Chile: Potassium Sulphate (Sop) Market 2023

Potassium Sulphate (Sop) Market Size in Chile

The Chilean potassium sulphate (SOP) market reduced to $X in 2021, waning by -10.7% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). Overall, consumption, however, showed significant growth. Over the period under review, the market hit record highs at $X in 2020, and then reduced in the following year.

Potassium Sulphate (Sop) Exports

Exports from Chile

After two years of growth, shipments abroad of potassium sulphate (SOP) decreased by -27.7% to X tons in 2021. In general, exports faced a drastic downturn. The pace of growth was the most pronounced in 2014 when exports increased by 197% against the previous year. The exports peaked at X tons in 2016; however, from 2017 to 2021, the exports failed to regain momentum.

In value terms, potassium sulphate (SOP) exports shrank to $X in 2021. Over the period under review, exports continue to indicate a abrupt shrinkage. The most prominent rate of growth was recorded in 2014 with an increase of 188% against the previous year. The exports peaked at $X in 2016; however, from 2017 to 2021, the exports stood at a somewhat lower figure.

Exports by Country

Mexico (X tons), the United States (X tons) and Spain (X tons) were the main destinations of potassium sulphate (SOP) exports from Chile, with a combined 86% share of total exports.

From 2012 to 2021, the biggest increases were in the United States (with a CAGR of +0.3%), while shipments for the other leaders experienced a decline.

In value terms, the largest markets for potassium sulphate (SOP) exported from Chile were the United States ($X), Mexico ($X) and Spain ($X), with a combined 84% share of total exports.

The United States, with a CAGR of +2.1%, recorded the highest rates of growth with regard to the value of exports, among the main countries of destination over the period under review, while shipments for the other leaders experienced a decline.

Export Prices by Country

In 2021, the average potassium sulphate (SOP) export price amounted to $X per ton, jumping by 21% against the previous year. Over the last nine-year period, it increased at an average annual rate of +1.1%. As a result, the export price attained the peak level and is likely to continue growth in the immediate term.

Prices varied noticeably country of destination: the country with the highest price was Peru ($X per ton), while the average price for exports to Spain ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to the Netherlands (+5.4%), while the prices for the other major destinations experienced more modest paces of growth.

Potassium Sulphate (Sop) Imports

Imports into Chile

In 2021, after four years of growth, there was significant decline in overseas purchases of potassium sulphate (SOP), when their volume decreased by -21.9% to X tons. Overall, imports, however, enjoyed a prominent expansion. The pace of growth appeared the most rapid in 2018 with an increase of 47% against the previous year. Imports peaked at X tons in 2020, and then dropped dramatically in the following year.

In value terms, potassium sulphate (SOP) imports fell modestly to $X in 2021. Over the period under review, imports, however, enjoyed a resilient expansion. The pace of growth was the most pronounced in 2018 with an increase of 57%. Imports peaked at $X in 2020, and then reduced in the following year.

Imports by Country

In 2021, China (X tons) constituted the largest potassium sulphate (SOP) supplier to Chile, accounting for a 63% share of total imports. Moreover, potassium sulphate (SOP) imports from China exceeded the figures recorded by the second-largest supplier, Belgium (X tons), twofold. Sweden (X tons) ranked third in terms of total imports with a 6.8% share.

From 2012 to 2021, the average annual rate of growth in terms of volume from China stood at +27.9%. The remaining supplying countries recorded the following average annual rates of imports growth: Belgium (-0.4% per year) and Sweden (+28.1% per year).

In value terms, the largest potassium sulphate (SOP) suppliers to Chile were China ($X), Belgium ($X) and Sweden ($X), with a combined 97% share of total imports.

Sweden, with a CAGR of +23.9%, recorded the highest rates of growth with regard to the value of imports, among the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2021, the average potassium sulphate (SOP) import price amounted to $X per ton, surging by 27% against the previous year. Overall, the import price, however, recorded a mild reduction. The import price peaked at $X per ton in 2014; however, from 2015 to 2021, import prices failed to regain momentum.

Average prices varied somewhat amongst the major supplying countries. In 2021, the countries with the highest prices were Belgium ($X per ton) and China ($X per ton), while the price for Russia ($X per ton) and Sweden ($X per ton) were amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Belgium (+0.4%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Market Intelligence Platform

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