Vietnam imports nearly VND352 million worth of fertilisers in Q1
Imported fertiliser volume soared in March, with China being the biggest supplier, according to preliminary statistics from the General Department of Customs.
Last month, Vietnam imported about 429,000 tonnes of fertilisers worth US$123 million, up 52.3% month-on-month in quantity and 35% in value.
The average import price was US$287 per tonne, down 11.6% from February.
China was the leading supplier, with a total of nearly 175,000 tonnes. This represented a significant growth of almost 44% in quantity, over 55% in value and nearly 8% in price from the previous month.
In the first three months of 2024, the country imported over 1.12 million tonnes of fertilisers, valued at nearly US$352 million, with an average price of over US$314 per tonne.
China remained the main importing market, accounting for approximately 42% of the total volume and over 29% of the total import value.
Vietnam also imported fertilisers from other markets, including Russia, Southeast Asia, and members of the Regional Comprehensive Economic Partnership (RCEP) and the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP).
Dr. Phung Ha, vice chairman and secretary general of the Vietnam Fertiliser Association (FAV), said that Chinese fertilisers have consistently been the most imported into Vietnam.
This is due to China's significant role as a major producer and exporter of fertilisers worldwide.
Currently, Vietnam faces a shortage or inability to domestically produce certain types of fertilisers, Ha told plo.vn. For instance, in the case of DAP, domestic production capacity is only around 400,000 - 500,000 tonnes, whereas the demand exceeds 1 million tonnes, necessitating imports.
Regarding NPK fertilisers, Vietnam import those with high nutrient content while exporting those with lower nutrient content to neighbouring markets, Ha added.
According to the FAV Vice Chairman, the country’s fertiliser supply is not solely reliant on foreign markets.
Some fertilisers, like urea and superphosphate, are produced for both domestic use and export.
The proportion of Vietnam’s fertiliser exports has been increasing, reaching US$1.7 billion in 2022 due to restrictions on fertiliser exports by certain countries.
