Eastern Asia: Nitrogenous Fertilizer Market 2024

Nitrogenous Fertilizer Market Size in Eastern Asia

In 2023, the East Asian nitrogenous fertilizer market decreased by X% to $X, falling for the second consecutive year after two years of growth. The market value increased at an average annual rate of X% over the period from 2012 to 2023; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, consumption reached the peak level of $X. From 2022 to 2023, the growth of the market remained at a somewhat lower figure.

Nitrogenous Fertilizer Production in Eastern Asia

In value terms, nitrogenous fertilizer production expanded slightly to $X in 2023 estimated in export price. The total output value increased at an average annual rate of X% from 2012 to 2023; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The pace of growth was the most pronounced in 2021 with an increase of X% against the previous year. As a result, production attained the peak level of $X. From 2022 to 2023, production growth remained at a somewhat lower figure.

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Nitrogenous Fertilizer Exports

Exports in Eastern Asia

In 2023, the amount of nitrogenous fertilizers (mineral or chemical) exported in Eastern Asia soared to X tons, increasing by X% on the previous year. Total exports indicated a buoyant expansion from 2012 to 2023: its volume increased at an average annual rate of X% over the last eleven years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2023 figures, exports increased by X% against 2018 indices. The most prominent rate of growth was recorded in 2014 with an increase of X%. Over the period under review, the exports attained the peak figure at X tons in 2015; however, from 2016 to 2023, the exports failed to regain momentum.

In value terms, nitrogenous fertilizer exports reduced markedly to $X in 2023. Over the period under review, exports recorded slight growth. The pace of growth appeared the most rapid in 2021 with an increase of X% against the previous year. Over the period under review, the exports reached the maximum at $X in 2022, and then reduced dramatically in the following year.

Exports by Country

China prevails in exports structure, accounting for X tons, which was approx. X% of total exports in 2023. The following exporters - South Korea (X tons), Japan (X tons) and Taiwan (Chinese) (X tons) - together made up X% of total exports.

China was also the fastest-growing in terms of the nitrogenous fertilizers (mineral or chemical) exports, with a CAGR of X% from 2012 to 2023. Taiwan (Chinese) experienced a relatively flat trend pattern. South Korea (X%) and Japan (X%) illustrated a downward trend over the same period. China (X p.p.) significantly strengthened its position in terms of the total exports, while South Korea and Japan saw its share reduced by X% and X% from 2012 to 2023, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, China ($X) remains the largest nitrogenous fertilizer supplier in Eastern Asia, comprising X% of total exports. The second position in the ranking was held by South Korea ($X), with a X% share of total exports. It was followed by Japan, with a X% share.

In China, nitrogenous fertilizer exports increased at an average annual rate of X% over the period from 2012-2023. The remaining exporting countries recorded the following average annual rates of exports growth: South Korea (X% per year) and Japan (X% per year).

Export Prices by Country

In 2023, the export price in Eastern Asia amounted to $X per ton, declining by X% against the previous year. In general, the export price continues to indicate a noticeable reduction. The most prominent rate of growth was recorded in 2021 when the export price increased by X% against the previous year. The level of export peaked at $X per ton in 2012; however, from 2013 to 2023, the export prices failed to regain momentum.

There were significant differences in the average prices amongst the major exporting countries. In 2023, amid the top suppliers, the country with the highest price was South Korea ($X per ton), while Japan ($X per ton) was amongst the lowest.

From 2012 to 2023, the most notable rate of growth in terms of prices was attained by South Korea (X%), while the other leaders experienced a decline in the export price figures.

Nitrogenous Fertilizer Imports

Imports in Eastern Asia

In 2023, supplies from abroad of nitrogenous fertilizers (mineral or chemical) was finally on the rise to reach X tons for the first time since 2018, thus ending a four-year declining trend. Overall, imports, however, showed a noticeable decrease. The growth pace was the most rapid in 2016 with an increase of X% against the previous year. The volume of import peaked at X tons in 2012; however, from 2013 to 2023, imports stood at a somewhat lower figure.

In value terms, nitrogenous fertilizer imports fell to $X in 2023. Over the period under review, imports, however, recorded a perceptible setback. The most prominent rate of growth was recorded in 2021 when imports increased by X% against the previous year. Over the period under review, imports attained the peak figure at $X in 2012; however, from 2013 to 2023, imports stood at a somewhat lower figure.

Imports by Country

South Korea was the largest importing country with an import of about X tons, which recorded X% of total imports. Japan (X tons) ranks second in terms of the total imports with a X% share, followed by Taiwan (Chinese) (X%). The following importers - China (X tons) and Hong Kong SAR (X tons) - each finished at a X% share of total imports.

Imports into South Korea decreased at an average annual rate of X% from 2012 to 2023. At the same time, Hong Kong SAR (X%) displayed positive paces of growth. Moreover, Hong Kong SAR emerged as the fastest-growing importer imported in Eastern Asia, with a CAGR of X% from 2012-2023. Japan experienced a relatively flat trend pattern. By contrast, Taiwan (Chinese) (X%) and China (X%) illustrated a downward trend over the same period. South Korea (X p.p.) and Japan (X p.p.) significantly strengthened its position in terms of the total imports, while Taiwan (Chinese) and China saw its share reduced by X% and X% from 2012 to 2023, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, South Korea ($X) constitutes the largest market for imported nitrogenous fertilizers (mineral or chemical) in Eastern Asia, comprising X% of total imports. The second position in the ranking was taken by Japan ($X), with a X% share of total imports. It was followed by Taiwan (Chinese), with a X% share.

In South Korea, nitrogenous fertilizer imports remained relatively stable over the period from 2012-2023. The remaining importing countries recorded the following average annual rates of imports growth: Japan (X% per year) and Taiwan (Chinese) (X% per year).

Import Prices by Country

The import price in Eastern Asia stood at $X per ton in 2023, falling by X% against the previous year. In general, the import price, however, showed mild growth. The growth pace was the most rapid in 2021 an increase of X% against the previous year. The level of import peaked at $X per ton in 2022, and then shrank rapidly in the following year.

There were significant differences in the average prices amongst the major importing countries. In 2023, amid the top importers, the country with the highest price was China ($X per ton), while Hong Kong SAR ($X per ton) was amongst the lowest.

From 2012 to 2023, the most notable rate of growth in terms of prices was attained by China (X%), while the other leaders experienced mixed trends in the import price figures.

Source: IndexBox Platform