Fertilizer exports decrease
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Vietnam shipped abroad 692,259 tonnes of fertilizers in the first five months of this year for more than $289 million, down 8.9% in volume and 42.2% in value over the same period in 2022, reported the Vietnam Customs.
In May alone, the export volume reached 154,995 tonnes of all kinds, up 17.5% year on year, with a turnover of $56.9 million, a rise of 17.4% over that of April but a decrease of 35.2% over the same period last year.
The major market of Vietnamese fertilizers in the period under review was Cambodia which made up 33% of the total export volume and value of the product.
It was followed by the Republic of Korea with 47,838 tonnes with a value of US$17.62 million, down 16.9% and 62% year on year. Malaysia came third by buying 44,552 tonnes.
Meanwhile, the export of the products to the RCEP (Regional Comprehensive Economic Partnership) countries reached 391,107 tonnes, earning $162.64 million, down 16.2% in volume and 42.8% in value. Meanwhile, Vietnam exported 48,442 tonnes of fertilizers worth $16.61 million to CPTPP (Comprehensive and Progressive Agreement for Trans-Pacific Partnership) member countries, a decrease of 47.9% and 63.5%, respectively.
A downturn of 14.5% in volume and 37.6% in value was also seen in the Southeast Asian market to 340,379 million tonnes and $143.63 million, according to the department.
Amid the situation, local firms are working to expand export markets, and seeking new markets along with traditional ones.
Questions & Answers
Q.Which market was the primary destination for Vietnamese fertilizers during the period reviewed in the article?
Which market was the primary destination for Vietnamese fertilizers during the period reviewed in the article?
Cambodia was the major market for Vietnamese fertilizers, accounting for 33% of the total export volume and value. This highlights its significant role as a traditional trading partner.
Q.How did fertilizer exports perform in May compared to the previous month and the same month last year?
How did fertilizer exports perform in May compared to the previous month and the same month last year?
In May, the export turnover of $56.9 million was up 17.4% over April. However, compared to May of the previous year, the turnover saw a decrease of 35.2%.
Q.Were there changes in fertilizer exports to specific trade blocs like RCEP and CPTPP?
Were there changes in fertilizer exports to specific trade blocs like RCEP and CPTPP?
Yes, exports to RCEP countries decreased by 16.2% in volume and 42.8% in value. Exports to CPTPP member countries also saw a downturn, falling by 47.9% in volume and 63.5% in value.
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