According to preliminary statistics from General Department of Customs, in May 2024, Vietnam's fertilizer imports reached 531,849 tonnes, equivalent to 176.64 million USD, up 7.4% in volume and 8.3% in value compared to April 2024. Compared to May 2023, there was a sharp increase of 37.5% in volume, 43.8% in value and 4.6% in price. In the first 5 months of 2024, the total amount of fertilizer imported by the whole country reached over 2.12 million tons, worth over 681.9 million USD, the average price reached 321.4 USD/tonne, up 64.6% in volume, up 48.8% in turnover but down 9.7% in price compared to the first 5 months of 2023.
China is still the leading fertilizer supplier to Vietnam, accounting for 39.8% of the total volume and 33.8% of the total fertilizer import turnover of the whole country, reaching 845,258 tonnes, equivalent to 230.45 million USD, the average price was 272.6 USD/tonne, up 33.7% in volume, up 10% in turnover but down 17.7% in price compared to the first 5 months of 2023.
In May 2024 alone, fertilizer imports from China decreased 3.4% in volume, but increased by 0.2% in turnover and increased by 3.7% in price compared to April 2024, reaching 186,366 tonnes, equivalent to 63.24 million USD, price 339.3 USD/tonne; compared to May 2023, increased by 21.6% in volume, increased by 45.3% in turnover and increased by 19.5% in price. Next, Russian market ranked second, accounting for 15.8% of the total volume and 22.3% of the total turnover, with 335,581 tonnes, equivalent to 152.28 million USD, the average price was 453.8 USD/tonne, up 453.6% in volume, up 371.7% in turnover but down 14.8% in price compared to the first 5 months of 2023.
Fertilizer imports from the Lao market reached 141,887 tonnes, equivalent to 37.61 million USD, up 66.6% in volume, up 11.7% in turnover over the same period, accounting for over 6.7% in total volume and 5.5% in total fertilizer import turnover of the whole country.
In general, in the first 5 months of 2024, fertilizer imports from most markets increased compared to the first 5 months of 2023.
Vietnam's agricultural sector consumed 11-12 million tonnes of fertilizer, of which about 8 million tonnes were domestically produced products, the rest were imported, because there were products that Vietnam could not produce.
In June 18, fertilizer prices were quiet. Urea fertilizer was still in range of 530,0000 - 570,000 VND in the Southeast - Central Highlands region.
Specifically, Ca Mau and Phu My powdered potassium fertilizers continued to move sideways, with same price of 520,000 - 570,000 VND/bag. In addition, phosphate fertilizers were still sold by agents at the lowest price, falling to around 270,000 - 290,000 VND/bag.
In the Northern region, fertilizer market did not record any new adjustments. Details are as follows, NPK 16 - 16 - 8 +TE Viet Nhat fertilizer is still listed at a selling price of about 870,000 - 890,000 VND/bag. At the same time, NPK 16 - 16 - 8 Viet Nhat and Phu My fertilizers are priced at 800,000 - 830,000 VND/bag and 810,000 - 830,000 VND/bag, respectively.
In the Southwest region, the fertilizer market in June 17 recorded an increase in urea fertilizer. Accordingly, Ca Mau urea fertilizer increased by 20,000 VND/bag, raising selling price to about 515,000 - 550,000 VND/bag.
Meanwhile, NPK 20-20-15 Ba Con Co fertilizer is still sold by dealers at prices ranging from VND850,000/bag to VND900,000/bag.
In 2024, experts predict that fertilizer supply will become increasingly tight as the world's two major suppliers, China and Russia, restrict exports. This could cause fertilizer prices in 2024 to increase slightly compared to previous years.

Source: Vitic/ congthuong.vn