China's Urea Exports Reaches $85M in June 2023

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China Urea Exports

In June 2023, the overseas shipments of urea from China increased by 22% to reach 224,000 tons. This marked the second consecutive month of growth after a decline over the previous four months. Overall, the exports showed modest growth, with the most significant growth observed in May 2023, where there was a 141% increase compared to the previous month.

In terms of value, the exports of urea surged to $85 million based on estimates by IndexBox in June 2023. However, when considering the entire review period, the exports experienced a noticeable contraction. The most rapid growth in export value occurred in August 2022, with a 111% increase compared to the previous month.

China Urea Exports By Country (Million USD)

Exports by Country

South Korea (28,000 tons) and India (14,000 tons) were the primary destinations for urea exports from China.

Between June 2022 and June 2023, South Korea experienced the most significant growth rate in urea exports (CAGR of -1.0%).

In terms of value, South Korea ($9.6 million) and India ($4.8 million) were the top markets for urea exported from China.

When examining the main countries of destination, South Korea recorded the highest growth rate in the value of exports, with a CAGR of -6.2% over the review period.

Export Prices by Country

In June 2023, the export price for urea stood at $378 per ton (FOB, China), remaining stable compared to the previous month. However, the export price experienced a significant decrease overall. The most notable rate of growth was recorded in October 2022, with a 5.5% increase month-to-month. The peak export price of $624 per ton was reached in June 2022, but from July 2022 to June 2023, the export prices failed to regain momentum.

The prices varied by country of destination, with the Philippines having the highest price at $691 per ton, while Indonesia had one of the lowest average prices at $280 per ton.

During the period from June 2022 to June 2023, the Philippines experienced the most significant growth in prices for urea supplies, with a rate of 0.3%, while the prices for other major destinations declined.



Source: IndexBox Market Intelligence Platform

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