According to preliminary statistics of General Department of Customs, Vietnam's export of fertilizers in March reached 148,792 tonnes with a value of more than 62 million USD, down 13.4% in volume and 13.5% in value compared to February 2024.
Accumulated by the end of the first quarter of 2023, fertilizer exports have earned more than 207 million USD with 499,786 tonnes, up 23.3% in volume and 13.1% in value compared to the same period last year.
Fertilizer export prices averaged 415 USD/tonne, down 12% over the same period last year.
In terms of market, Cambodia was Vietnam's largest export market in the first quarter with 103,510 tonnes, equivalent to more than 42 million USD, a slight decrease of 1% in volume but a decrease of 10% in turnover. Export prices reached an average of 410 USD/tonne, down 9%.
Korea has risen to become the second largest customer of Vietnamese fertilizer. This country imported 68,947 tonnes of fertilizer from our country in the first quarter, equivalent to more than 28.9 million USD, an increase of 55% in volume and increased 72% in value over the same period in 2023. Import price reached 419 USD/tonne, an increase of 11%.
Ranked third is the Philippine market. This country witnessed the strongest increase among the main markets with an output of 36,846 tonnes, equivalent to more than 17 million USD, a sharp increase of 306% in volume and 197% in terms of value compared to the same period in 2023. Export price reached an average of 305 USD/tonne, down 26%.
Another Asian country, Malaysia, is also increasing imports of Vietnamese fertilizer with an output of 32,111 tonnes, worth more than 10.9 million USD, an increase of 7% in volume and value and ranking 4th among export markets. In addition, the markets of Japan, Taiwan (China), Thailand, and Laos are all witnessing growth compared to the same period last year.
In 2024, experts predict that fertilizer supply will become increasingly tight due to the world's two major suppliers, China and Russia, restricting exports. This may cause fertilizer prices in 2024 to increase slightly compared to previous years. It is expected that the world urea fertilizer market will become more vibrant from the second half of 2024 when major consumers including China, India, the US, Brazil and Europe simultaneously return to bidding to ensure fertilizer supply for upcoming peak sowing period of Summer-Autumn crop.
International Fertilizer Association (IFA) forecasts that global fertilizer consumption this year increase 4% compared to 2023, reaching 192.5 million tonnes.

Source: Vitic/ congthuong.vn