Eastern Europe: Urea Market 2024

Urea Market Size in Eastern Europe

In 2023, after two years of growth, there was significant decline in the East European urea market, when its value decreased by X% to $X. Overall, consumption enjoyed a remarkable increase. As a result, consumption attained the peak level of $X, and then declined markedly in the following year.

Urea Production in Eastern Europe

In value terms, urea production dropped markedly to $X in 2023 estimated in export price. The total production indicated a modest expansion from 2012 to 2023: its value increased at an average annual rate of X% over the last eleven-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2023 figures, production increased by X% against 2016 indices. The pace of growth was the most pronounced in 2022 with an increase of X% against the previous year. As a result, production attained the peak level of $X, and then fell markedly in the following year.

Urea Exports

Exports in Eastern Europe

In 2023, overseas shipments of urea decreased by X% to X tons, falling for the third year in a row after three years of growth. In general, exports continue to indicate a slight downturn. The most prominent rate of growth was recorded in 2018 with an increase of X%. The volume of export peaked at X tons in 2020; however, from 2021 to 2023, the exports stood at a somewhat lower figure.

In value terms, urea exports reduced notably to $X in 2023. Over the period under review, exports, however, saw a relatively flat trend pattern. The growth pace was the most rapid in 2021 when exports increased by X%. Over the period under review, the exports hit record highs at $X in 2022, and then fell markedly in the following year.

Exports by Country

In 2023, Russia (X tons) represented the largest exporter of urea, comprising X% of total exports. It was distantly followed by Poland (X tons), constituting a X% share of total exports. Belarus (X tons), Lithuania (X tons), Slovakia (X tons), Romania (X tons) and Estonia (X tons) followed a long way behind the leaders.

From 2012 to 2023, average annual rates of growth with regard to urea exports from Russia stood at X%. At the same time, Estonia (X%), Poland (X%) and Slovakia (X%) displayed positive paces of growth. Moreover, Estonia emerged as the fastest-growing exporter exported in Eastern Europe, with a CAGR of X% from 2012-2023. Belarus experienced a relatively flat trend pattern. By contrast, Lithuania (X%) and Romania (X%) illustrated a downward trend over the same period. While the share of Russia (X p.p.), Poland (X p.p.) and Estonia (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 ($X) remains the largest urea supplier in Eastern Europe, comprising X% of total exports. The second position in the ranking was taken by Poland ($X), with a X% share of total exports. It was followed by Slovakia, with a X% share.

In Russia, urea exports increased at an average annual rate of X% over the period from 2012-2023. 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, with a decrease of X% against the previous year. Over the period under review, the export price, however, showed temperate growth. The pace of growth appeared the most rapid in 2022 when the export price increased by X% against the previous year. As a result, the export price reached the peak level of $X per ton, and then declined dramatically in the following year.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Slovakia ($X per ton), while Estonia ($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, overseas purchases of urea decreased by X% to X tons in 2023. Overall, imports, however, showed a strong expansion. The most prominent rate of growth was recorded in 2016 with an increase of X%. Over the period under review, imports reached the maximum at X tons in 2022, and then reduced modestly in the following year.

In value terms, urea imports reduced rapidly to $X in 2023. In general, imports, however, saw a prominent increase. The growth pace was the most rapid in 2021 when imports increased by X%. Over the period under review, imports hit record highs at $X in 2022, and then plummeted in the following year.

Imports by Country

In 2023, Poland (X tons) and Romania (X tons) were the largest importers of urea in Eastern Europe, together mixing up X% of total imports. Ukraine (X tons) took a X% share (based on physical terms) of total imports, which put it in second place, followed by the Czech Republic (X%), Bulgaria (X%) and Hungary (X%). Slovakia (X tons) followed a long way behind the leaders.

From 2012 to 2023, the biggest increases were recorded for Romania (with a CAGR of X%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the largest urea importing markets in Eastern Europe were Poland ($X), Romania ($X) and Ukraine ($X), together accounting for X% of total imports.

In terms of the main importing countries, Romania, with a CAGR of X%, saw the highest growth rate of the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2023, the import price in Eastern Europe amounted to $X per ton, shrinking by X% against the previous year. Over the period under review, the import price, however, posted a modest increase. The most prominent rate of growth was recorded in 2021 when the import price increased by X%. The level of import peaked at $X per ton in 2022, and then fell notably 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