Exports
December 2024:
China exported 2.861 million tons of fertilizers, valued at $700 million.
Full-Year 2024:
Total fertilizer exports reached 32.133 million tons, an increase of 2.0% compared to 2023.
Export value totaled $8.709 billion, a decline of 11.5% year-on-year.
The growth in export volume was mainly driven by by-product nitrogen fertilizers, such as ammonium sulfate and ammonium chloride.
China’s fertilizer export value has been declining since the fourth quarter of 2021, when “mandatory inspections” were introduced for most fertilizer exports. Export values from 2021 to 2024 were as follows:
2021: $11.67 billion
2022: $11.47 billion
2023: $9.84 billion
2024: $8.71 billion
Imports
December 2024:
China imported 1.503 million tons of fertilizers, valued at $439 million, with an average import price of $291.88 per ton.
Full-Year 2024:
Total fertilizer imports reached 14.114 million tons, up 7.8% compared to 2023.
Total import value was $4.57 billion, a year-on-year decrease of 17.8%.
The annual import volume set a record high since 2003.
Ammonium Sulfate: A Standout Performer
Export Trends:
Ammonium sulfate remains the only fertilizer exempt from China’s export regulations, and its export volume has continued to grow steadily.
November 2024:
Exports totaled 1.838 million tons, increasing 4.84% month-on-month and 20.28% year-on-year. Ammonium sulfate accounted for 54.5% of total fertilizer exports for the month.
January–November 2024:
Total exports reached 15.35 million tons, a 19.45% increase compared to the same period in 2023, setting a new historical record. Full-year exports are expected to exceed 16 million tons.
Exports to Brazil:
Brazil is China’s largest export destination for ammonium sulfate.
January–November 2024:
Exports to Brazil totaled 5.81 million tons, a 22.57% increase year-on-year, accounting for 37.88% of total ammonium sulfate exports.
Monthly Trends:
During the first half of 2024, exports to Brazil increased modestly (by 70,000 tons). However, exports surged significantly in the second half due to delayed demand caused by weather conditions.
Factors Behind Brazil’s Demand
Weather Delays:
Higher rainfall in 2024 delayed fertilizer application.
Lower Grain Prices:
This reduced farmers’ motivation to apply fertilizers.
Despite these challenges, Brazil’s demand for ammonium sulfate continues to grow, and China’s competitive pricing is expected to drive record-high exports to Brazil in 2025. Preliminary data suggests that Brazil’s fertilizer procurement in 2025 may begin earlier than in 2024, potentially leading to more stable monthly export volumes.
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