Russia’s revenue from fertilizer exports surged in 2022 despite a decline in sales volumes, as fertilizer prices soared after the country’s invasion of Ukraine.
In the first 10 months of the year, the value of Russian fertilizer exports jumped by 70% to $16.7 billion compared with the same period in 2021, the UK’s Financial Times reported, citing UN data.
Based on import statistics from the country’s trade partners, in volume terms, Russia’s overseas sales of fertilizers fell only 10% versus the same period in 2021, according to the report, citing analysis by the UN Food and Agriculture Organization (FAO).
The Russian Fertilizers Producers Association (RFPA) reporting in late December, however, estimated that the country’s exports of mineral fertilizers were likely to have fallen by 15% in full year 2022, to 31.6 million mt. compared with 2021 (GM Dec. 6, p. 28).