Vietnam Spends Nearly $682 Million on Fertilizer Imports

In the first five months of this year, the country’s fertilizer imports reached over 2.12 million tons, worth over $681.9 million.

Import fertilizers

According to preliminary statistics from the General Department of Customs, in May 2024, Vietnam’s fertilizer imports reached 531,849 tons, equivalent to US$176.64 million, an increase of 7.4% in volume and 8.3% in value compared to April 2024. Compared to May 2023, there was a sharp increase of 37.5% in volume, 43.8% in value, and 4.6% in price.

Cumulatively, in the first five months of 2024, the country’s fertilizer imports reached over 2.12 million tons, valued at over 681.9 million USD, with an average price of 321.4 USD/ton, representing a 64.6% increase in volume, a 48.8% increase in value, but a 9.7% decrease in price compared to the same period last year.

According to customs statistics, in general, in the first five months of the year, fertilizer imports from most markets increased compared to the same period last year. For example, imports from Russia ranked second, accounting for 15.8% of the total volume and 22.3% of the total value, with 335,581 tons, equivalent to 152.28 million USD, at an average price of 453.8 USD/ton, an increase of 453.6% in volume and 371.7% in value, but a decrease of 14.8% in price compared to the first five months of 2023.

Vietnam’s agricultural sector consumes 11-12 million tons of fertilizer, of which about 8 million tons are domestically produced, while the remainder is imported because some products are not yet manufactured in Vietnam.

Source: Vietnam Television