By Anthony Marcus, correspondent. Eurasia Business News, August 7, 2024. Article n°1151.

This is facilitated by attractive prices for them against the background of low production costs.

Exports of potash fertilizers from Russia for the first half of this year amounted to 6.7 million tons – 1.7 times more than in the same period last year.

The growth of supply of potash fertilizers abroad, showed the strongest dynamics in six months. In the 2nd place in terms of growth rate was the main fertilizer of the nitrogen group – urea. The volume of exports of this type of fertilizer for six months increased by 23% year-on-year to 4.6 million tons. Exports of phosphate fertilizers, on the contrary, decreased slightly – by 3% to 2.5 million tons.

There is no data on the export of ammonium nitrate to MMI. In general, for those types of fertilizers for which the agency has calculations, the volume of exports amounted to 13.7 million tons (+34%).

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In 2023, Russia’s potash fertilizer exports saw a strong recovery, following a decline in 2022. The increase in exports is part of a broader trend in the Russian fertilizer industry, where overall revenues of Fertilizer exports jumped 70% in 2022, reaching $16.7 billion. This revenue growth is largely attributable to rising crop nutrient prices, despite a 10% decline in export volume compared to 2021.

The global fertilizer market has been significantly affected by geopolitical events, including the war in Ukraine. Sanctions against Belarus, a major potash producer, led to a significant reduction in its potash exports, which benefited Russian exports as they filled the gap in the market.Despite the difficult market environment and sanctions, Russia’s fertilizer exports have been exempted to support global food security, allowing them to continue reaching markets such as India, Turkey and Vietnam.

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Overall, Russia’s potash exports have increased as part of a strategic adaptation to global market changes and geopolitical challenges, with the country retaining a significant share of the global potash market.

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The primary Russian companies involved in the export of potash fertilizers include Uralkali and EuroChem. These companies are significant players in the global potash market, contributing to Russia’s position as one of the leading exporters of potash fertilizers worldwide.

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© Copyright 2024 – Eurasia Business News. Article No. 1151.