April 25, 2012

Peru's 2012 fertiliser imports forecast up 2.9%

Peru's 2012 fertiliser imports are forecast to reach US$538 million, 2.9% higher than last year, according to Peruvian consulting group Maximixe.

In volume terms, imports are expected to increase 6.2% over the period to 1.2 million tonnes, state news agency Andina reported.

The growth is attributed to solid demand from the agricultural industry, increased cultivable land and higher foreign demand for agricultural products.

According to Maximixe, the average import price is expected to decline 3.2% due to lower international fertiliser prices brought on by decreasing global demand caused by the economic woes facing Europe and the US.

In 2011, fertiliser imports rose 47.1% to US$523 million on an 11% increase in volumes and 32.5% rise in the average price.

Nitrogen fertilisers accounted for the majority of imports (54.3%), followed by compounds (30.8%), potash (14.7%) and phosphates (0.2%).

Domestic urea prices closed 2011 at PEN1,688 (US$637) per tonne, up 21.8% on the year.