Eastern Europe: Urea Market 2024

Urea Market Size in Eastern Europe

After two years of growth, the East European urea market decreased by X% to $X in 2023. Overall, consumption saw a strong expansion. The level of consumption peaked at $X in 2022, and then dropped in the following year.

Urea Production in Eastern Europe

In value terms, urea production rose slightly to $X in 2023 estimated in export price. Over the period under review, production showed a relatively flat trend pattern. The growth pace was the most rapid in 2021 when the production volume increased by X% against the previous year. As a result, production attained the peak level of $X. From 2022 to 2023, production growth remained at a somewhat lower figure.

Urea Exports

Exports in Eastern Europe

In 2023, the amount of urea exported in Eastern Europe fell dramatically to X tons, with a decrease of X% on the previous year. In general, exports showed a pronounced slump. The pace of growth appeared the most rapid in 2018 when exports increased by X% against the previous year. The volume of export peaked at X tons in 2020; however, from 2021 to 2023, the exports failed to regain momentum.

In value terms, urea exports contracted dramatically to $X in 2023. Over the period under review, exports, however, recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 when exports increased by X%. The level of export peaked at $X in 2022, and then reduced remarkably in the following year.

Exports by Country

Russia represented the major exporting country with an export of around X tons, which accounted for X% of total exports. It was distantly followed by Poland (X tons), making up an X% share of total exports. The following exporters - Lithuania (X tons), Slovakia (X tons), Belarus (X tons) and Romania (X tons) - each amounted to an X% share of total exports.

From 2012 to 2023, average annual rates of growth with regard to urea exports from Russia stood at X%. At the same time, Poland (X%) and Slovakia (X%) displayed positive paces of growth. Moreover, Poland emerged as the fastest-growing exporter exported in Eastern Europe, with a CAGR of X% from 2012-2023. By contrast, Belarus (X%), Lithuania (X%) and Romania (X%) illustrated a downward trend over the same period. While the share of Russia (X p.p.) and Poland (X p.p.) increased significantly in terms of the total exports from 2012-2023, the share of Romania (X p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Russia ($X) remains the largest urea supplier in Eastern Europe, comprising X% of total exports. The second position in the ranking was held by Poland ($X), with a X% share of total exports. It was followed by Slovakia, with a X% share.

From 2012 to 2023, the average annual rate of growth in terms of value in Russia stood at X%. The remaining exporting countries recorded the following average annual rates of exports growth: Poland (X% per year) and Slovakia (X% per year).

Export Prices by Country

The export price in Eastern Europe stood at $X per ton in 2023, shrinking by X% against the previous year. Overall, the export price, however, posted a measured expansion. The growth pace was the most rapid in 2021 an increase of X% against the previous year. The level of export peaked at $X per ton in 2022, and then dropped 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 Slovakia ($X per ton), while Lithuania ($X per ton) was amongst the lowest.

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

Urea Imports

Imports in Eastern Europe

After two years of growth, supplies from abroad of urea decreased by X% to X tons in 2023. In general, imports, however, saw a prominent expansion. The most prominent rate of growth was recorded in 2022 with an increase of X% against the previous year. As a result, imports reached the peak of X tons, and then fell remarkably in the following year.

In value terms, urea imports shrank remarkably to $X in 2023. Overall, imports, however, posted buoyant growth. The growth pace was the most rapid in 2021 with an increase of X% against the previous year. Over the period under review, imports hit record highs at $X in 2022, and then dropped significantly in the following year.

Imports by Country

In 2023, Poland (X tons) and Romania (X tons) represented the major importers of urea in Eastern Europe, together generating X% of total imports. It was distantly followed by Ukraine (X tons), the Czech Republic (X tons), Bulgaria (X tons) and Hungary (X tons), together making up a X% share of total imports. Slovakia (X tons) took a little share of total imports.

From 2012 to 2023, the most notable rate of growth in terms of purchases, amongst the key importing countries, was attained by Romania (with a CAGR of X%), while imports for the other leaders experienced more modest paces of growth.

In value terms, Poland ($X), Romania ($X) and Ukraine ($X) appeared to be the countries with the highest levels of imports in 2023, together accounting for X% of total imports.

Romania, with a CAGR of X%, recorded the highest rates of growth with regard to the value of imports, in terms of the main importing countries over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The import price in Eastern Europe stood at $X per ton in 2023, declining by X% against the previous year. Over the period under review, the import price, however, posted modest growth. The pace of growth appeared the most rapid in 2021 an increase of X%. The level of import peaked at $X per ton in 2022, and then shrank significantly in the following year.

Average prices varied somewhat amongst the major importing countries. In 2023, major importing countries recorded the following prices: in Ukraine ($X per ton) and the Czech Republic ($X per ton), while Poland ($X per ton) and Romania ($X per ton) were amongst the lowest.

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

Source: IndexBox Platform