Malaysia: Urea Market 2024

Urea Market Size in Malaysia

The Malaysian urea market soared to $X in 2023, jumping by X% against the previous year. Overall, consumption, however, showed a perceptible curtailment. Urea consumption peaked at $X in 2012; however, from 2013 to 2023, consumption remained at a lower figure.

Urea Production in Malaysia

In value terms, urea production soared to $X in 2023 estimated in export price. In general, production, however, saw a noticeable increase. The most prominent rate of growth was recorded in 2021 when the production volume increased by X%. As a result, production reached the peak level of $X. From 2022 to 2023, production growth failed to regain momentum.

Urea Exports

Exports from Malaysia

After two years of growth, shipments abroad of urea decreased by X% to X tons in 2023. In general, exports, however, enjoyed a buoyant increase. The growth pace was the most rapid in 2017 with an increase of X% against the previous year. Over the period under review, the exports reached the maximum at X tons in 2022, and then reduced dramatically in the following year.

In value terms, urea exports contracted remarkably to $X in 2023. Over the period under review, exports, however, saw a buoyant increase. The pace of growth was the most pronounced in 2017 with an increase of X% against the previous year. Over the period under review, the exports hit record highs at $X in 2022, and then dropped notably in the following year.

Exports by Country

Thailand (X tons), Australia (X tons) and the Philippines (X tons) were the main destinations of urea exports from Malaysia, together comprising X% of total exports. Japan, India, New Zealand, Vietnam, Myanmar, Turkey, South Korea, Colombia, Mexico and Papua New Guinea lagged somewhat behind, together accounting for a further X%.

From 2012 to 2023, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by India (with a CAGR of X%), while the other leaders experienced more modest paces of growth.

In value terms, Thailand ($X), Australia ($X) and the Philippines ($X) appeared to be the largest markets for urea exported from Malaysia worldwide, together accounting for X% of total exports. Japan, India, New Zealand, Turkey, South Korea, Myanmar, Vietnam, Papua New Guinea, Colombia and Mexico lagged somewhat behind, together accounting for a further X%.

In terms of the main countries of destination, India, with a CAGR of X%, recorded the highest growth rate of the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The average urea export price stood at $X per ton in 2023, reducing by X% against the previous year. Overall, the export price showed a perceptible downturn. The most prominent rate of growth was recorded in 2021 when the average export price increased by X% against the previous year. Over the period under review, the average export prices hit record highs at $X per ton in 2012; however, from 2013 to 2023, the export prices failed to regain momentum.

There were significant differences in the average prices for the major overseas markets. In 2023, amid the top suppliers, the country with the highest price was Papua New Guinea ($X per ton), while the average price for exports to Australia ($X per ton) was amongst the lowest.

From 2012 to 2023, the most notable rate of growth in terms of prices was recorded for supplies to Colombia (X%), while the prices for the other major destinations experienced more modest paces of growth.

Urea Imports

Imports into Malaysia

In 2023, supplies from abroad of urea decreased by X% to X tons for the first time since 2020, thus ending a two-year rising trend. Over the period under review, imports continue to indicate a noticeable descent. The pace of growth appeared the most rapid in 2013 with an increase of X%. Imports peaked at X tons in 2014; however, from 2015 to 2023, imports failed to regain momentum.

In value terms, urea imports shrank significantly to $X in 2023. Overall, imports continue to indicate a perceptible decrease. The most prominent rate of growth was recorded in 2021 with an increase of X%. Over the period under review, imports hit record highs at $X in 2022, and then dropped sharply in the following year.

Imports by Country

In 2023, China (X tons) constituted the largest supplier of urea to Malaysia, accounting for a X% share of total imports. Moreover, urea imports from China exceeded the figures recorded by the second-largest supplier, Vietnam (X tons), fivefold. The third position in this ranking was taken by Indonesia (X tons), with a X% share.

From 2012 to 2023, the average annual rate of growth in terms of volume from China totaled X%. The remaining supplying countries recorded the following average annual rates of imports growth: Vietnam (X% per year) and Indonesia (X% per year).

In value terms, China ($X) constituted the largest supplier of urea to Malaysia, comprising X% of total imports. The second position in the ranking was taken by Vietnam ($X), with an X% share of total imports. It was followed by Indonesia, with an X% share.

From 2012 to 2023, the average annual growth rate of value from China amounted to X%. The remaining supplying countries recorded the following average annual rates of imports growth: Vietnam (X% per year) and Indonesia (X% per year).

Import Prices by Country

In 2023, the average urea import price amounted to $X per ton, falling by X% against the previous year. Overall, the import price showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2022 when the average import price increased by X% against the previous year. As a result, import price reached the peak level of $X per ton, and then fell markedly in the following year.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Singapore ($X per ton), while the price for India ($X per ton) was amongst the lowest.

From 2012 to 2023, the most notable rate of growth in terms of prices was attained by Singapore (X%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform