MERCOSUR: Nitrogenous Fertilizer Market 2023

Nitrogenous Fertilizer Market Size in MERCOSUR

In 2022, the MERCOSUR nitrogenous fertilizer market increased by 36% to $X, rising for the sixth consecutive year after two years of decline. Overall, consumption recorded a strong increase. Over the period under review, the market attained the peak level in 2022 and is likely to see gradual growth in the immediate term.

Nitrogenous Fertilizer Production in MERCOSUR

In value terms, nitrogenous fertilizer production expanded slightly to $X in 2022 estimated in export price. In general, production, however, continues to indicate a slight contraction. The pace of growth appeared the most rapid in 2018 with an increase of 16% against the previous year. Over the period under review, production attained the maximum level at $X in 2013; however, from 2014 to 2022, production stood at a somewhat lower figure.

Nitrogenous Fertilizer Exports

Exports in MERCOSUR

In 2022, shipments abroad of nitrogenous fertilizers (mineral or chemical) increased by 25% to X tons, rising for the second consecutive year after four years of decline. Over the period under review, exports, however, saw a deep contraction. The volume of export peaked at X tons in 2012; however, from 2013 to 2022, the exports stood at a somewhat lower figure.

In value terms, nitrogenous fertilizer exports soared to $X in 2022. In general, exports, however, saw a pronounced slump. Over the period under review, the exports reached the peak figure at $X in 2012; however, from 2013 to 2022, the exports failed to regain momentum.

Exports by Country

Chile was the major exporter of nitrogenous fertilizers (mineral or chemical) in MERCOSUR, with the volume of exports amounting to X tons, which was approx. 40% of total exports in 2022. Brazil (X tons) took the second position in the ranking, followed by Venezuela (X tons) and Colombia (X tons). All these countries together held approx. 52% share of total exports. Peru (X tons) and Argentina (X tons) held a little share of total exports.

From 2012 to 2022, the biggest increases were recorded for Brazil (with a CAGR of +12.7%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, Chile ($X), Brazil ($X) and Venezuela ($X) were the countries with the highest levels of exports in 2022, with a combined 86% share of total exports.

Brazil, with a CAGR of +16.1%, saw the highest growth rate of the value of exports, among the main exporting countries over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The export price in MERCOSUR stood at $X per ton in 2022, jumping by 38% against the previous year. Export price indicated a temperate expansion from 2012 to 2022: its price increased at an average annual rate of +2.3% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, nitrogenous fertilizer export price increased by +80.2% against 2020 indices. As a result, the export price reached the peak level and is likely to continue growth in the immediate term.

There were significant differences in the average prices amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was Brazil ($X per ton), while Colombia ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Brazil (+3.0%), while the other leaders experienced mixed trends in the export price figures.

Nitrogenous Fertilizer Imports

Imports in MERCOSUR

For the fourth consecutive year, MERCOSUR recorded growth in overseas purchases of nitrogenous fertilizers (mineral or chemical), which increased by 15% to X tons in 2022. Overall, imports recorded a prominent increase. The pace of growth appeared the most rapid in 2016 with an increase of 21% against the previous year. Over the period under review, imports reached the maximum in 2022 and are likely to see steady growth in years to come.

In value terms, nitrogenous fertilizer imports soared to $X in 2022. Over the period under review, imports posted a prominent expansion. The pace of growth appeared the most rapid in 2021 when imports increased by 75%. The level of import peaked in 2022 and is likely to continue growth in the immediate term.

Imports by Country

In 2022, Brazil (X tons) was the major importer of nitrogenous fertilizers (mineral or chemical), achieving 58% of total imports. It was distantly followed by Argentina (X tons), making up a 25% share of total imports. Peru (X tons), Colombia (X tons), Chile (X tons), Uruguay (X tons) and Ecuador (X tons) followed a long way behind the leaders.

Imports into Brazil increased at an average annual rate of +8.5% from 2012 to 2022. At the same time, Argentina (+23.2%), Uruguay (+9.0%), Colombia (+3.8%), Ecuador (+2.6%) and Chile (+2.4%) displayed positive paces of growth. Moreover, Argentina emerged as the fastest-growing importer imported in MERCOSUR, with a CAGR of +23.2% from 2012-2022. By contrast, Peru (-1.7%) illustrated a downward trend over the same period. Argentina (+17 p.p.) significantly strengthened its position in terms of the total imports, while Ecuador, Colombia, Chile, Brazil and Peru saw its share reduced by -1.9%, -2.4%, -3%, -3% and -7.3% from 2012 to 2022, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Brazil ($X) constitutes the largest market for imported nitrogenous fertilizers (mineral or chemical) in MERCOSUR, comprising 66% of total imports. The second position in the ranking was taken by Argentina ($X), with a 19% share of total imports. It was followed by Chile, with a 4.1% share.

In Brazil, nitrogenous fertilizer imports increased at an average annual rate of +12.5% over the period from 2012-2022. In the other countries, the average annual rates were as follows: Argentina (+21.7% per year) and Chile (+3.7% per year).

Import Prices by Country

In 2022, the import price in MERCOSUR amounted to $X per ton, surging by 31% against the previous year. Import price indicated a mild expansion from 2012 to 2022: its price increased at an average annual rate of +1.8% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, nitrogenous fertilizer import price increased by +96.5% against 2020 indices. The pace of growth was the most pronounced in 2021 an increase of 50% against the previous year. Over the period under review, import prices hit record highs in 2022 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 Chile ($X per ton), while Peru ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Brazil (+3.7%), while the other leaders experienced mixed trends in the import price figures.

Source: IndexBox Market Intelligence Platform

Frequently Asked Questions (FAQ) :