Specifically, according to statistics from the General Department of Customs, in June 2023, the country imported 415,200 tons of fertilizer, equivalent to 131 million USD, a sharp increase of 79.4% in volume and 21.9% in turnover over the same period.
In the first 6 months of 2023, the country's total imported fertilizer volume reached over 1.7 million tons, worth over 589 million USD, down 4.4% in volume and 30.4% in value.
The average price of imported fertilizer in the first 6 months was 346 USD/ton, down 27.3% in price compared to the first 6 months of 2022.
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Ca Mau Fertilizer Export Port |
Regarding the fertilizer import market to Vietnam, China is still the leader, accounting for 50.2% of the total volume and 46.5% of the total value of fertilizer imports of the country, reaching 854,000 tons, equivalent to 274 million USD, up 1.9% in volume, but down 20.6% in value compared to the same period. Import prices from this market also decreased by 22%.
Laos is the second largest fertilizer supplier to Vietnam, with 107,300 tons, equivalent to 42.6 million USD, up 34.2% in volume, but down 7% in value.
Fertilizer imports from the Southeast Asian market reached 230,600 tons, equivalent to 90.07 million USD, up 54.8% in volume, but down 2.9% in value over the same period, accounting for 15.3% of the country's total fertilizer import turnover.
Fertilizer imports from the RCEP FTA market reached 1.32 million tons, equivalent to 418 million USD, up 3.7% in volume and down 20.3% in value.
Fertilizer imports from the CPTPP FTA market reached 192,593 tons, equivalent to 30 million USD, down 31% in volume, down 68.3% in value over the same period, accounting for 11.3% in total volume and 5% in total fertilizer import turnover of the country.
In general, in the first 6 months of 2023, fertilizer imports from most markets decreased in both volume and value compared to the same period in 2022. The falling price level of imported fertilizers is beneficial for agricultural production activities.
Regarding the urea market alone, a large domestic fertilizer import-export enterprise commented: Currently, the world urea price tends to increase slightly. However, the domestic urea price is expected to remain stable, possibly increasing slightly due to stable supply. Currently, domestic urea is in surplus (the country's production capacity is approximately 3 million tons/year, while demand is only about 1.8 million tons/year). Therefore, the domestic urea supply has not fluctuated, and domestic urea enterprises have been and are aiming for export.
The Vietnam Fertilizer Association said that fertilizer prices have fallen rapidly as the cost of natural gas, an important raw material for fertilizer production, and farmers' demand have both decreased. Especially after China began to reopen and no longer restricted the export of 29 types of fertilizers, the supply of fertilizers on the world market is no longer in a state of local scarcity.
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