Vietnam’s fertilizer exports in June 2022 reached about 359 thousand tons, with a turnover of 225 million USD, up 181.0% in volume and 399.9% in turnover over June 2021.
In the first half of 2022, Vietnam’s fertilizer exports reached 1.11 million tons, equivalent to a turnover of 725 million USD, increased by 58.6% in volume and 215.0% in turnover over the same period in 2021.
According to data from the General Department of Customs, Vietnam’s fertilizer exports in May 2022 reached 132.6 thousand tons, with a turnover of 87.8 million USD, down 10.9% in volume and 13.7% in turnover compared to April 2022. This number is an increase of 28.7% in volume and 148.7% in turnover over May 2021.
In the first 5 months of 2022, Vietnam’s export of fertilizer reached 759.8 thousand tons, equivalent to a turnover of 499.9 million USD, up 32.1% in volume and 170.0% in turnover over the same period in 2021.
Vietnam mainly exported fertilizer to Cambodia in the first 5 months of 2022. The amount exported to Cambodia accounted for 27.8% of the total fertilizer exported. Export turnover to Cambodia reached 118.1 million USD, equivalent to 210.9 thousand tons, down 0.7% in volume and up 63.3% in turnover.
Fertilizer exports to some other markets improved remarkably in May 2022 compared to the same period in 2021. For example, exports to Korea were up 14,754.3% in turnover; to Thailand by 1,934.8% in turnover; to Japan by 1,010.2% in turnover.
According to estimates, Vietnam’s imports of fertilizer in June 2022 reached around 250 thousand tons, with a turnover of 119 million USD, down 42.7% in volume and 5.0% in turnover compared to June 2021.
In the first 6 months of 2022, fertilizer imports into Vietnam were around 1.80 million tons, equivalent to a turnover of 856 million USD, down 22.5% in volume and up 32.3% in turnover over the same period in 2021.
Data from the General Department of Customs showed that Vietnam’s fertilizer imports in May 2022 reached 307.7 thousand tons, with a turnover of 150.8 million USD, down 5.2% in volume and 2.9% in turnover compared to April 2022. This number is a decrease of 43.4% in volume and 5.8% in turnover over May 2021.
In the first 5 months of 2022, Vietnam’s fertilizer imports reached 1.54 million tons, with a turnover of 737.02 million USD, down 17.8% in volume and up 41.3% in turnover compared to the same period in 2021.
Fertilizers imported from China accounted for 45.3% of the total fertilizer imported to Vietnam in the first 5 months of 2022. Imported fertilizer from China was down 14.6% in volume and up 27.7% in turnover over the same period in 2021.
Fertilizers imported from other big markets to Vietnam also increased in the first 5 months of 2022 compared to 2021. Specifically, imports from Norway were up 132.7% in volume and 230.1% in turnover; from Japan up 37.6% in volume and 119.1% in turnover, etc. Fertilizers imported from Russia were down 19.9% in volume and up 59.1% in turnover.
Vietnam’s fertilizer export turnover in the first 5 months of 2022 reached nearly 500 million USD, up 2.7 times over the same period in 2021 and nearly equal to the turnover of the whole year of 2021.
However, high turnover growth is difficult to maintain in the second half of this year when fertilizer prices in the market are showing signs of cooling down. With abundant supply from China and Russia's fertilizer export policy to some target markets, world urea prices are cooling down.
Commenting on the fertilizer market from now to the end of the year, Mr. Phung Ha - General Secretary of the Vietnam Fertilizer Association said that from the beginning of 2022, the price of urea worldwide showed signs of decreasing gradually in March and increasing. slightly again in April and May. Specifically, the average urea price in January 2022 is 18.7 million VND/ton, 16.25 million VND/ton in February, 14.16 million VND/ton in March, 16.7 million VND/ton in April, and 16.45 million VND/ton in May.
Mr. Phung Ha also said that with the world oil price still at a high level and forecasted to be difficult to reduce in the last months of the year, the current cooling of fertilizer prices is only short-term.
Compiled by VietnamCredit
