According to statistics from General Department of Customs, in the 11 months of 2024, the country exported more than 1.57 million tonnes of fertilizers of all kinds, equivalent to nearly 644.46 million USD, with an average price of 410 USD/tonne, up 13.7% in volume, up 11.6% in turnover but down slightly 1.8% in price compared to the same period in 2023.
In November 2024 alone, 130,728 tonnes of fertilizers of all kinds were exported, reaching 53.83 million USD, with a price of 411.8 USD/tonne, down 11.4% in volume, down 10% in turnover but up 1.5% in price compared to October 2024; compared to November 2023, it increased sharply by 56.5% in volume, up 43.9% in turnover but down 8% in price.
In terms of market, Vietnam's fertilizer exports are mainly to the Cambodian market, which alone accounts for over 34% of total volume and total export turnover of fertilizers in the country, reaching 536,161 tonnes, equivalent to 219.51 million USD, with an average price of 409.4 USD/tonne, up 8.4% in volume, up 5.5% in turnover but down 2.7% in price compared to the same period in 2023.
In November 2024, fertilizer exports to this market reached 57,609 tonnes, equivalent to 22.14 million USD, with an average price of 384.3 USD/ton, down 3.5% in volume, down 4.5% in turnover and down 1.1% in price compared to October 2024.
Following the main market of Cambodia is Korean market with 188,258 tonnes, equivalent to 76.18 million USD, average price of 404.7 USD/tonne, a sharp increase of 211.9% in volume, 230.6% in turnover and 6% in price, accounting for nearly 12% of total volume and total export turnover of fertilizers of the whole country.
Exports to the Philippine market reached 96,438 tonnes, equivalent to 41.33 million USD, average price of 428.6 USD/tonne, up 83.2% in volume, up 73% in turnover and price decreased by 5.6%, accounting for 6.1% of total volume and 6.4% of total turnover.
Fourth, exports to Malaysian market accounted for 6.38% of total volume and 5.92% of total fertilizer export turnover of the country, reaching 100,299 tonnes, with a turnover of 38.16 million USD, an increase of 15.79% in volume and 29.26% in turnover over the same period in 2023.
In addition, fertilizer export turnover to some markets had a strong increase in turnover such as Laos, Taiwan (China) and Japan with increases of 42.43%, 605.24% and 316.89%, respectively.
World fertilizer prices in November 2024 decreased due to low demand while supply was abundant. In line with general trend of the world, domestic urea prices traded slowly in most regions while supply was abundant.
Specifically, the prices of some types of fertilizer are as follows: In the Northern provinces, price of Phu My Urea decreased by 3.3% compared to the previous month, down to VND 11,700/kg, but still increased by 0.9% compared to the same period in 2023; price of Chinese Urea decreased by 1.9% compared to previous month and decreased by 0.9% compared to the same period in 2023 to VND 10,600/kg; the price of Lao Cai Phosphate was VND 4,100/kg.
Similarly, in Da Nang, price of Phu My Urea decreased by 2.5% compared to the previous month, down to VND 11,600/kg; price of Chinese Urea decreased by 1.9% compared to previous month and decreased by 0.9% compared to the same period in 2023 to VND 10,600/kg; price of Lao Cai Phosphate was VND 4,100/kg.
In Quy Nhon, Phu My Urea price decreased by 2.5% compared to the previous month, down to VND11,600/kg; Chinese Urea price decreased by 1.9% compared to the previous month and decreased by 0.9% compared to the same period last year, down to VND10,600/kg; Lao Cai phosphate price was VND4,100/kg.
In Ho Chi Minh City, Phu My Urea price decreased by 1.7% compared to the previous month and decreased by 1.7% compared to the same period last year, down to VND11,300/kg; Chinese Urea price decreased by 2.8% compared to the previous month and decreased by 1.9% compared to the same period last year, down to VND10,400/kg; Lao Cai phosphate price was VND4,200/kg.
In Tien Giang, Phu My Urea price decreased by 2.8% compared to the previous month and decreased by 1.9% compared to the same period last year, down to VND11,400/kg; Chinese urea prices decreased by 2.8% compared to the previous month and decreased by 1.9% compared to the same period last year, down to VND 10,500/kg; Lao Cai phosphate price was VND 4,200/kg.
Consumption demand for 2024-2025 Winter-Spring rice crop in the Mekong Delta is gradually increasing as sowing area increases. In addition, agricultural products with good prices are factors promoting growth of fertilizer consumption in Vietnam. Favorable weather and high prices of agricultural products will be good conditions for farmers to increase fertilization of crops, improve productivity, thereby increasing demand for fertilizers.
Trend of using chemical and organic fertilizers in period 2024-2029 is forecasted to reach a compound annual growth rate of 6.5% - 6.7%, reflecting trend of shifting to sustainable and environmentally friendly agriculture.
International Fertilizer Association (IFA) forecasts that demand for urea fertilizer will increase by 6% in a period of 2024 - 2028. In Vietnam alone, demand for urea in 2024 is forecast to increase by about 13% compared to 2022 - 2023 crop year thanks to positive export of Vietnamese agricultural products.
In addition, fertilizer exports are expected to recover, especially in traditional markets such as Cambodia and South Korea. At the same time, Vietnam is also expanding its market to Europe, where product quality standards are higher.

Source: Vitic/ congthuong.vn