Vietnam fertilizer import falls 30% in Jan-Aug

Vietnam is estimated to have spent $638 million on importing 1.945 million tons of fertilizers in the first eight months of this year, falling 30.5% in terms of value and 31.7% in volume from on year.

Vietnam is estimated to have spent $638 million on importing 1.945 million tons of fertilizers in the first eight months of this year, falling 30.5% in terms of value and 31.7% in volume from on year, the General Statistics Office said.

In August, the country imported 320,000 tons of fertilizers worth $116 million, the office added.

Local traders said fertilizer prices have increased slightly in domestic market after the State Bank of Vietnam announced the depreciation of Vietnam dong against dollar. The central bank’s announcement caused difficulties for fertilizer importers, local traders added.

Currently, DAP fertilizer is selling for VND10,700 a kilo in Ho Chi Minh City, VND11,500 a kilo in Hanoi, VND11,000 in the Mekong Delta city of Can Tho, and the central city of Danang, up 5% from a week earlier.

They added that the fertilizer price hikes were also resulted from the decision to raise import taxes on specific fertilizers to 6.5% from Sept 25, from current 5%, by the Ministry of Finance.

The Ministry of Finance has recently listed fertilizer among price stabilization commodities, announcing that it will interfere if domestic fertilizer prices rise between 15% and 20% during consecutive 15 days. – GSO

Tags: Vietnam fertilizer imports

Posted by VBN on Sep 1 2010. Filed under Fertiliser. You can follow any responses to this entry through the RSS 2.0. You can leave a response or trackback to this entry