Nitrites; Nitrates Price in the Philippines - 2023

Nitrites; Nitrates Price in the Philippines (CIF) - 2022

The average nitrites; nitrates import price stood at $1,954 per ton in 2022, jumping by 27% against the previous year. Over the period under review, the import price posted a remarkable increase. The most prominent rate of growth was recorded in 2018 when the average import price increased by 91% against the previous year. The import price peaked in 2022 and is expected to retain growth in years to come.

There were significant differences in the average prices amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was Australia ($8,863 per ton), while the price for China ($1,771 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Australia (+30.8%), while the prices for the other major suppliers experienced more modest paces of growth.

Nitrites; Nitrates Price in the Philippines (FOB) - 2022

The average nitrites; nitrates export price stood at $713 per ton in 2022, with a decrease of -25.5% against the previous year. In general, the export price faced a abrupt downturn. The most prominent rate of growth was recorded in 2013 an increase of 38%. As a result, the export price reached the peak level of $3,940 per ton. From 2014 to 2022, the average export prices remained at a lower figure.

There were significant differences in the average prices for the major overseas markets. In 2022, amid the top suppliers, the country with the highest price was Japan ($1,865 per ton), while the average price for exports to the Netherlands ($200 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Malaysia (-3.4%), while the prices for the other major destinations experienced a decline.

Nitrites; Nitrates Imports in the Philippines

After two years of decline, overseas purchases of nitrites; nitrateses increased by 126% to 3.7K tons in 2022. In general, imports saw a buoyant expansion. As a result, imports attained the peak and are likely to continue growth in the immediate term.

In value terms, nitrites; nitrates imports soared to $7.3M in 2022. Over the period under review, imports continue to indicate a buoyant increase. As a result, imports attained the peak and are likely to continue growth in the immediate term.

Import of Nitrites; Nitrates in the Philippines (Million USD)
COUNTRY	2019	2020	2021	2022	CAGR, 2019-2022
China	2.9	2.8	0.9	4.8	18.3%
Malaysia	N/A	0.1	0.2	2.1	358.3%
India	0.4	0.5	0.2	N/A	-29.3%
Indonesia	1.2	1.0	0.7	N/A	-23.6%
Others	0.7	0.6	0.5	0.4	-17.0%
Total	5.2	5.1	2.5	7.3	12.0%

Top Suppliers of Nitrites; Nitrates to the Philippines in 2022:

China (2719.8 tons)
Malaysia (891.0 tons)
India (0.4 tons)

Nitrites; Nitrates Exports in the Philippines

After two years of decline, overseas shipments of nitrites; nitrateses decreased by -32.9% to 14 tons in 2022. Overall, exports, however, continue to indicate a significant expansion.

In value terms, nitrites; nitrates exports declined notably to $10K in 2022. In general, exports, however, enjoyed significant growth.

Export of Nitrites; Nitrates in the Philippines (Thousand USD)
COUNTRY	2019	2020	2021	2022	CAGR, 2019-2022
United States	0.4	N/A	12.6	6.5	153.3%
United Kingdom	0.1	N/A	1.7	0.9	108.0%
Japan	0.1	N/A	1.8	0.9	108.0%
Italy	N/A	N/A	1.3	0.7	-46.2%
France	N/A	N/A	0.7	0.4	-42.9%
Australia	N/A	N/A	0.4	0.2	-50.0%
Thailand	N/A	N/A	0.6	N/A	0%
Others	0.1	N/A	1.3	0.7	91.3%
Total	0.7	N/A	20.4	10.2	144.2%