Canadian Potassium Chloride Exports Rise Due to Burgeoning Supplies to Asia
IndexBox has just published a new report: ‘Canada – Potassium Chloride (MOP) – Market Analysis, Forecast, Size, Trends and Insights’. Here is a summary of the report’s key findings.
Canada dominates the global exports of potassium chloride, providing 42% of its total volume. In 2020, Canadian potassium chloride exports grew by +8.8% y-o-y to 21M tonnes. The U.S., Brazil and China remain the key importers of Canadian potassium chloride. Last year, supplies to India, Indonesia and Brazil saw the most prominent growth rate among other trade partners. The average export price for Canadian potassium chloride dropped by -16.1% compared to the figures of the previous year.
Potassium Chloride Exports from Canada
Canada remains the largest potassium chloride (MOP) exporter worldwide. The supplies from Canada account for 42% of the global potassium chloride exports.
Potassium chloride exports from Canada reached 21M tonnes in 2020, growing by +8.8% on 2019 figures. In value terms, potassium chloride exports dropped to $4.5B (IndexBox estimates) in 2020.
The U.S. (10M tonnes) was the main destination for potassium chloride exports from Canada, accounting for a 48% share of total exports. Moreover, supplies to the U.S. exceeded the volume sent to the second major destination, Brazil (3.4M tonnes), threefold. China (2.4M tonnes) ranked third in terms of total exports with a 11% share.
In 2020, the average annual growth rate of volume to the U.S. stood at +3.8%. Exports to the other major destinations recorded the following average annual rates of exports growth: Brazil (+19.9% per year) and China (-3.6% per year).
Last year, supplies from Canada to India, Indonesia and Brazil saw the highest growth rate among other destinations. Exports to India grew by +40% y-o-y to 1.8M tonnes, while supplies to Indonesia and Brazil rose by +45% y-o-y to 1.3M tonnes and +20% y-o-y to 3.4M tonnes respectively.
In value terms, the U.S. ($2.2B) remains the key foreign market for potassium chloride exports from Canada, comprising 48% of total exports. The second position in the ranking was occupied by Brazil ($698M), with a 15% share of total exports. It was followed by China, with an 11% share.
The average potassium chloride (MOP) export price stood at $212 per tonne in 2020, shrinking by -16.1% against the previous year. Average prices varied noticeably for the major foreign markets. In 2020, the destinations with the highest prices were the U.S. ($214 per tonne) and China ($214 per tonne), while the average prices for exports to India ($207 per tonne) and Brazil ($208 per tonne) were amongst the lowest. In 2020, the most notable rate of growth in terms of prices was recorded for supplies to the U.S., while the prices for the other major destinations experienced a decline.
Source: IndexBox Platform
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