ASEAN: Nitrates Market 2024

Nitrates Market Size in ASEAN

The ASEAN nitrates market contracted modestly to $X in 2022, reducing by X% against the previous year. The total consumption indicated a strong increase from 2012 to 2022: its value increased at an average annual rate of X% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption increased by X% against 2020 indices. The level of consumption peaked at $X in 2018; however, from 2019 to 2022, consumption failed to regain momentum.

Nitrates Production in ASEAN

In value terms, nitrates production declined modestly to $X in 2022 estimated in export price. The total production indicated resilient growth from 2012 to 2022: its value increased at an average annual rate of X% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, production increased by X% against 2020 indices. The pace of growth was the most pronounced in 2014 with an increase of X%. The level of production peaked at $X in 2018; however, from 2019 to 2022, production failed to regain momentum.

Nitrates Exports

Exports in ASEAN

In 2022, nitrates exports in ASEAN surged to X tons, jumping by X% on 2021 figures. Overall, exports showed significant growth. The growth pace was the most rapid in 2020 with an increase of X% against the previous year. Over the period under review, the exports hit record highs in 2022 and are likely to continue growth in years to come.

In value terms, nitrates exports skyrocketed to $X in 2022. In general, exports saw a significant increase. As a result, the exports attained the peak and are likely to continue growth in the immediate term.

Exports by Country

The biggest shipments were from Malaysia (X tons), together reaching X% of total export.

Malaysia was also the fastest-growing in terms of the nitrates (excluding those of potassium) exports, with a CAGR of X% from 2012 to 2022. While the share of Malaysia (X p.p.) increased significantly, the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Malaysia ($X) also remains the largest nitrates supplier in ASEAN.

From 2012 to 2022, the average annual growth rate of value in Malaysia amounted to X%.

Export Prices by Country

The export price in ASEAN stood at $X per ton in 2022, picking up by X% against the previous year. Export price indicated a slight increase from 2012 to 2022: its price increased at an average annual rate of X% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, nitrates export price increased by X% against 2020 indices. As a result, the export price reached the peak level and is likely to continue growth in the immediate term.

As there is only one major export destination, the average price level is determined by prices for Malaysia.

From 2012 to 2022, the rate of growth in terms of prices for Malaysia amounted to X% per year.

Nitrates Imports

Imports in ASEAN

In 2022, purchases abroad of nitrates (excluding those of potassium) decreased by X% to X tons for the first time since 2019, thus ending a two-year rising trend. Over the period under review, imports continue to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2017 when imports increased by X%. The volume of import peaked at X tons in 2021, and then declined notably in the following year.

In value terms, nitrates imports declined to $X in 2022. The total import value increased at an average annual rate of X% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The most prominent rate of growth was recorded in 2018 when imports increased by X% against the previous year. As a result, imports reached the peak of $X. From 2019 to 2022, the growth of imports remained at a somewhat lower figure.

Imports by Country

Thailand represented the major importing country with an import of about X tons, which resulted at X% of total imports. It was distantly followed by Malaysia (X tons), Indonesia (X tons) and Vietnam (X tons), together achieving a X% share of total imports. The Philippines (X tons), Cambodia (X tons) and Singapore (X tons) took a minor share of total imports.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the leading importing countries, was attained by Vietnam (with a CAGR of X%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the largest nitrates importing markets in ASEAN were Thailand ($X), Malaysia ($X) and Indonesia ($X), together accounting for X% of total imports. The Philippines, Vietnam, Singapore and Cambodia lagged somewhat behind, together comprising a further X%.

In terms of the main importing countries, Vietnam, with a CAGR of X%, recorded the highest rates of growth with regard to the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2022, the import price in ASEAN amounted to $X per ton, rising by X% against the previous year. Import price indicated perceptible growth from 2012 to 2022: its price increased at an average annual rate of X% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, nitrates import price increased by X% against 2020 indices. As a result, import price attained the peak level and is likely to continue growth in the immediate term.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was the Philippines ($X per ton), while Cambodia ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the Philippines (X%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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