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Top 10 fertilizer importers in Vietnam (8 months 2022)

Top 10 fertilizer importers in Vietnam (8 months 2022)

Friday 14, 10 2022
Tuong Nguyen Import Export Trading Service Company Limited was Vietnam’s top fertilizer importer in the first 8 months of 2022.

Vietnam’s fertilizer exports and imports updates

Exports

In September 2022, Vietnam’s fertilizer exports reached an estimated 190 thousand tons, equivalent to a turnover of 108 million USD, up 61.1% and 53.5% in volume and turnover over August. Compared to September 2021, the volume and turnover of fertilizer exported were up by 116.8% and 190.1%, respectively.

Vietnamcredit - Vietnam fertilizer exports

In the first 9 months of 2022, Vietnam’s fertilizer exports reached about 1.4 million tons, with a turnover of 900 million USD, up 48.3% and 170.4% in volume and turnover over the same period in 2021.

In the first 8 months of 2022, Vietnam exported 1.23 million tons of fertilizer, with a turnover of 791.9 million USD, up 41.4% in volume and 167.9% in turnover over the same period in 2021.

Vietnam’s top fertilizer exporting markets in the first 8 months of 2022 include Cambodia, Malaysia, Korea, etc. Fertilizers exported to Cambodia accounted for 27.5% of Vietnam’s total fertilizer export. Exports to Cambodia were down 7.8% in volume and up 34.9% in turnover compared to the same period in 2021.

In addition, fertilizer exports to several markets such as Korea, Myanmar, Japan, the Philippines, etc., saw an increase in the first 8 months of 2022.

On the other hand, exports to Mozambique were down 88.3% in volume and 55.5% in turnover, Taiwan was down 62.3% in volume and 13.3% in turnover over the same period in 2021, etc.

VietnamCredit - Exports

Imports

According to preliminary statistics, Vietnam’s fertilizer imports in September 2022 were estimated at 240,000 tons, with a turnover of 97 million USD, down 2.4% in volume and 13.4% in turnover compared to August 2022. down 7.1% in volume but up 11.1% in turnover compared to September 2021.

In the first 9 months of 2022, fertilizer imports were estimated at 2.4 million tons, with a turnover of 1.12 billion USD, down 29.1% in volume, but up 12.1% in turnover over the same period in 2021.

According to statistics from the General Department of Customs, fertilizer imports into Vietnam in the first eight months of 2022 reached 2.191 million tons, equivalent to a turnover of 1.02 billion USD, down 30.9% in volume, and up 12.2 % of turnover over the same period in 2021.

China is the largest market supplying fertilizer to Vietnam in the first 8 months of 2022, with 1.05 million tons, with a turnover of 434.3 million USD, down 26.9% in volume but up 9.0% in turnover compared to the same period in 2021. Fertilizer imports from this market dropped sharply due to the Russia-Ukraine tension disrupting supply and the impact of China's fertilizer export restriction.

In addition, Vietnam imported many kinds of fertilizers from Japan, Russia, Canada, and South Korea, with an import volume of 261.3 thousand tons, 150.5 thousand tons, 100.9 thousand tons, and 95.5 thousand tons, respectively.

In general, fertilizer imports in August 2022 increased sharply compared to the previous month, but for the whole 8 months of 2022, imports from most markets decreased compared to the first 8 months of 2021.

VietnamCredit - fertilizer imports

Price increase

Vietnam currently needs about 11 million tons of fertilizer a year, while domestic production can only provide about 7 million tons. The country has to import the other 4 million.

According to the General Secretary of the Vietnam Fertilizer Association Phung Ha, fertilizer prices in Vietnam and the world are under pressure to increase prices. The main reason involves Russia and China, the countries with the largest share of fertilizer exports. China's fertilizer export volume has dropped sharply since September 2021 after the export ban, and Russia's application of an export quota has limited the global supply of fertilizer.

Although China's export ban on urea was initially lifted at the end of June 2022, export activities are still very limited to ensure a sufficient supply for domestic consumption. Currently, China's urea inventories at ports are 60% below the 10-year average. Meanwhile, Russia continued to apply export quotas on urea for the period from July to December 2022, but the quota level was increased to 8.3 million tons in the second half of 2022 from 5.9 million tons in the period from December 2021 to May 2022.

After military tensions between Russia and Ukraine took place, sanctions between the EU and Russia have made it more difficult to maintain sufficient gas reserves. The lack of gas supply, while the demand is still high, has caused gas prices in Europe to skyrocket.

Fertilizer prices may continue to increase sharply when gas prices remain high. With the current gas price, many factories have closed their Ammonia or urea production lines because the selling price cannot cover the cost. It is estimated that nearly 30% of urea production capacity and nearly 25% of ammonia production capacity will be cut.

With that situation going on, fertilizer prices are predicted to rise, aiding in increasing the value of Vietnam’s export fertilizer.

Top 10 fertilizer importers in Vietnam

(First 8 months of 2022)

Tuong Nguyen Import Export Trading Service Company Limited was Vietnam’s top fertilizer importer in the first 8 months of 2022. The company imported 74,305 thousand USD of fertilizer.

Vinacam Group Joint Stock Company and Agricultural Products and Materials Joint Stock Company ranked second and third, with 64,345 thousand USD and 60,762 thousand USD of fertilizer imported, respectively.

VietnamCredit - Top 10 fertilizer

Compiled by VietnamCredit

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