AsemconnectVietnam - In January 2024, Vietnam exported 180,221 tonnes of fertilizer, equivalent to over 72.9 million USD, an increase of 41.7% in volume and 14% in turnover compared to January of 2023.

Meanwhile, the imports of all kinds of fertilizers in January of 2024 reached 414,850 tonnes, equivalent to over 138.39 million USD, an increase of 197.7% in volume, an increase of 142.6% in turnover compared to January of 2023.
Vietnam's main fertilizer export markets in January of 2024
According to the preliminary statistics figures of the General Department of Customs, in January of 2024 the country exported 180,221 tonnes of fertilizer, equivalent to 72.9 million USD, average price was at 404.5 USD/tonne, an increase of 10.6% in volume, up by 2% in turnover but down 7.7% in price compared to December of 2023. As compared to January of 2023, it increased by 41.7% in volume, increased by 14% in turnover but decreased by 14.5% in price.
South Korea was the leading fertilizer consumption market in Vietnam, accounting for over 26% of the country's total fertilizer export volume and turnover, reaching 47,206 tonnes, equivalent to nearly 19.35 million USD. The average price was 410 USD/tonne, up by 63.2% in volume, up by 61.5% in turnover but slightly down by 1% in price compared to December of 2023. As compared to January of 2023, there was a sharp increase of 984.7% in volume, an increase of 1,074% in turnover and an increase of 8.3% in price.
In January of 2024, the country exported 180,221 tonnes of fertilizer, equivalent to 72.9 million USD.
The next was the Cambodian market, accounting for 21% of the total volume and 22% of the total turnover, reaching 37,782 tonnes, equivalent to nearly 16.08 million USD, the average price was 425.7 USD/tonne, a sharp decrease of 57.8 % in volume, down by 58.2% in turnover and down by 1% in price compared to December of 2023. As compared to January of 2023, it increased by 13.6% in volume but decreased by 2.1% in turnover and decreased by 13.8% in price.
The Philippine market ranked third with 15,558 tonnes, equivalent to 7.2 million USD, price of 462.8 USD/tonne, up by 293.3% in volume and 256.9% in turnover but down by 9.3% in price. As compared to December of 2023; and also increased by 440% in volume, increased by 243.9% in turnover but decreased 36.4% in price compared to January of 2023, accounting for 8.6% of total volume and 9.9% of total export turnover of the whole country.
The exports to FTA RCEP markets were 129,364 tonnes, equivalent to 54.4 million USD, up by 150.3% in volume and by 121% in turnover over the same period last year.
According to forecasts of the World Fertilizer Association, the growth rate of world fertilizer consumption will slow down in the medium term, from 4% in fiscal year 2023 to 1.3% in fiscal year 2027.
In the domestic market, experts predict that fertilizer demand in 2024 will increase slowly compared to 2023. The domestic demand is predicted to increase in the fourth quarter of 2023 and the first quarter of 2024 when entering Winter-Spring crop, but this year's crop came late, starting at the end of November.
Vietnam’s main fertilizer import markets in January of 2024
According to preliminary statistics of the General Department of Customs, in January 2024 the country imported 414,850 tonnes of fertilizer, equivalent to 138.39 million USD, with the average price of 333.6 USD/tonne, down by 7.1% in volume, down by 8.5% in turnover and down by 1.5% in price compared to December of 2023. As compared to January of 2023, it increased by 197.7% in volume, increased by 142.6% in turnover but decreased by 18.5% in price.
China was the leading the list of Vietnam’s fertilizer import markets, accounting for 41% of the total volume and 27.7% of the total turnover, reaching 169,875 tonnes, equivalent to nearly 38.33 million USD, the average price was 225.6 USD/tonne, down by 16% in volume, down by 38.7% in turnover and down by 27% in price compared to December of 2023. As compared to January of 2023, it increased by 141.8% in volume, increased by 48.5% in turnover but decreased by 38.6% in price.
The next was the Russian market, accounting for over 17.3% of the total volume and 31.6% of the country's total imported fertilizer turnover, reaching 71,911 tonnes, equivalent to nearly 43.79 million USD, with the average price of 609 USD/tonne, up by 27.3% in volume, up by 86.4% in turnover and up by 46.4% in price compared to December of 2023. As compared to January of 2023, there was a sharp increase of 3,286% in volume, an increase of 3,113% in turnover but a decrease of 5.1% in price.
South Korean market ranked third, reaching 17,517 tonnes, equivalent to 7.96 million USD, priced at 454.7 USD/tonne, up by 21.7% in volume but down by 3% in turnover and down by 20.4% in price compared with December of 2023; but increased sharply by 90% in volume, 163.9% in turnover and 38.8% in price compared to January of 2023, accounting for 4.2% of total volume and 5.8% of total import turnover of fertilizer of the whole country.
The imports from FTA RCEP markets were 265,057 tonnes, equivalent to 64.67 million USD, up by 142.4% in volume and 65.5% in turnover over the same period last year.
The imports from the Southeast Asian market were 46,280 tonnes, equivalent to 15.02 million USD, up by 136.7% in volume and by 60.2% in turnover over the same period last year.
CK
Source: VITIC/congthuong.vn/haiquanonline.com.vn