Vietnam's "Vietnam Economy" website reported on January 27: According to preliminary statistics from the General Administration of Customs, Vietnam will import 4.54 million tons of chemical fertilizers in 2021, worth 1.45 billion US dollars, with a year-on-year increase of 19.4% and 52.6% respectively. China is the largest import market. In 2021, Vietnam will import 2.02 million tons of various fertilizers from China, accounting for 44.5% of Vietnam's total imported fertilizers and 42% of the import value. In 2021, the quantity, amount and price of fertilizers imported by Vietnam from China will increase significantly year-on-year, with an increase of 27.3%, 65.6% and 30% respectively.
ASEAN is Vietnam's second largest fertilizer import market. In 2021, Vietnam will import 504,800 tons of fertilizers from ASEAN, worth US$190 million, up 37.2% and 117.4% year-on-year respectively. The third is Russia. In 2021, Vietnam will import 386,200 tons of fertilizers from Russia, a year-on-year increase of 7.9%.
At the same time, in 2021, Vietnam will export 1.35 million tons of chemical fertilizers at US$559 million, up 16.4% and 64.2% year-on-year respectively. Cambodia, South Korea, Malaysia and the Philippines are the main markets for Vietnam's fertilizer exports.
As we serve cranes around the world, we know that large fertilizer plants have a strong demand for cranes. Because of the different working environments, two types of lifting equipment, the grab bridge crane and the electric hoist, are generally used.
The Vietnam fertilizer market was valued at USD 1,781.2 million in 2020, growing at a CAGR of 4.9% during the forecast period (2021-2026). During the COVID-19 pandemic, the Vietnamese government has taken various measures, such as maintaining social distancing, restricting movement, and closing non-essential services to control the outbreak. Movement restrictions and poor agricultural economy have had some impact on Vietnam's fertilizer market due to the country's early measures and supportive policies. Therefore, apart from supply chain disruptions, Vietnam's fertilizer market has not experienced much volatility.
We believe that the fertilizer market in Vietnam will have high growth potential in the next few years. If you have any demand for cranes in related fields, please contact us. Contact us via website or Email: sales010@cranesdq.com
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