Vietnam: Nitrogen Market 2024

Nitrogen Market Size in Vietnam

The Vietnamese nitrogen market reached $X in 2021, picking up by 14% against the previous year. In general, consumption recorded a prominent expansion. Nitrogen consumption peaked at $X in 2019; however, from 2020 to 2021, consumption failed to regain momentum.

Nitrogen Production in Vietnam

In value terms, nitrogen production rose markedly to $X in 2021 estimated in export price. Over the period under review, production showed strong growth. The most prominent rate of growth was recorded in 2018 with an increase of 71%. Over the period under review, production reached the maximum level at $X in 2019; however, from 2020 to 2021, production failed to regain momentum.

Nitrogen Exports

Exports from Vietnam

In 2021, overseas shipments of nitrogen decreased by -7% to X cubic meters, falling for the second year in a row after four years of growth. Overall, exports, however, posted significant growth. The pace of growth was the most pronounced in 2013 when exports increased by 1,281% against the previous year. The exports peaked at X cubic meters in 2019; however, from 2020 to 2021, the exports failed to regain momentum.

In value terms, nitrogen exports skyrocketed to $X in 2021. In general, exports, however, enjoyed a significant expansion. The pace of growth was the most pronounced in 2013 when exports increased by 966% against the previous year. Over the period under review, the exports hit record highs at $X in 2019; however, from 2020 to 2021, the exports remained at a lower figure.

Exports by Country

Cambodia (X cubic meters) was the main destination for nitrogen exports from Vietnam, accounting for a 82% share of total exports. Moreover, nitrogen exports to Cambodia exceeded the volume sent to the second major destination, Taiwan (Chinese) (X cubic meters), sixfold.

From 2012 to 2021, the average annual rate of growth in terms of volume to Cambodia amounted to +84.7%. Exports to the other major destinations recorded the following average annual rates of exports growth: Taiwan (Chinese) (-46.9% per year) and Lao People's Democratic Republic (+82.1% per year).

In value terms, Cambodia ($X) remains the key foreign market for nitrogen exports from Vietnam, comprising 71% of total exports. The second position in the ranking was held by Lao People's Democratic Republic ($X), with a 17% share of total exports.

From 2012 to 2021, the average annual rate of growth in terms of value to Cambodia amounted to +61.6%. Exports to the other major destinations recorded the following average annual rates of exports growth: Lao People's Democratic Republic (+126.1% per year) and Taiwan (Chinese) (-45.2% per year).

Export Prices by Country

The average nitrogen export price stood at $X per cubic meter in 2021, surging by 25% against the previous year. In general, the export price, however, faced a deep contraction. The most prominent rate of growth was recorded in 2014 an increase of 62% against the previous year. As a result, the export price reached the peak level of $X per cubic meter. From 2015 to 2021, the average export prices failed to regain momentum.

There were significant differences in the average prices for the major export markets. In 2021, amid the top suppliers, the country with the highest price was Lao People's Democratic Republic ($X per cubic meter), while the average price for exports to Taiwan (Chinese) ($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 Lao People's Democratic Republic (+24.5%), while the prices for the other major destinations experienced mixed trend patterns.

Nitrogen Imports

Imports into Vietnam

In 2021, nitrogen imports into Vietnam skyrocketed to X cubic meters, jumping by 778% on the year before. In general, imports enjoyed a significant increase. The pace of growth was the most pronounced in 2016 when imports increased by 2,088% against the previous year. Over the period under review, imports reached the maximum at X cubic meters in 2018; however, from 2019 to 2021, imports remained at a lower figure.

In value terms, nitrogen imports stood at $X in 2021. Over the period under review, imports showed a prominent expansion. The most prominent rate of growth was recorded in 2016 with an increase of 351% against the previous year. Over the period under review, imports hit record highs at $X in 2017; however, from 2018 to 2021, imports failed to regain momentum.

Imports by Country

In 2021, Singapore (X cubic meters) constituted the largest nitrogen supplier to Vietnam, accounting for a 75% share of total imports. Moreover, nitrogen imports from Singapore exceeded the figures recorded by the second-largest supplier, the United States (X cubic meters), fourfold.

From 2012 to 2021, the average annual rate of growth in terms of volume from Singapore stood at +164.7%. The remaining supplying countries recorded the following average annual rates of imports growth: the United States (+137.7% per year) and Germany (-3.2% per year).

In value terms, Singapore ($X) constituted the largest supplier of nitrogen to Vietnam, comprising 39% of total imports. The second position in the ranking was taken by the United States ($X), with an 11% share of total imports.

From 2012 to 2021, the average annual rate of growth in terms of value from Singapore totaled +25.4%. The remaining supplying countries recorded the following average annual rates of imports growth: the United States (+12.7% per year) and Germany (+11.1% per year).

Import Prices by Country

In 2021, the average nitrogen import price amounted to $X per cubic meter, waning by -88.5% against the previous year. Overall, the import price recorded a dramatic contraction. The pace of growth appeared the most rapid in 2019 an increase of 2,584%. The import price peaked at $X per cubic meter in 2014; however, from 2015 to 2021, import prices stood at a somewhat lower figure.

Average prices varied noticeably amongst the major supplying countries. In 2021, amid the top importers, the country with the highest price was the United States ($X per cubic meter), while the price for Singapore ($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 Germany (+14.7%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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