Monday , June 17 2024

Fertilizer imports from Russia rise by 60 percent

Vietnam imported US$86.8 million worth of fertilizer from Russia in the first five months, up 60 percent year-on-year.

Russia accounted for nearly a 10th of Vietnam’s total fertilizer imports at 180,000 tons, second only to China, which accounted for nearly 40 percent, according to data from the Ministry of Agriculture and Rural Development.

Bui Minh Truong, chairman of Swissfertz Vietnam, a leading NPK fertilizer importer from Russia, said Vietnam could import 300,000-400,000 tons a year from the European country if transportation becomes easier.

Then, fertilizer prices would drop in Vietnam, reducing the burden on farmers and consumers, he added.

Speaking to VnExpress, the Russian consul general in HCMC, Timur Sadykov, said trade between the two countries, which grew by 26 percent in the first half of this year, would have more favorable terms in the second.

“Russia and Vietnam have just launched a maritime trade route between Vladivostok and Hai Phong, and the two are negotiating a railway route via China.”

Fertilizer prices have fallen in Vietnam recently due to lower global prices and demand since it is the harvest season.

There is a high chance prices would go back up when the cropping season begins, besides which the prices of coal and gas, the two main materials for fertilizer production, have shown signs of rising.

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