Vietnam's Fertilizer Exports Unexpectedly Surge

With fertilizer exports rebounding after a year of steep decline, many businesses in Vietnam's fertilizer industry have just announced very impressive business results.

According to statistics from the General Department of Customs, Vietnam's fertilizer exports unexpectedly surged in June. Vietnam exported nearly 173,000 tons of fertilizers of all kinds (up 77.8% year on year), worth USD 64.26 million (up 55.2%).

For the first half of the year as a whole, the country exported more than 900,000 tons of fertilizers of all kinds, worth more than USD 360 million, up 7.8% year on year.

Vietnam's fertilizers are exported mainly to Cambodia. This market alone accounted for 27.7% of total volume, followed by South Korea with nearly 11% and Malaysia with 6.7%.

According to the Vietnam Fertilizer Association, the global urea market is expected to become more active from the second half of this year as major consumers such as China, India, the United States, Brazil and Europe simultaneously return to tenders.

This year, fertilizer and chemical companies have made strong breakthroughs as urea prices have risen sharply recently and may continue to rise in the coming months due to supply restrictions from Russia and China.

Source: Vietnam National Assembly Television