According to statistics from the General Department of Customs, in 2024, the country exported nearly 1.73 million tons of fertilizers of all kinds, equivalent to over 709.91 million USD, with an average price of 411.1 USD/ton, an increase of 11.7% in volume, an increase of 9.4% in turnover but a slight decrease of 2% in price compared to the same period in 2023.

In December 2024 alone, 154,801 tons of various fertilizers were exported , reaching 65.35 million USD, with a price of 422.1 USD/ton, up 18.4% in volume, 21.4% in turnover and 2.5% in price compared to November 2024; compared to December 2023, it decreased 4.9% in volume, 8.3% in turnover and 3.6% in price.

In 2024, the country will export nearly 1.73 million tons of fertilizers of all kinds, an increase of 11.7% in volume and 9.4% in value. Photo: Nguyen Hanh

Vietnam's fertilizers are mainly exported to the Cambodian market, which alone accounts for 34.3% of the total volume and 33.9% of the total fertilizer export turnover of the country, reaching 592,121 tons, equivalent to 240.82 million USD, with an average price of 406.7 USD/ton, up 1.4% in volume, down 2.3% in turnover and down 3.6% in price compared to the same period in 2023.

In December 2024 alone, exports to this market reached 55,980 tons, equivalent to 21.24 million USD, with an average price of 379.5 USD/ton, down 2.8% in volume, down 4% in turnover and down 1.3% in price compared to November 2024.

Following the main market of Cambodia is the Korean market with 220,174 tons, equivalent to 89.14 million USD, average price of 404.9 USD/ton, a sharp increase of 146.6% in volume, 154.6% in turnover and 3.2% in price, accounting for nearly 13% of the total volume and total export turnover of fertilizers of the whole country.

Exports to the Philippines market reached 109,381 tons, equivalent to 46.35 million USD, with an average price of 423.8 USD/ton, up 93.3% in volume, up 78.9% in turnover, but prices decreased by 7.4%, accounting for 6.3% in total volume and 6.5% in total turnover.

However, forecasts for 2025 suggest a slight global increase in fertilizer prices, of around 3-5%, which is likely to impact domestic prices, especially in regions heavily dependent on imported fertilizers.

It is forecasted that the trend of using chemical and organic fertilizers in the period 2024-2029 will reach a compound annual growth rate of 6.5% - 6.7%, reflecting the trend of shifting to sustainable and environmentally friendly agriculture.

The International Fertilizer Association (IFA) forecasts that urea consumption will increase by 6% in the period 2024 - 2028. In addition, fertilizer exports are expected to recover, especially in traditional markets such as Cambodia and South Korea. At the same time, Vietnam is also expanding its market to Europe, where product quality standards are higher.