Slovakia: Urea Market 2023

Urea Market Size in Slovakia

The Slovak urea market surged to $X in 2021, with an increase of 286% against the previous year. Over the period under review, consumption posted significant growth. As a result, consumption reached the peak level and is likely to continue growth in the immediate term.

Urea Production in Slovakia

In value terms, urea production skyrocketed to $X in 2021 estimated in export price. Overall, production, however, continues to indicate a significant expansion. The growth pace was the most rapid in 2015 with an increase of 1,072% against the previous year. As a result, production reached the peak level of $X. From 2016 to 2021, production growth failed to regain momentum.

Urea Exports

Exports from Slovakia

In 2021, shipments abroad of urea was finally on the rise to reach X tons for the first time since 2018, thus ending a two-year declining trend. Overall, total exports indicated a buoyant increase from 2012 to 2021: its volume increased at an average annual rate of +7.0% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth was the most pronounced in 2015 when exports increased by 91%. Over the period under review, the exports reached the peak figure at X tons in 2018; however, from 2019 to 2021, the exports stood at a somewhat lower figure.

In value terms, urea exports skyrocketed to $X in 2021. In general, exports recorded a strong expansion. As a result, the exports attained the peak and are likely to continue growth in the immediate term.

Exports by Country

Hungary (X tons), Italy (X tons) and France (X tons) were the main destinations of urea exports from Slovakia, together comprising 63% of total exports. Austria, the Netherlands, the Czech Republic, Spain and the UK lagged somewhat behind, together accounting for a further 56%.

From 2012 to 2021, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by the Netherlands (with a CAGR of +35.0%), while the other leaders experienced more modest paces of growth.

In value terms, France ($X), Hungary ($X) and the Czech Republic ($X) were the largest markets for urea exported from Slovakia worldwide, together comprising 43% of total exports. Italy, the Netherlands, Spain, Austria and the UK lagged somewhat behind, together comprising a further 39%.

Among the main countries of destination, the Netherlands, with a CAGR of +31.0%, saw the highest growth rate of the value of exports, 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 2021, with an increase of 93% against the previous year. In general, the export price posted a pronounced increase. 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 for the major external markets. In 2021, the country with the highest price was Spain ($X per ton), while the average price for exports to Austria ($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 the Czech Republic (+2.9%), while the prices for the other major destinations experienced more modest paces of growth.

Urea Imports

Imports into Slovakia

In 2021, approx. X tons of urea were imported into Slovakia; growing by 30% against 2020 figures. In general, imports continue to indicate buoyant growth. The most prominent rate of growth was recorded in 2016 with an increase of 82%. Over the period under review, imports attained the peak figure in 2021 and are expected to retain growth in years to come.

In value terms, urea imports soared to $X in 2021. Overall, imports showed a resilient expansion. As a result, imports reached the peak and are likely to continue growth in the immediate term.

Imports by Country

In 2021, Poland (X tons) constituted the largest urea supplier to Slovakia, accounting for a 53% share of total imports. Moreover, urea imports from Poland exceeded the figures recorded by the second-largest supplier, Austria (X tons), fourfold. The third position in this ranking was held by Lithuania (X tons), with a 13% share.

From 2012 to 2021, the average annual growth rate of volume from Poland totaled +6.2%. The remaining supplying countries recorded the following average annual rates of imports growth: Austria (+11.4% per year) and Lithuania (+27.9% per year).

In value terms, Poland ($X) constituted the largest supplier of urea to Slovakia, comprising 57% of total imports. The second position in the ranking was taken by Austria ($X), with a 12% share of total imports. It was followed by Lithuania, with a 12% share.

From 2012 to 2021, the average annual growth rate of value from Poland totaled +13.9%. The remaining supplying countries recorded the following average annual rates of imports growth: Austria (+10.7% per year) and Lithuania (+26.8% per year).

Import Prices by Country

In 2021, the average urea import price amounted to $X per ton, growing by 68% against the previous year. In general, the import price saw notable growth. The import price peaked at $X per ton in 2015; however, from 2016 to 2021, import prices remained at a lower figure.

Prices varied noticeably country of origin: the country with the highest price was Germany ($X per ton), while the price for Croatia ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Poland (+7.3%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Market Intelligence Platform

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