021, the average annual growth rate of volume to Malaysia stood at +62.7%.

In value terms, the largest markets for nitrates exported from Vietnam were Malaysia ($X) and Cambodia ($X).

In terms of the main countries of destination, Malaysia, with a CAGR of +58.9%, saw the highest growth rate of the value of exports, over the period under review.

Export Prices by Country

The average nitrates export price stood at $X per ton in 2021, jumping by 41% against the previous year. In general, the export price, however, showed a drastic downturn. The pace of growth was the most pronounced in 2018 when the average export price increased by 43%. The export price peaked at $X per ton in 2012; however, from 2013 to 2021, the export prices failed to regain momentum.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Cambodia ($X per ton), while the average price for exports to Malaysia stood at $X per ton.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to the Philippines (+11.0%), while the prices for the other major destinations experienced a decline.

Nitrates Imports

Imports into Vietnam

In 2021, after five years of growth, there was significant decline in supplies from abroad of nitrates (excluding those of potassium), when their volume decreased by -28.1% to X tons. Over the period under review, imports, however, continue to indicate buoyant growth. The pace of growth appeared the most rapid in 2016 with an increase of 65% against the previous year. Imports peaked at X tons in 2020, and then reduced markedly in the following year.

In value terms, nitrates imports plummeted to $X in 2021. In general, imports, however, enjoyed a prominent expansion. The most prominent rate of growth was recorded in 2018 when imports increased by 73%. As a result, imports reached the peak of $X. From 2019 to 2021, the growth of imports failed to regain momentum.

Imports by Country

In 2021, China (X tons) constituted the largest nitrates supplier to Vietnam, accounting for a 53% share of total imports. Moreover, nitrates imports from China exceeded the figures recorded by the second-largest supplier, India (X tons), fivefold. Malaysia (X tons) ranked third in terms of total imports with an 8.3% share.

From 2012 to 2021, the average annual growth rate of volume from China amounted to +22.5%. The remaining supplying countries recorded the following average annual rates of imports growth: India (-2.0% per year) and Malaysia (+16.0% per year).

In value terms, China ($X) constituted the largest supplier of nitrates (excluding those of potassium) to Vietnam, comprising 41% of total imports. The second position in the ranking was taken by Malaysia ($X), with a 20% share of total imports. It was followed by South Korea, with a 6.9% share.

From 2012 to 2021, the average annual growth rate of value from China amounted to +17.8%. The remaining supplying countries recorded the following average annual rates of imports growth: Malaysia (+15.6% per year) and South Korea (+82.6% per year).

Import Prices by Country

The average nitrates import price stood at $X per ton in 2021, with a decrease of -24.2% against the previous year. Overall, the import price recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2015 when the average import price increased by 65% against the previous year. Over the period under review, average import prices reached the maximum at $X per ton in 2018; however, from 2019 to 2021, import prices failed to regain momentum.

There were significant differences in the average prices amongst the major supplying countries. In 2021, amid the top importers, the country with the highest price was South Korea ($X per ton), while the price for India ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Israel (+9.9%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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