Belgium: Urea Market 2024

Urea Market Size in Belgium

In 2023, after three years of growth, there was significant decline in the Belgian urea market, when its value decreased by X% to $X. Overall, consumption, however, posted a pronounced increase. Urea consumption peaked at $X in 2022, and then declined notably in the following year.

Urea Production in Belgium

In value terms, urea production shrank dramatically to $X in 2023 estimated in export price. Overall, production saw a significant decline. Over the period under review, production attained the maximum level at $X in 2022, and then dropped markedly in the following year.

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Urea Exports

Exports from Belgium

In 2023, approx. X tons of urea were exported from Belgium; waning by X% against the previous year's figure. In general, exports, however, saw a prominent expansion. The most prominent rate of growth was recorded in 2022 with an increase of X% against the previous year. As a result, the exports attained the peak of X tons, and then fell remarkably in the following year.

In value terms, urea exports reduced remarkably to $X in 2023. Over the period under review, exports, however, recorded prominent growth. The pace of growth was the most pronounced in 2022 with an increase of X% against the previous year. As a result, the exports attained the peak of $X, and then reduced notably in the following year.

Exports by Country

France (X tons), Germany (X tons) and the Netherlands (X tons) were the main destinations of urea exports from Belgium, with a combined X% share of total exports. Denmark, Lithuania, Norway, Poland, the UK and Luxembourg lagged somewhat behind, together comprising a further X%.

From 2012 to 2023, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Lithuania (with a CAGR of X%), while the other leaders experienced more modest paces of growth.

In value terms, Germany ($X), France ($X) and the Netherlands ($X) constituted the largest markets for urea exported from Belgium worldwide, with a combined X% share of total exports. Denmark, Lithuania, Norway, Poland, the UK and Luxembourg lagged somewhat behind, together accounting for a further X%.

Among the main countries of destination, Lithuania, with a CAGR of X%, recorded the highest rates of growth with regard to the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2023, the average urea export price amounted to $X per ton, shrinking by X% against the previous year. Over the period under review, the export price recorded a pronounced descent. The growth pace was the most rapid in 2021 when the average export price increased by X%. The export price peaked at $X per ton in 2013; however, from 2014 to 2023, the export prices failed to regain momentum.

There were significant differences in the average prices for the major foreign markets. In 2023, amid the top suppliers, the country with the highest price was the UK ($X per ton), while the average price for exports to the Netherlands ($X per ton) was amongst the lowest.

From 2012 to 2023, the most notable rate of growth in terms of prices was recorded for supplies to the UK (X%), while the prices for the other major destinations experienced more modest paces of growth.

Urea Imports

Imports into Belgium

In 2023, supplies from abroad of urea decreased by X% to X tons for the first time since 2019, thus ending a three-year rising trend. Over the period under review, imports, however, saw resilient growth. The growth pace was the most rapid in 2022 with an increase of X% against the previous year. As a result, imports reached the peak of X tons, and then shrank notably in the following year.

In value terms, urea imports shrank rapidly to $X in 2023. In general, imports, however, enjoyed perceptible growth. The most prominent rate of growth was recorded in 2022 with an increase of X%. As a result, imports reached the peak of $X, and then shrank remarkably in the following year.

Imports by Country

The Netherlands (X tons), Egypt (X tons) and Algeria (X tons) were the main suppliers of urea imports to Belgium, together accounting for X% of total imports. France, Russia, Oman, Nigeria and Germany lagged somewhat behind, together comprising a further X%.

From 2012 to 2023, the biggest increases were recorded for Oman (with a CAGR of X%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the Netherlands ($X), Egypt ($X) and Algeria ($X) appeared to be the largest urea suppliers to Belgium, together accounting for X% of total imports. Oman, France, Russia, Nigeria and Germany lagged somewhat behind, together accounting for a further X%.

In terms of the main suppliers, Oman, 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

The average urea import price stood at $X per ton in 2023, dropping by X% against the previous year. Over the period under review, the import price continues to indicate a pronounced curtailment. The pace of growth was the most pronounced in 2021 when the average import price increased by X%. Over the period under review, average import prices attained the maximum at $X per ton in 2012; however, from 2013 to 2023, import prices failed to regain momentum.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Germany ($X per ton), while the price for the Netherlands ($X per ton) was amongst the lowest.

From 2012 to 2023, the most notable rate of growth in terms of prices was attained by Germany (X%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform