Vietnam’s fertilizer exports exceeded $1 billion in turnover in 2022, according to the Ministry of Agriculture and Rural Development.

The country shipped more than 1.6 million tons of fertilizer during the year. Key export markets include France, India, the US, Peru, and Mexico.

One reason behind the achievements of fertilizer businesses last year was price rises, Vice Chairman of the Vietnam Fertilizer Association Phung Ha said.

The price of fertilizer began to rapidly increase in 2020 and the highest increases in over 50 years were posted in 2022, he added.

Deputy Director General of the Ca Mau Petroleum Fertilizer Joint Stock Company, Nguyen Thi Hien, said the growth in agricultural production around the world led to the price hikes. Many countries have also paid greater attention to food security by increasing food reserves, thus consuming huge volumes of farm produce such as rice, wheat, cereals, and soybeans.