Vietnam's fertilizer exports hit nearly $710 mln in 2024

Vietnam's fertilizer exports totaled approximately 1.73 million tons in 2024, generating nearly $710 million in revenue, with an average price of $411.1 per ton.

The figures marked an 11.7% increase in volume and a 9.4% rise in revenue year-on-year, though the average price per ton decreased slightly by 2%, according to the General Department of Customs.

In December 2024 alone, 154,801 tons of fertilizers were exported at an average price of over $422 per ton, earning Vietnam nearly $65.4 million in revenue.

This represented an 18.4% hike in volume, a 21.4% surge in revenue, and a 2.5% uptick in price compared to November 2024.

Vietnam’s primary fertilizer export market in 2024 was Cambodia, which accounted for 34.3% of the total volume and 33.9% of total revenue.

South Korea was the second-largest market, with exports reaching 220,174 tons valued at over $89 million, at an average price of $404.9 per ton. This represented a significant increase of 146.6% in volume, 154.6% in revenue, and 3.2% in price.

Exports to the Philippines totaled 109,381 tons, valued at $46.35 million, with an average price of $423.8 per ton, which reflected a 93.3% increase in volume and a 78.9% rise in revenue, though the price declined by 7.4%. The Philippines accounted for 6.3% of total export volume and 6.5% of total revenue.

Phung Ha, chairman of the Vietnam Fertilizer Association, told local media that Vietnam’s agricultural sector achieved remarkable results in 2024, affirming its crucial role in the economy and improving rural living standards.

"Despite challenges such as the severe impact of typhoon Yagi, Vietnam’s crop sector recorded notable successes in key exports like rice, fruits, coffee, and cashew nuts," he noted.

For example, rice exports hit a record 9 million tons, generating $5.8 billion in revenue, while fruit exports reached a record $7 billion, with durian alone accounting for $3.2 billion.

Fertilizers have played a pivotal role in these achievements, as they are among the most important agricultural inputs. According to the Food and Agriculture Organization (FAO), fertilizers contribute 40-60% of global food production, depending on factors like crop type, weather, and season.

To meet growing demand for higher crop yields and quality, Vietnamese companies have developed advanced fertilizers, such as Enhanced Efficiency Fertilizers (EEF). These innovative products are designed to control nutrient release, reduce environmental loss, and improve nutrient uptake by crops. Other developments include multi-purpose fertilizers, organic fertilizers, and microbial fertilizers.

The International Fertilizer Association (IFA) forecasts a 6% increase in global demand for urea fertilizer between 2024 and 2028. Vietnam’s fertilizer exports are also expected to recover, particularly in traditional markets like Cambodia and South Korea, while expanding into new markets in Europe, where quality standards are more stringent.