Chile: Potassium Sulphate (Sop) Market 2023

Potassium Sulphate (Sop) Market Size in Chile

The Chilean potassium sulphate (SOP) market reduced to $X in 2022, remaining stable against the previous year. In general, the total consumption indicated a measured expansion from 2012 to 2022: its value increased at an average annual rate of +3.4% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption decreased by -3.2% against 2019 indices. Potassium sulphate (SOP) consumption peaked at $X in 2019; however, from 2020 to 2022, consumption stood at a somewhat lower figure.

Potassium Sulphate (Sop) Production in Chile

In value terms, potassium sulphate (SOP) production contracted slightly to $X in 2022 estimated in export price. In general, production recorded a relatively flat trend pattern. The pace of growth appeared the most rapid in 2019 with an increase of 13%. As a result, production attained the peak level of $X. From 2020 to 2022, production growth remained at a somewhat lower figure.

Potassium Sulphate (Sop) Exports

Exports from Chile

In 2022, shipments abroad of potassium sulphate (SOP) decreased by -22.1% to X tons, falling for the second consecutive year after two years of growth. Overall, exports saw a abrupt downturn. The growth pace was the most rapid in 2014 with an increase of 197% against the previous year. The exports peaked at X tons in 2016; however, from 2017 to 2022, the exports failed to regain momentum.

In value terms, potassium sulphate (SOP) exports skyrocketed to $X in 2022. In general, exports faced a deep contraction. The most prominent rate of growth was recorded in 2014 with an increase of 188% against the previous year. Over the period under review, the exports hit record highs at $X in 2016; however, from 2017 to 2022, the exports failed to regain momentum.

Exports by Country

Mexico (X tons), the United States (X tons) and Peru (X tons) were the main destinations of potassium sulphate (SOP) exports from Chile, together accounting for 79% of total exports.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by the United States (with a CAGR of -3.8%), while the other leaders experienced a decline.

In value terms, Mexico ($X), the United States ($X) and Peru ($X) were the largest markets for potassium sulphate (SOP) exported from Chile worldwide, with a combined 83% share of total exports.

The United States, with a CAGR of +3.9%, recorded the highest growth rate of the value of exports, in terms of the main countries of destination over the period under review, while shipments for the other leaders experienced a decline.

Export Prices by Country

In 2022, the average potassium sulphate (SOP) export price amounted to $X per ton, picking up by 83% against the previous year. Over the period under review, the export price posted a resilient expansion. As a result, the export 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 suppliers, the country with the highest price was Peru ($X per ton), while the average price for exports to the Netherlands ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Peru (+8.6%), while the prices for the other major destinations experienced more modest paces of growth.

Potassium Sulphate (Sop) Imports

Imports into Chile

In 2022, imports of potassium sulphate (SOP) into Chile was estimated at X tons, standing approx. at 2021. Over the period under review, imports showed resilient growth. The pace of growth was the most pronounced in 2018 with an increase of 47% against the previous year. Over the period under review, imports hit record highs at X tons in 2020; however, from 2021 to 2022, imports stood at a somewhat lower figure.

In value terms, potassium sulphate (SOP) imports surged to $X in 2022. In general, imports continue to indicate a strong increase. The most prominent rate of growth was recorded in 2018 with an increase of 57% against the previous year. Over the period under review, imports reached the peak figure in 2022 and are expected to retain growth in the immediate term.

Imports by Country

In 2022, Belgium (X tons) constituted the largest supplier of potassium sulphate (SOP) to Chile, with a 71% share of total imports. Moreover, potassium sulphate (SOP) imports from Belgium exceeded the figures recorded by the second-largest supplier, Egypt (X tons), eightfold. China (X tons) ranked third in terms of total imports with an 8.3% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from Belgium amounted to +9.7%. The remaining supplying countries recorded the following average annual rates of imports growth: Egypt (+29.0% per year) and China (-3.6% per year).

In value terms, Belgium ($X) constituted the largest supplier of potassium sulphate (SOP) to Chile, comprising 59% of total imports. The second position in the ranking was taken by Egypt ($X), with a 14% share of total imports. It was followed by China, with an 11% share.

From 2012 to 2022, the average annual rate of growth in terms of value from Belgium totaled +10.6%. The remaining supplying countries recorded the following average annual rates of imports growth: Egypt (+33.3% per year) and China (-0.6% per year).

Import Prices by Country

The average potassium sulphate (SOP) import price stood at $X per ton in 2022, with an increase of 41% against the previous year. In general, import price indicated a measured expansion from 2012 to 2022: its price increased at an average annual rate of +2.0% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, potassium sulphate (SOP) import price increased by +78.5% 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 origin: amid the top importers, the country with the highest price was Egypt ($X per ton), while the price for Belgium ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Uzbekistan (+75.1%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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