Morocco’s export of phosphate and derivatives doubled in April before 2022

According to on June 2, according to the data of Moldova foreign exchange bureau, by the end of April 2022, Moldova’s phosphate and derivatives exports had exceeded 36billion dirhams, almost doubling, mainly due to the increase in phosphate prices, which led to an increase of 13.74 billion dirhams in the sales of natural and chemical fertilizers, but a decrease of 5.1%. By the end of April 2022, Moldova’s exports to the world had reached 139billion dirhams, a year-on-year increase of 34.32%. The main growth industries were phosphate and derivatives, agriculture and agricultural products, textile and leather industries and automobile industries.

Recently, OCP, a Moroccan phosphate company, announced that it would distribute dividends totaling 8billion dirhams to the government in 2021. The analysis shows that the increase of phosphate fertilizer income can not only make up for the losses brought to Morocco by the soaring international natural gas, oil and wheat prices to a certain extent, but also allow OCP to develop new market share.

The international food and Agriculture Organization said that recently, the international chemical fertilizer stock has decreased, the price has soared, and the shortage of chemical fertilizer has initially appeared. It is estimated that the economic sanctions against Russia will lead to the suspension of trading of 14% urea, 11% ammonium phosphate, 21% potassium, 23% ammonia and 46% ammonium nitrate in the global fertilizer market. China, which accounts for 30% of the global phosphate fertilizer market, also announced a ban on the export of phosphoric acid. A variety of factors will lead to a 70% increase in international fertilizer prices in 2022. Major fertilizer importing countries such as Europe, Latin America and South Asia will be seriously affected and have to find new sources of supply. Recently, the ministers of agriculture of Brazil and Japan visited Morocco respectively to carry out fertilizer diplomacy, hoping to expand Morocco’s phosphate import. In order to meet the international market demand, OCP announced that it would increase production by 10% in 2022. At present, the annual output of OCP phosphate fertilizer is 1200 tons.

Source: Economic and Commercial Department of the Embassy in the kingdom of Morocco

Post time: Jun-21-2022