Monday, July 07, 2008

Vietnam's fertilizer imports soar in first half

HANOI (Xinhua): Vietnam imported roughly 2.2 million tons of fertilizers worth over one billion U.S. dollars in the first half of this year, recording respective year-on-year surges of 17.8 percent and 130.9 percent, according to the General Statistics Office on Friday.

Vietnam spent 214 million dollars importing 553,000 tons of urea in the six-month period, up 76 percent and 158.3 percent, respectively.

To lessen reliance on fertilizer import and stabilize prices in the domestic markets amid higher world prices, Vietnam is accelerating construction of some producers of urea, diammonium phosphate (DAP), nitrogen-phosphate-kalium (NPK) and organic fertilizers in the northern region. Besides, it plans to build a depot capable of holding over 200,000 tons of fertilizers for reserve and distribution in the southern Mekong Delta.

Vietnam's demand for urea is estimated at nearly 2 million this year, but urea producers in the country can produce 880,000-900, 000 tons of the fertilizer, the Trade Information Center under the Vietnamese Ministry of Industry and Trade said, adding that fertilizer makers nationwide can turn out around 1.6 million tons of phosphate and 2.2 million tons of NPK in the year, basically meeting the domestic demand for the two kinds of fertilizers. Vietnam imported nearly 3.8 million tons of fertilizers, totaling 996 million dollars, mainly from China, Indonesia, Russia, the Middle East, Japan and Canada, in 2007, up 21.6 percent and 44. 9 percent, respectively, against 2006, said the statistics office.