Singapore: Fertilizer Market 2022

Fertilizer Market Size in Singapore

The Singaporean fertilizer market was estimated at $X in 2021, with an increase of 13% against the previous year. Over the period under review, consumption, however, saw a relatively flat trend pattern. Over the period under review, the market hit record highs at $X in 2018; however, from 2019 to 2021, consumption stood at a somewhat lower figure.

Fertilizer Production in Singapore

In value terms, fertilizer production stood at $X in 2021 estimated in export price. In general, production, however, recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2018 when the production volume increased by 15% against the previous year. As a result, production reached the peak level of $X. From 2019 to 2021, production growth failed to regain momentum.

Fertilizer Exports

Exports from Singapore

In 2021, shipments abroad of fertilizers decreased by -6.4% to X tons, falling for the second consecutive year after two years of growth. Overall, exports, however, showed a buoyant increase. The most prominent rate of growth was recorded in 2019 when exports increased by 41% against the previous year. As a result, the exports attained the peak of X tons. From 2020 to 2021, the growth of the exports failed to regain momentum.

In value terms, fertilizer exports rose sharply to $X in 2021. In general, total exports indicated a noticeable expansion from 2012 to 2021: its value increased at an average annual rate of +2.2% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, exports decreased by -11.6% against 2019 indices. The growth pace was the most rapid in 2018 with an increase of 39%. The exports peaked at $X in 2019; however, from 2020 to 2021, the exports remained at a lower figure.

Exports by Country

Malaysia (X tons), Australia (X tons) and Thailand (X tons) were the main destinations of fertilizer exports from Singapore, with a combined 36% share of total exports.

From 2012 to 2021, the biggest increases were in Malaysia (with a CAGR of +28.0%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, the largest markets for fertilizer exported from Singapore were Australia ($X), Malaysia ($X) and Indonesia ($X), with a combined 39% share of total exports.

Malaysia, with a CAGR of +14.5%, recorded 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

In 2021, the average fertilizer export price amounted to $X per ton, picking up by 20% against the previous year. Over the period under review, the export price, however, recorded a abrupt slump. The export price peaked at $X per ton in 2013; however, from 2014 to 2021, the export prices remained at a lower figure.

There were significant differences in the average prices for the major export markets. In 2021, the country with the highest price was Sri Lanka ($X per ton), while the average price for exports to Zambia ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Sri Lanka (+27.9%), while the prices for the other major destinations experienced more modest paces of growth.

Fertilizer Imports

Imports into Singapore

In 2021, fertilizer imports into Singapore declined dramatically to X tons, shrinking by -15.3% compared with the previous year's figure. In general, imports showed a perceptible shrinkage. The pace of growth appeared the most rapid in 2014 with an increase of 59%. As a result, imports attained the peak of X tons. From 2015 to 2021, the growth of imports remained at a lower figure.

In value terms, fertilizer imports soared to $X in 2021. Overall, imports showed a noticeable reduction. The growth pace was the most rapid in 2013 when imports increased by 19%. Over the period under review, imports hit record highs at $X in 2014; however, from 2015 to 2021, imports failed to regain momentum.

Imports by Country

China (X tons), Malaysia (X tons) and the United States (X tons) were the main suppliers of fertilizer imports to Singapore, with a combined 62% share of total imports. These countries were followed by Japan, Germany, Saudi Arabia, Belgium and Israel, which together accounted for a further 32%.

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Saudi Arabia (with a CAGR of +41.5%), while imports for the other leaders experienced more modest paces of growth.

In value terms, Malaysia ($X), the United States ($X) and Germany ($X) appeared to be the largest fertilizer suppliers to Singapore, together accounting for 63% of total imports. These countries were followed by China, Japan, Saudi Arabia, Belgium and Israel, which together accounted for a further 34%.

In terms of the main suppliers, Saudi Arabia, with a CAGR of +43.3%, 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

In 2021, the average fertilizer import price amounted to $X per ton, jumping by 38% against the previous year. In general, import price indicated a slight increase from 2012 to 2021: its price increased at an average annual rate of +1.8% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, fertilizer import price increased by +105.7% against 2017 indices. The most prominent rate of growth was recorded in 2018 when the average import price increased by 42% against the previous year. The import price peaked in 2021 and is likely to see gradual growth in years to come.

There were significant differences in the average prices amongst the major supplying countries. In 2021, the country with the highest price was Germany ($X per ton), while the price for Belgium ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Germany (+6.7%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Market Intelligence Platform

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