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Wednesday, July 24, 2024

Fertilizer exports decline steeply in Jan-May

The Saigon Times

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HCMC – Vietnam’s fertilizer exports slid significantly from January to May, according to the General Department of Vietnam Customs.

In May, Vietnam exported nearly 155,000 tons of fertilizer worth US$56.9 million, up 17.5% in volume and value compared to April. However, fertilizer exports dropped 16.9% in volume and 35.2% in revenue compared to the same period last year.

From January to May, Vietnam shipped over 692,000 tons of fertilizer abroad, resulting in US$289 million in revenue, an 8.9% decrease in volume and a staggering 42.2% decrease in value. Among the total exports, the Southeast Asian market accounted for 340,000 tons and US$143.6 million, declining 14.5% in volume and 37.6% in value.

The nation also saw a reduction in orders from its main fertilizer buyer, Cambodia. In the five-month period, Vietnam exported nearly 228,000 tons of fertilizer worth US$95.5 million to Cambodia, an 8% increase in volume but a 19.2% decrease in value compared to the same period in 2022.

During this period, fertilizer exports to South Korea and Malaysia dropped by 62% and 59.8%, respectively. Fertilizer shipments to the markets under the Comprehensive and Progressive Agreement for Trans-Pacific Partnership also slumped 63.5% in value and 47.9% in volume, with over 48,000 tons worth US$16.6 million.

Around 391,000 tons of fertilizer valued at US$162.6 million was delivered to countries under the Regional Comprehensive Economic Partnership, a 16.2% decrease in volume and a 42.8% decrease in value.

Moreover, fertilizer prices plunged 25.1% to 54% in these markets.

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