Malaysia: Urea Market 2024

Urea Market Size in Malaysia

The Malaysian urea market soared to $X in 2023, with an increase of X% against the previous year. Over the period under review, consumption, however, recorded a perceptible decrease. Urea consumption peaked at $X in 2012; however, from 2013 to 2023, consumption remained at a lower figure.

Urea Production in Malaysia

In value terms, urea production soared to $X in 2023 estimated in export price. Overall, production, however, recorded a temperate increase. The pace of growth was the most pronounced in 2021 when the production volume increased by 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.

Join Us at HANNOVER MESSE 2024

Don’t miss your chance to connect with us directly. Schedule a personal meeting to dive deeper into how solutions.
Hall 002, Stand C10. 22 - 26 April 2024 | Hannover, Germany

Book Your Meeting

Urea Exports

Exports from Malaysia

In 2023, overseas shipments of urea decreased by X% to X tons for the first time since 2020, thus ending a two-year rising trend. Overall, exports, however, enjoyed prominent growth. The most prominent rate of growth was recorded in 2017 when exports increased by X% against the previous year. The exports peaked at X tons in 2022, and then declined markedly in the following year.

In value terms, urea exports declined markedly to $X in 2023. In general, exports, however, continue to indicate a strong expansion. The most prominent rate of growth was recorded in 2017 with an increase of X% against the previous year. Over the period under review, the exports hit record highs at $X in 2022, and then shrank remarkably in the following year.

Exports by Country

Thailand (X tons), Australia (X tons) and the Philippines (X tons) were the main destinations of urea exports from Malaysia, together comprising X% of total exports. Japan, India, New Zealand, Vietnam, Myanmar, Turkey, South Korea, Colombia, Mexico and Papua New Guinea lagged somewhat behind, together comprising a further X%.

From 2012 to 2023, the biggest increases were recorded for India (with a CAGR of X%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, Thailand ($X), Australia ($X) and the Philippines ($X) constituted the largest markets for urea exported from Malaysia worldwide, with a combined X% share of total exports. Japan, India, New Zealand, Turkey, South Korea, Myanmar, Vietnam, Papua New Guinea, Colombia and Mexico lagged somewhat behind, together accounting for a further X%.

India, with a CAGR of X%, saw 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 more modest paces of growth.

Export Prices by Country

The average urea export price stood at $X per ton in 2023, with a decrease of X% against the previous year. In general, the export price showed a perceptible slump. The pace of growth appeared the most rapid in 2021 when the average export price increased by X% against the previous year. The export price peaked at $X per ton in 2012; however, from 2013 to 2023, the export prices stood at a somewhat lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Papua New Guinea ($X per ton), while the average price for exports to Australia ($X per ton) was amongst the lowest.

From 2012 to 2023, the most notable rate of growth in terms of prices was recorded for supplies to Colombia (X%), while the prices for the other major destinations experienced more modest paces of growth.

Urea Imports

Imports into Malaysia

In 2023, after two years of growth, there was significant decline in overseas purchases of urea, when their volume decreased by X% to X tons. Over the period under review, imports recorded a pronounced descent. The most prominent rate of growth was recorded in 2013 with an increase of X%. Imports peaked at X tons in 2014; however, from 2015 to 2023, imports stood at a somewhat lower figure.

In value terms, urea imports dropped dramatically to $X in 2023. In general, imports recorded a perceptible contraction. The pace of growth appeared the most rapid in 2021 when imports increased by X% against the previous year. Imports peaked at $X in 2022, and then declined rapidly in the following year.

Imports by Country

In 2023, China (X tons) constituted the largest supplier of urea to Malaysia, with a X% share of total imports. Moreover, urea imports from China exceeded the figures recorded by the second-largest supplier, Vietnam (X tons), fivefold. The third position in this ranking was held by Indonesia (X tons), with a X% share.

From 2012 to 2023, the average annual rate of growth in terms of volume from China amounted to X%. The remaining supplying countries recorded the following average annual rates of imports growth: Vietnam (X% per year) and Indonesia (X% per year).

In value terms, China ($X) constituted the largest supplier of urea to Malaysia, comprising X% of total imports. The second position in the ranking was taken by Vietnam ($X), with an X% share of total imports. It was followed by Indonesia, with an X% share.

From 2012 to 2023, the average annual rate of growth in terms of value from China amounted to X%. The remaining supplying countries recorded the following average annual rates of imports growth: Vietnam (X% per year) and Indonesia (X% per year).

Import Prices by Country

The average urea import price stood at $X per ton in 2023, falling by X% against the previous year. Over the period under review, the import price recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2022 an increase of X%. As a result, import price reached the peak level of $X per ton, and then fell remarkably in the following year.

There were significant differences in the average prices amongst the major supplying countries. In 2023, amid the top importers, the country with the highest price was Singapore ($X per ton), while the price for India ($X per ton) was amongst the lowest.

From 2012 to 2023, the most notable rate of growth in terms of prices was attained by Singapore (X%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform