Latin America and the Caribbean: Market for Mixtures of Urea and Ammonium Nitrate in Aqueous or Ammoniacal Solution 2024

Market Size for Mixtures of Urea and Ammonium Nitrate in Aqueous or Ammoniacal Solution in Latin America and the Caribbean

After seven years of growth, the Latin American market for mixtures of urea and ammonium nitrate in aqueous or ammoniacal solution decreased by X% to $X in 2023. Overall, consumption, however, enjoyed a slight increase. The level of consumption peaked at $X in 2022, and then declined sharply in the following year.

Production of Mixtures of Urea and Ammonium Nitrate in Aqueous or Ammoniacal Solution in Latin America and the Caribbean

In value terms, production of mixtures of urea and ammonium nitrate in aqueous or ammoniacal solution expanded rapidly to $X in 2023 estimated in export price. In general, production saw a mild shrinkage. The growth pace was the most rapid in 2021 when the production volume increased by X% against the previous year. The level of production peaked at $X in 2012; however, from 2013 to 2023, production remained at a lower figure.

Exports of Mixtures of Urea and Ammonium Nitrate in Aqueous or Ammoniacal Solution

Exports in Latin America and the Caribbean

In 2023, overseas shipments of mixtures of urea and ammonium nitrate in aqueous or ammoniacal solution decreased by X% to X tons, falling for the second year in a row after three years of growth. In general, exports recorded a relatively flat trend pattern. The pace of growth was the most pronounced in 2017 with an increase of X%. The volume of export peaked at X tons in 2021; however, from 2022 to 2023, the exports remained at a lower figure.

In value terms, exports of mixtures of urea and ammonium nitrate in aqueous or ammoniacal solution shrank to $X in 2023. Over the period under review, exports, however, posted a modest increase. The pace of growth was the most pronounced in 2021 when exports increased by X%. The level of export peaked at $X in 2022, and then shrank in the following year.

Exports by Country

Trinidad and Tobago dominates solution structure, reaching X tons, which was approx. X% of total exports in 2023. Venezuela (X tons) followed a long way behind the leaders.

From 2012 to 2023, average annual rates of growth with regard to mixtures of urea and ammonium nitrate in aqueous or ammoniacal solution exports from Trinidad and Tobago stood at X%. At the same time, Venezuela (X%) displayed positive paces of growth. Moreover, Venezuela emerged as the fastest-growing exporter exported in Latin America and the Caribbean, with a CAGR of X% from 2012-2023. Venezuela (X p.p.) significantly strengthened its position in terms of the total exports, while Trinidad and Tobago saw its share reduced by X% from 2012 to 2023, respectively.

In value terms, Trinidad and Tobago ($X) remains the largest mixtures of urea and ammonium nitrate in aqueous or ammoniacal solution supplier in Latin America and the Caribbean, comprising X% of total exports. The second position in the ranking was held by Venezuela ($X), with a X% share of total exports.

In Trinidad and Tobago, exports of mixtures of urea and ammonium nitrate in aqueous or ammoniacal solution remained relatively stable over the period from 2012-2023.

Export Prices by Country

In 2023, the export price in Latin America and the Caribbean amounted to $X per ton, rising by X% against the previous year. In general, the export price showed a perceptible expansion. The growth pace was the most rapid in 2021 an increase of X%. Over the period under review, the export prices hit record highs in 2023 and is expected to retain growth in the near future.

Average prices varied noticeably amongst the major exporting countries. In 2023, amid the top suppliers, the country with the highest price was Venezuela ($X per ton), while Trinidad and Tobago amounted to $X per ton.

From 2012 to 2023, the most notable rate of growth in terms of prices was attained by Trinidad and Tobago (X%).

Imports of Mixtures of Urea and Ammonium Nitrate in Aqueous or Ammoniacal Solution

Imports in Latin America and the Caribbean

After seven years of growth, purchases abroad of mixtures of urea and ammonium nitrate in aqueous or ammoniacal solution decreased by X% to X tons in 2023. Over the period under review, imports, however, posted a resilient increase. The most prominent rate of growth was recorded in 2016 when imports increased by X%. The volume of import peaked at X tons in 2022, and then reduced remarkably in the following year.

In value terms, imports of mixtures of urea and ammonium nitrate in aqueous or ammoniacal solution shrank rapidly to $X in 2023. In general, imports, however, saw a buoyant increase. 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 shrank dramatically in the following year.

Imports by Country

Argentina prevails in solution structure, finishing at X tons, which was near X% of total imports in 2023. Mexico (X tons) held the second position in the ranking, followed by Brazil (X tons), Uruguay (X tons) and Barbados (X tons). All these countries together held near X% share of total imports. The following importers - Guyana (X tons) and Chile (X tons) - together made up X% of total imports.

Imports into Argentina increased at an average annual rate of X% from 2012 to 2023. At the same time, Brazil (X%), Guyana (X%), Barbados (X%), Chile (X%) and Uruguay (X%) displayed positive paces of growth. Moreover, Brazil emerged as the fastest-growing importer imported in Latin America and the Caribbean, with a CAGR of X% from 2012-2023. By contrast, Mexico (X%) illustrated a downward trend over the same period. While the share of Brazil (X p.p.), Uruguay (X p.p.), Barbados (X p.p.), Guyana (X p.p.) and Chile (X p.p.) increased significantly in terms of the total imports from 2012-2023, the share of Argentina (X p.p.) and Mexico (X p.p.) displayed negative dynamics.

In value terms, Argentina ($X) constitutes the largest market for imported mixtures of urea and ammonium nitrate in aqueous or ammoniacal solution in Latin America and the Caribbean, comprising X% of total imports. The second position in the ranking was taken by Mexico ($X), with an X% share of total imports. It was followed by Brazil, with a X% share.

From 2012 to 2023, the average annual rate of growth in terms of value in Argentina stood at X%. In the other countries, the average annual rates were as follows: Mexico (X% per year) and Brazil (X% per year).

Import Prices by Country

The import price in Latin America and the Caribbean stood at $X per ton in 2023, remaining constant against the previous year. In general, the import price saw a relatively flat trend pattern. The pace of growth appeared the most rapid in 2021 an increase of X%. Over the period under review, import prices hit record highs in 2023 and is expected to retain growth in the near future.

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

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

Source: IndexBox Platform