Việt Nam imports nearly $352 million worth of fertiliser in Q1

Monday, Apr 22, 2024 13:33

Workers packaging fertiliser at a plant of Lâm Thao Fertilisers and Chemicals JSC. — VNA/VNS Photo

Imported fertiliser volume soared in March, with China being the biggest supplier, according to preliminary statistics from the General Department of Customs.

Last month, Việt Nam imported about 429,000 tonnes of fertiliser worth US$123 million, up 52.3 per cent month-on-month in quantity and 35 per cent in value.

The average import price was $287 per tonne, down 11.6 per cent from February.

China was the leading supplier, with a total of nearly 175,000 tonnes. This represented a significant growth of almost 44 per cent in quantity, over 55 per cent in value and nearly 8 per cent in price from the previous month.

In the first three months of 2024, the country imported over 1.12 million tonnes of fertiliser, valued at nearly $352 million, with an average price of over $314 per tonne.

China remains the main importing market, accounting for approximately 42 per cent of the total volume and over 29 per cent of the total import value.

Việt Nam also imports fertilisers from other markets, including Russia, Southeast Asia, members of the Regional Comprehensive Economic Partnership (RCEP) and the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP).

Dr. Phùng Hà, Vice Chairman and Secretary General of the Việt Nam Fertiliser Association (FAV), said that Chinese fertilisers have consistently been the most imported into Việt Nam.

This is due to China's significant role as a major producer and exporter of fertilisers worldwide.

Currently, Việt Nam faces a shortage or inability to domestically produce certain types of fertilisers, Hà told For instance, in the case of DAP, domestic production capacity is only around 400,000 - 500,000 tonnes, whereas the demand exceeds 1 million tonnes, necessitating imports.

Regarding NPK fertilisers, Việt Nam import those with high nutrient content while exporting those with lower nutrient content to neighbouring markets, Hà added.

According to the Vice Chairman of FAV, the country’s fertiliser supply is not solely reliant on foreign markets.

Some fertilisers, like urea and superphosphate, are produced for both domestic use and export.

The proportion of Việt Nam’s fertiliser exports has been increasing, reaching $1.7 billion in 2022 due to restrictions on fertiliser exports by certain countries. — VNS

Comments (0)