Fertiliser exports have set a new record, as the nine-month revenue was already 300 million USD higher than last year’s figure, the Dau tu (Vietnam Investment Review) reported.

In the first nine months of 2022, the country shipped nearly 1.39 million tonnes of fertiliser worth 886 million USD abroad, soaring 45.4% in volume and 166% in value from a year earlier, according to the General Department of Vietnam Customs.

The surge in revenue was attributed to rising global export prices, which averaged 637.7 USD per tonne in the period under review, up 83% from the same period of 2021. Last year, the country earned 559 million USD from exporting 1.35 million tonnes of fertiliser, respectively up 64% and 16.4%.

After nearly one year of strong fluctuations in the global market due to political and economic uncertainties, fertiliser prices have shot up, and many Vietnamese producers have grasped this chance to promote overseas shipments.

Export prices posted sharp growth due to the COVID-19 pandemic in 2020 and 2021, and especially since the beginning of 2022 as a result of the Russia - Ukraine conflict, Dau tu noted.

Beside, as domestic demand stands at about 11 million tonnes each year while factories in Vietnam are licenced to produce over 29 million tonnes annually, businesses have been working to seek markets and boost exports.

The rise in export volume since the start of this year has also been fueled by China’s export reduction and Western countries’ sanctions against Russia – a leading fertiliser exporter in the world, the newspaper pointed out./.