Vietnam’s fertilizer exports are on track to surpass the US$ 1 billion turnover mark this year, according to the Fertilizer Association of Vietnam.
The export volume increased to a record high of about 1.5 million metric tons in January-October, earning a turnover of nearly $973 million.
This marked a rise of more than 45 percent in volume and nearly 2.6 times in revenue compared to the same period last year.
In 2020, Vietnam exported 1.16 million metric tons of fertilizer worth $341 million.
For more than six years before that, the country’s annual export volume had not hit the one-million-metric-ton milestone.
In 2021, the Southeast Asian nation exported 1.35 million metric tons of fertilizers of all kinds, resulting in a turnover of $559 million, up 16.4 percent and 64 percent, respectively, compared to 2020.
On the other way around, Vietnam imported over 2.77 million metric tons, or more than $1.3 billion, of fertilizers of all kinds in January-October.
China remains Vietnam’s leading fertilizer supplier, accounting for more than 50 percent of the total volume and 45 percent of the total fertilizer import turnover of the country.
The second-biggest supplier is Russia, and the Southeast Asia region ranks third.
In the past 10 months, Vietnam’s fertilizer imports from most markets have increased in turnover year on year.