2024 fertilizer exports exceed US$700 million
VOV.VN - Vietnam shipped 1.73 million tonnes of fertilizers abroad throughout 2024 for US$709.91 million, marking an annual increase of 11.7% in volume and 9.4% in value, reported the General Department of Vietnam Customs.
The past year has seen the average export price of fertilizer reach US$411.1 per tonne, falling slightly by 2% against the same period last year.
December alone saw businesses export 154,801 tonnes of all kinds, up 18.4%, with a turnover of over US$65.35 million, up 21.4% month on month.
Cambodia was the leading buyer of Vietnamese fertilizers last year, spending US$240.82 million on 592,121 tonnes, making up 34.3% and 33.9% of the total export volume and value, respectively.
It was followed by the Republic of Korea with 220,174 tonnes and a value of US$89.14 million, surging by 146.6% and 154.6% year on year.
The Philippines came third by purchasing 109,381 tonnes for US$46.35 million, increasing sharply by 93.3% and 78.9% year on year, respectively.
This year the price of fertilizer is forecast to rise slightly by 3% to 5% in the global market.
According to the International Fertilizer Association (IFA), the global consumption demand for urea fertilizer will edge up by 6% during the 2024 - 2028 period. In addition, traditional Vietnamese markets such as Cambodia and the Republic of Korea are predicted to see higher demand of fertilizers in the year ahead.
Vietnam is also seeking measures specifically to expand its fertilizer export market to Europe which requests high-quality products.
