13:08 | 23/12/2017 Trade
From a fertilizer importer, Vietnam has become an exporter of the product, with 892,000 tonnes shipped abroad in 11 months of this year for 277 million USD, a year on year increase of 34.5 percent in volume and 43 percent in value.
According to the General Department of Vietnam Customs, major markets of Vietnam’s fertiliser in the first 10 months of this year were Cambodia, Malaysia and the Republic of Korea. Cambodia was the leading market that bought 69.5 percent of Vietnam’s total fertilizer for export, or 328,600 tonnes worth 104.9 million USD, up 53.87 percent in volume and 54.7 percent in value compared to 2016.
Meanwhile, Malaysia imported 122,500 tonnes, and the Republic of Korea bought 55,900 tonnes, up 105.42 percent and 57.72 percent respectively.
Other markets of Vietnamese fertilizer included Laos, the Philippines, Thailand, Japan and Angola.
Despite the strong growth in export, Vietnam still spends hundreds of millions of USD to import fertilizer.
The Ministry of Agriculture and Rural Development (MARD) reported that Vietnam imported 4.27 million tonnes of the product in 11 months at the cost of 1.14 billion USD, up 15.5 percent in volume and 13.3 percent in value year on year.
China is the biggest source of 39.9 percent of total fertilizer shipped to Vietnam with 1.5 million tonnes worth 392.1 million USD. The second largest fertilizer provider of Vietnam was Russia with 454,700 tonnes, followed by Belarus with 230,800 tonnes.
Other fertilizer exporters to Vietnam are Japan, Indonesia, Laos, Malaysia, Saudi Arabia and the Philippines.
Explaining the rise in fertilizer import, Nguyen Duc Thanh, Vice President of the Fertilizer Association of Vietnam and CEO of the Petro Vietnam Ca Mau Fertilizer JSC said that not all fertilizers Vietnam bought were use for domestic use, but for NPK fertilizer production or exporting to Cambodia.