Vietnam: Potassium Sulphate (Sop) Market 2024

Potassium Sulphate (Sop) Market Size in Vietnam

The Vietnamese potassium sulphate (SOP) market dropped modestly to $X in 2022, standing approx. at 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, consumption, however, recorded a relatively flat trend pattern. As a result, consumption reached the peak level of $X. From 2018 to 2022, the growth of the market remained at a lower figure.

Potassium Sulphate (Sop) Exports

Exports from Vietnam

In 2022, overseas shipments of potassium sulphate (SOP) were finally on the rise to reach X tons after five years of decline. Over the period under review, exports, however, faced a abrupt curtailment. The most prominent rate of growth was recorded in 2015 with an increase of 63%. Over the period under review, the exports attained the peak figure at X tons in 2013; however, from 2014 to 2022, the exports remained at a lower figure.

In value terms, potassium sulphate (SOP) exports amounted to $X in 2022. Overall, exports, however, continue to indicate a abrupt shrinkage. The growth pace was the most rapid in 2015 with an increase of 121% against the previous year. The exports peaked at $X in 2016; however, from 2017 to 2022, the exports remained at a lower figure.

Exports by Country

Thailand (X tons), Mozambique (X tons) and Japan (X tons) were the main destinations of potassium sulphate (SOP) exports from Vietnam, together accounting for 78% of total exports. The United Arab Emirates, China, Cambodia and Malaysia lagged somewhat behind, together accounting for a further 19%.

From 2012 to 2022, the biggest increases were recorded for Cambodia (with a CAGR of +10.6%), while shipments for the other leaders experienced mixed trend patterns.

In value terms, Thailand ($X), Japan ($X) and Mozambique ($X) constituted the largest markets for potassium sulphate (SOP) exported from Vietnam worldwide, together comprising 76% of total exports.

Among the main countries of destination, Thailand, with a CAGR of +30.1%, recorded the highest rates of growth with regard to the value of exports, over the period under review, while shipments for the other leaders experienced mixed trend patterns.

Export Prices by Country

The average potassium sulphate (SOP) export price stood at $X per ton in 2022, flattening at the previous year. Over the period under review, the export price saw resilient growth. The most prominent rate of growth was recorded in 2016 when the average export price increased by 85%. As a result, the export price reached the peak level of $X per ton. From 2017 to 2022, the average export prices remained at a somewhat lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Japan ($X per ton), while the average price for exports to the United Arab Emirates ($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 China (+20.8%), while the prices for the other major destinations experienced more modest paces of growth.

Potassium Sulphate (Sop) Imports

Imports into Vietnam

Potassium sulphate (SOP) imports into Vietnam rose modestly to X tons in 2022, increasing by 4.5% against 2021. In general, imports saw a relatively flat trend pattern. The pace of growth was the most pronounced in 2017 when imports increased by 61% against the previous year. As a result, imports reached the peak of X tons. From 2018 to 2022, the growth of imports remained at a somewhat lower figure.

In value terms, potassium sulphate (SOP) imports dropped modestly to $X in 2022. Over the period under review, imports, however, recorded a mild shrinkage. The pace of growth was the most pronounced in 2017 when imports increased by 57% against the previous year. As a result, imports attained the peak of $X. From 2018 to 2022, the growth of imports remained at a lower figure.

Imports by Country

In 2022, Taiwan (Chinese) (X tons) constituted the largest supplier of potassium sulphate (SOP) to Vietnam, accounting for a 44% share of total imports. Moreover, potassium sulphate (SOP) imports from Taiwan (Chinese) exceeded the figures recorded by the second-largest supplier, South Korea (X tons), fourfold. The third position in this ranking was held by Singapore (X tons), with a 10% share.

From 2012 to 2022, the average annual growth rate of volume from Taiwan (Chinese) was relatively modest. The remaining supplying countries recorded the following average annual rates of imports growth: South Korea (+12.2% per year) and Singapore (+46.2% per year).

In value terms, the largest potassium sulphate (SOP) suppliers to Vietnam were Taiwan (Chinese) ($X), South Korea ($X) and Singapore ($X), with a combined 70% share of total imports.

Singapore, with a CAGR of +52.1%, recorded the highest growth rate of the value of imports, among the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The average potassium sulphate (SOP) import price stood at $X per ton in 2022, falling by -7% against the previous year. Overall, the import price continues to indicate a perceptible setback. The pace of growth was the most pronounced in 2021 an increase of 14% against the previous year. Over the period under review, average import prices attained the peak figure at $X per ton in 2014; however, from 2015 to 2022, import prices remained at a lower figure.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Singapore (+4.0%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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