Latin America and the Caribbean: Urea Market 2024

Urea Market Size in Latin America and the Caribbean

In 2023, the Latin American urea market decreased by X% to $X for the first time since 2019, thus ending a three-year rising trend. The total consumption indicated a slight increase from 2012 to 2023: its value increased at an average annual rate of X% over the last eleven-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Over the period under review, the market attained the maximum level at $X in 2022, and then reduced notably in the following year.

Urea Production in Latin America and the Caribbean

In value terms, urea production rose sharply to $X in 2023 estimated in export price. In general, production recorded a pronounced downturn. The pace of growth was the most pronounced in 2021 when the production volume increased by X% against the previous year. Over the period under review, production hit record highs at $X in 2012; however, from 2013 to 2023, production stood at a somewhat lower figure.

Urea Exports

Exports in Latin America and the Caribbean

In 2023, overseas shipments of urea decreased by X% to X tons for the first time since 2020, thus ending a two-year rising trend. Overall, exports showed a noticeable descent. The most prominent rate of growth was recorded in 2016 with an increase of X% against the previous year. The volume of export peaked at X tons in 2012; however, from 2013 to 2023, the exports stood at a somewhat lower figure.

In value terms, urea exports dropped significantly to $X in 2023. In general, exports showed a perceptible shrinkage. The pace of growth appeared the most rapid in 2021 when exports increased by X% against the previous year. Over the period under review, the exports attained the maximum at $X in 2022, and then shrank significantly in the following year.

Exports by Country

In 2023, Trinidad and Tobago (X tons) represented the key exporter of urea, mixing up X% of total exports. It was distantly followed by Venezuela (X tons) and Bolivia (X tons), together committing a X% share of total exports. The following exporters - Honduras (X tons) and Brazil (X tons) - each accounted for a X% share of total exports.

Trinidad and Tobago experienced a relatively flat trend pattern with regard to volume of exports of urea. At the same time, Honduras (X%) and Brazil (X%) displayed positive paces of growth. Moreover, Honduras emerged as the fastest-growing exporter exported in Latin America and the Caribbean, with a CAGR of X% from 2012-2023. By contrast, Bolivia (X%) and Venezuela (X%) illustrated a downward trend over the same period. Bolivia (X p.p.), Trinidad and Tobago (X p.p.) and Honduras (X p.p.) significantly strengthened its position in terms of the total exports, while Venezuela saw its share reduced by X% from 2012 to 2023, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Trinidad and Tobago ($X) remains the largest urea supplier in Latin America and the Caribbean, comprising X% of total exports. The second position in the ranking was taken by Venezuela ($X), with a X% share of total exports. It was followed by Bolivia, with a X% share.

From 2012 to 2023, the average annual growth rate of value in Trinidad and Tobago amounted to X%. In the other countries, the average annual rates were as follows: Venezuela (X% per year) and Bolivia (X% per year).

Export Prices by Country

In 2023, the export price in Latin America and the Caribbean amounted to $X per ton, with a decrease of X% against the previous year. Overall, the export price, however, recorded mild growth. The most prominent rate of growth was recorded in 2021 an increase of X% against the previous year. The level of export peaked at $X per ton in 2022, and then contracted in the following year.

There were significant differences in the average prices amongst the major exporting countries. In 2023, amid the top suppliers, the country with the highest price was Trinidad and Tobago ($X per ton), while Bolivia ($X per ton) was amongst the lowest.

From 2012 to 2023, the most notable rate of growth in terms of prices was attained by Bolivia (X%), while the other leaders experienced more modest paces of growth.

Urea Imports

Imports in Latin America and the Caribbean

In 2023, purchases abroad of urea decreased by X% to X tons, falling for the second consecutive year after six years of growth. Total imports indicated a measured expansion from 2012 to 2023: its volume increased at an average annual rate of X% over the last eleven-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2023 figures, imports decreased by X% against 2021 indices. The most prominent rate of growth was recorded in 2020 when imports increased by X%. Over the period under review, imports reached the peak figure at X tons in 2021; however, from 2022 to 2023, imports stood at a somewhat lower figure.

In value terms, urea imports fell remarkably to $X in 2023. Over the period under review, imports, however, continue to indicate a perceptible expansion. The most prominent rate of growth was recorded in 2021 with an increase of X%. Over the period under review, imports reached the peak figure at $X in 2022, and then declined sharply in the following year.

Imports by Country

Brazil dominates imports structure, accounting for X tons, which was approx. X% of total imports in 2023. It was distantly followed by Mexico (X tons) and Argentina (X tons), together creating a X% share of total imports. Chile (X tons), Colombia (X tons), Uruguay (X tons) and Peru (X tons) took a relatively small share of total imports.

From 2012 to 2023, average annual rates of growth with regard to urea imports into Brazil stood at X%. At the same time, Argentina (X%) and Uruguay (X%) displayed positive paces of growth. Moreover, Argentina emerged as the fastest-growing importer imported in Latin America and the Caribbean, with a CAGR of X% from 2012-2023. Chile and Colombia experienced a relatively flat trend pattern. By contrast, Mexico (X%) and Peru (X%) illustrated a downward trend over the same period. Brazil (X p.p.) and Argentina (X p.p.) significantly strengthened its position in terms of the total imports, while Colombia, Chile, Peru and Mexico saw its share reduced by X%, X%, X% and X% from 2012 to 2023, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Brazil ($X) constitutes the largest market for imported urea in Latin America and the Caribbean, comprising X% of total imports. The second position in the ranking was taken by Mexico ($X), with a X% share of total imports. It was followed by Argentina, with a X% share.

From 2012 to 2023, the average annual rate of growth in terms of value in Brazil stood at X%. In the other countries, the average annual rates were as follows: Mexico (X% per year) and Argentina (X% per year).

Import Prices by Country

The import price in Latin America and the Caribbean stood at $X per ton in 2023, shrinking by X% against the previous year. Overall, the import price recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 an increase of X% against the previous year. The level of import peaked at $X per ton in 2022, and then reduced rapidly in the following year.

Average prices varied somewhat amongst the major importing countries. In 2023, major importing countries recorded the following prices: in Colombia ($X per ton) and Peru ($X per ton), while Brazil ($X per ton) and Mexico ($X per ton) were amongst the lowest.

From 2012 to 2023, the most notable rate of growth in terms of prices was attained by Peru (X%), while the other leaders experienced mixed trends in the import price figures.

Source: IndexBox Platform