Vietnam Spends Nearly $1.14 Billion on Fertilizer Imports in the First Eight Months of 2024
In the first eight months of 2024, Vietnam’s fertilizer imports reached nearly 3.5 million tons, worth nearly $1.14 billion, with an average import price of $324 per ton.
According to data released by the General Department of Customs, in August 2024, the whole country imported 449,000 tons of fertilizer, equivalent to 157 million USD, with an average price of 351 USD/ton, an increase of 5.8% in volume, 15% in value, and 8.6% in price compared to July 2024. Compared to August 2023, there was a decrease of 4.6% in volume, a decrease of 0.8% in value, but an increase of 4% in price.
Of these, China remains the largest supplier of fertilizers to Vietnam, accounting for nearly 41% of total imports and 36.7% of total value, with nearly 1.4 million tons, equivalent to 439 million USD.
Following closely behind is Russia, accounting for 12.4% of the total volume and 16.6% of the total value, with over 434,000 tons, equivalent to $188 million, at an average price of $432 per ton, representing a 133% increase in volume and a 112% increase in value.
Mr. Phung Ha, Chairman of the Vietnam Fertilizer Association, said that Vietnam has to import some types of fertilizers that it does not produce in sufficient quantities, such as DAP and potassium, while remaining self-sufficient in urea, superphosphate, NPK, and exporting them to countries in the region.
Source: Vietnam Agriculture Newspaper
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