Latin America and the Caribbean: Ammonium Nitrate Market 2024

Ammonium Nitrate Market Size in Latin America and the Caribbean

After two years of growth, the Latin American ammonium nitrate market decreased by X% to $X in 2023. In general, consumption, however, showed a relatively flat trend pattern. Over the period under review, the market attained the peak level at $X in 2022, and then fell dramatically in the following year.

Ammonium Nitrate Production in Latin America and the Caribbean

In value terms, ammonium nitrate production rose slightly to $X in 2023 estimated in export price. In general, production recorded a perceptible decline. The growth pace was the most rapid in 2021 with an increase of X%. Over the period under review, production attained the peak level at $X in 2012; however, from 2013 to 2023, production remained at a lower figure.

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Ammonium Nitrate Exports

Exports in Latin America and the Caribbean

In 2023, overseas shipments of ammonium nitrate decreased by X% to X tons for the first time since 2020, thus ending a two-year rising trend. In general, exports recorded a deep reduction. The pace of growth appeared the most rapid in 2021 with an increase of X%. Over the period under review, the exports attained the peak figure at X tons in 2012; however, from 2013 to 2023, the exports failed to regain momentum.

In value terms, ammonium nitrate exports fell rapidly to $X in 2023. Over the period under review, exports showed a drastic downturn. The pace of growth appeared the most rapid in 2022 with an increase of X%. As a result, the exports attained the peak of $X, and then contracted significantly in the following year.

Exports by Country

Chile prevails in exports structure, recording X tons, which was approx. X% of total exports in 2023. The following exporters - Brazil (X tons) and Honduras (X tons) - together made up X% of total exports.

From 2012 to 2023, average annual rates of growth with regard to ammonium nitrate exports from Chile stood at X%. At the same time, Honduras (X%) and Brazil (X%) displayed positive paces of growth. Moreover, Honduras emerged as the fastest-growing exporter exported in Latin America and the Caribbean, with a CAGR of X% from 2012-2023. From 2012 to 2023, the share of Honduras and Brazil increased by X and X percentage points, while the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Chile ($X) remains the largest ammonium nitrate supplier in Latin America and the Caribbean, comprising X% of total exports. The second position in the ranking was taken by Brazil ($X), with a X% share of total exports.

From 2012 to 2023, the average annual growth rate of value in Chile amounted to X%. In the other countries, the average annual rates were as follows: Brazil (X% per year) and Honduras (X% per year).

Export Prices by Country

The export price in Latin America and the Caribbean stood at $X per ton in 2023, reducing by X% against the previous year. Over the period under review, the export price, however, showed a relatively flat trend pattern. The pace of growth appeared the most rapid in 2022 when the export price increased by X% against the previous year. As a result, the export price reached the peak level of $X per ton, and then reduced markedly in the following year.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Brazil ($X per ton), while Honduras ($X per ton) was amongst the lowest.

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

Ammonium Nitrate Imports

Imports in Latin America and the Caribbean

In 2023, the amount of ammonium nitrate imported in Latin America and the Caribbean expanded to X tons, rising by X% against the previous year's figure. In general, imports, however, saw a relatively flat trend pattern. The pace of growth appeared the most rapid in 2019 when imports increased by X%. As a result, imports attained the peak of X tons. From 2020 to 2023, the growth of imports remained at a somewhat lower figure.

In value terms, ammonium nitrate imports declined significantly to $X in 2023. Over the period under review, imports, however, saw a mild descent. The most prominent rate of growth was recorded in 2021 when imports increased by X%. The level of import peaked at $X in 2022, and then contracted markedly in the following year.

Imports by Country

Brazil was the major importer of ammonium nitrate in Latin America and the Caribbean, with the volume of imports reaching X tons, which was approx. X% of total imports in 2023. Peru (X tons) held a X% share (based on physical terms) of total imports, which put it in second place, followed by Colombia (X%) and Mexico (X%). Guatemala (X tons), the Dominican Republic (X tons), Chile (X tons), Costa Rica (X tons), Ecuador (X tons) and Panama (X tons) held a minor share of total imports.

Brazil experienced a relatively flat trend pattern with regard to volume of imports of ammonium nitrate. At the same time, the Dominican Republic (X%), Panama (X%), Costa Rica (X%), Guatemala (X%) and Colombia (X%) displayed positive paces of growth. Moreover, the Dominican Republic emerged as the fastest-growing importer imported in Latin America and the Caribbean, with a CAGR of X% from 2012-2023. Ecuador experienced a relatively flat trend pattern. By contrast, Chile (X%), Peru (X%) and Mexico (X%) illustrated a downward trend over the same period. From 2012 to 2023, the share of the Dominican Republic, Panama, Costa Rica and Colombia increased by X, X, X and X percentage points, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Brazil ($X), Peru ($X) and Mexico ($X) constituted the countries with the highest levels of imports in 2023, together comprising X% of total imports. Colombia, Chile, Panama, Costa Rica, Ecuador, the Dominican Republic and Guatemala lagged somewhat behind, together comprising a further X%.

In terms of the main importing countries, the Dominican Republic, with a CAGR of X%, saw 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 import price in Latin America and the Caribbean stood at $X per ton in 2023, declining by X% against the previous year. Over the period under review, the import price saw a relatively flat trend pattern. The pace of growth appeared the most rapid in 2022 an increase of X% against the previous year. As a result, import price attained the peak level of $X per ton, and then declined dramatically in the following year.

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

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

Source: IndexBox Platform