Russian Federation - NPK Fertilizers - Market Analysis, Forecast, Size, Trends And Insights
Update: COVID-19 Impact
Russian Exports Restrictions to Accelerate NPK Fertilizer Price Growth
IndexBox has just published a new report: 'Russian Federation - NPK Fertilizers - Market Analysis, Forecast, Size, Trends And Insights'. Here is a summary of the report's key findings.
Russia will limit its exports of two- and three-component fertilizers containing nitrogen to a total quota of 5.53M tonnes over six months since December 2021. As European manufactures reduce NPK production owing to the energy crisis, Russian export restrictions could lead to a fertilizer shortage in the EU market and stimulate price growth. Poland, Romania, Latvia, Finland, and Spain significantly rely on NPK fertilizer imports from Russia. The Russian Federation remains the leading world’s supplier, accounting for 30% of global NPK fertilizer exports. China, Brazil and India comprise the largest importers of NPK fertilizers from Russia.
NPK Fertilizer Exports from the Russian Federation
The Russian government has announced that since December 2021, it will limit complex fertilizer exports to a total quota of 5.53M tonnes for both two- and three-component fertilizers over the next six months. Although the restrictions will last for six months, it could lead to a fertilizer shortage in some European markets relying on the supplies from Russia amid the reducing domestic production in the EU. Poland, Romania, Latvia, Finland, and Spain are intensively importing NPK fertilizers from Russia. The emergence of the deficit can stimulate NPK price growth in the European market.
The Russian Federation accounts for 30% of global NPK fertilizer exports. In 2020, approx. 5.5M tonnes of mixed nitrogen, phosphorus and potassium (NPK) fertilizers were exported from Russia, standing approx. at the previous year's figure. In value terms, NPK fertilizer exports dropped from $1.5B in 2019 to $1.3B (IndexBox estimates) in 2020.
China (735K tonnes), Brazil (648K tonnes) and India (561K tonnes) were the main destinations of NPK fertilizer exports from Russia, with a combined 36% share of total exports. Hong Kong SAR, Romania, Latvia, Poland, Lithuania, Benin, Thailand, Ireland, Finland and Spain lagged somewhat behind, together accounting for a further 44%.
In value terms, China ($166M), India ($141M) and Brazil ($133M) constituted the largest markets for NPK fertilizer exported from Russia worldwide, with a combined 35% share of total exports. Hong Kong SAR, Latvia, Romania, Poland, Lithuania, Ireland, Benin, Thailand, Finland and Spain lagged somewhat behind, together accounting for a further 45%.
Compared to other countries, Hong Kong SAR recorded the highest growth rate of NPK imports from Russia. Its purchases soared from 0.1M tonnes in 2019 to 0.5M tonnes in 2020.
The average export price for NPK fertilizers from Russia stood at $234 per tonne in 2020, falling by -13.3% against the previous year. Average prices varied somewhat for the significant external markets. In 2020, the highest prices were recorded for prices to Latvia ($259 per tonne) and India ($252 per tonne), while the average prices for exports to Brazil ($206 per tonne) and Spain ($207 per tonne) were amongst the lowest. In 2020, the most notable growth rate in terms of prices was recorded for supplies to Benin, while the prices for the other significant destinations experienced a decline.
Source: IndexBox Platform
This report provides an in-depth analysis of the npk fertilizer market in the Russian Federation. Within it, you will discover the latest data on market trends and opportunities by country, consumption, production and price developments, as well as the global trade (imports and exports). The forecast exhibits the market prospects through 2025.
Making Data-Driven Decisions to Grow Your Business
A Quick Overview of Market Performance
Understanding the Current State of The Market and Its Prospects
Finding New Products to Diversify Your Business
Choosing the Best Countries to Establish Your Sustainable Supply Chain
Choosing the Best Countries to Boost Your Exports
The Latest Trends and Insights into The Industry
The Largest Import Supplying Countries
The Largest Destinations for Exports
The Largest Producers on The Market and Their Profiles
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