According to the General Department of Customs data, Vietnam’s fertilizer exports in March 2022 reached 121.6 thousand tons, equivalent to a turnover of 65.3 million USD, down 5.0% in quantity and up 177.6% in turnover over March 2021.
In the first three months of 2022, fertilizer exports of Vietnam were 474.27 thousand tons, with a turnover of 306.97 million USD, up 42.6% in quantity and 199.4% in turnover compared to the same period in 2021.
The average export prices of fertilizer in March 2022 were 515.3 USD/ton, up 62.8% over March 2021. In the first three months of 2022, Vietnam’s average fertilizer export prices were 551.7 USD/ton, up 76.3% over the same period in 2021.
In March 2022, Vietnam mostly exported fertilizer to Cambodia. This market accounted for 36.7% of the total fertilizer exports of Vietnam. Exports to Malaysia also rocketed in March 2022, making this market Vietnam’s second-largest fertilizer exporting market with a turnover of 9.19 million USD, up 329.2% over February 2022 and 308.6% over March 2021.
Data showed that Vietnam’s fertilizer imports in March 2022 reached 336.2 thousand tons, with a turnover of 156.53 million USD, up 24.6% in quantity and 19.1% in turnover over February 2022. Compared to March 2021, fertilizer imports were down 12.7% in quantity and up 42.9% in turnover.
In the first three months of 2022, fertilizer imports to Vietnam were 928.5 thousand tons, equivalent to 441.3 million USD in turnover, down 6.7% in quantity and up 65.9% in turnover over the same period in 2021.
Fertilizer import prices were at 456.18 USD/ton, an increase of 63.8% compared to March 2021. In the first quarter of 2022, the average fertilizer import prices were 468.8 USD/ton, up 77.3% over the same period in 2021.
In March 2022, fertilizer imports from major markets of Vietnam all increased compared to February. Imports from Israel rose sharpest, up 3,486.4% in quantity and 1,474.3% in turnover. Imports from Indonesia increased significantly compared to March 2021, reaching a turnover of 7.92 million USD, up 18,481.3%.
In the first 3 months of 2022, imports of fertilizers of all kinds from key markets increased compared to the same period in 2021, of which imports from the second-largest market, Japan, reached 121.0 thousand tons, with a turnover of 25.2 million USD, up 97.2% in volume and 277.5 % in turnover over the same period in 2021.
(First 2 months of 20220)
The price increase of fertilizers has been seen more clearly since the beginning of this year and increased rapidly when the Russia-Ukraine conflict that took place from the end of February continued to develop complicatedly.
Taking advantage of the high world fertilizer prices, Vietnam’s fertilizer enterprises boosted exports in the first quarter of 2022.
According to an analysis by Mordor Intelligence, Vietnam's fertilizer industry will grow by 4.9% per year in the period 2021 - 2026. Leading companies in the fertilizer industry, such as Ca Mau Fertilizer, Phu My Fertilizer, etc., can use this opportunity to increase their share of the domestic and global fertilizer market.
The reduction of export output by China and Russia also creates more opportunities for Vietnamese enterprises to boost exports and take advantage of export prices. This move can increase the competitiveness of Vietnam’s fertilizer companies.
To meet domestic demand, many markets such as South Africa and Korea are actively looking for new suppliers, which can help Vietnam increase fertilizer exports.
Benefiting from a sharp increase in prices, the profit in the first quarter of 2022 of a series of fertilizer enterprises grew positively. Profit before tax in the first quarter of 2022 of some businesses has increased sharply.
Duc Giang Chemical Group said that the company's profit in the first quarter of 2022 is estimated at 1,500 billion VND, 7.1% higher than the 1,400 billion VND figure in the fourth quarter of 2021 and more than 5 times higher compared to the same period last year. According to estimates by SSI Research, this year, DGC's revenue will increase by 22% and profit by 25%. Last year, DGC's profit spiked by 352%.
Another enterprise, DAP Vinachem Joint Stock Company, has just announced its business results for the first quarter of 2022 with a revenue of 863 billion VND, up 37% over the same period last year, profit after tax of 136.5 billion VND, 3.8 times higher the same period. The revenue of the business increased mainly thanks to the increase in selling price.
Compiled by VietnamCredit