Data shows production volumes have slowed due to sanctions
© Getty Images / Bloomberg Creative Photos
Russia is gradually restoring sales of fertilizers to international markets, and could return to the levels of 2021, when exports hit record highs, the head of the Russian Fertilizer Producers Association (RAPU) said earlier this week.
Andrey Guryev acknowledged that it is already impossible to equal the record for the entire year, but that fertilizer exports in Q2-Q4 2023 could easily reach the export levels seen in the same periods of 2021.
“Exports of Russian fertilizer are recovering overall for a number of products although there is still a slight drop year-on-year mainly owing to the supply of potassium,” Guryev told reporters on the sidelines of the Russia-China business forum.
The official noted that market recovery is mostly due to declining global prices of mineral fertilizers, and that in terms of volume, Russian exports will definitely recover to some 38 million tons.
The Russian Customs Service did not release statistics on the volume of fertilizer exports in 2022, but said that in monetary terms they increased by 50% to $19.3 billion. Meanwhile, RAPU reported that in physical terms, foreign sales saw a year-on-year decline of 15% last year.
Russian fertilizer producers saw an output decline of 11% to 23.5 million tons in 2022, with production of potassium chloride dropping 32% to 7.3 million tons, according to data from Russian state statistics agency Rosstat, as cited by business daily Vedomosti.
According to the RAPU, potassium chloride output declined by 35%. The drop was attributed to a reduction in exports due to sanctions, and low demand for the product domestically.
For more stories on economy & finance visit RT’s business section
