Fertilizer production will be up to 64 million tons of Russian in 2024

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Fertilizer production will be up to 64 million tons of Russian in 2024

Andrei Guryev, president of the Association of Russian Fertilizer Producers claimed that the mineral fertilizer industry in Russia is expected to make a significant recovery, fertilizer production and exports are expected to 2021.

In the first 11 months, fertilizers are increased by 9% year on year to 53 million tons and its annual production is epected to 59 million tons in 2021.

This recovery comes after a challenging period for fertilizer production and exports, with output down more than 7% to 54.3 million tons in 2022 and exports down 15%.

However, if keeps current capacity utilization rate, the RFPA forecasts that fertilizer production will increase by 10% by 2024, possibly exceeding 64 million tons, while exports will also recover significantly.

Russia's fertilizer production plays a crucial role in global agriculture affecting food production and market stability in various regions.  Recovery of fertilizer market is being closely watched by markets and governments as it signals a possible easing of global fertilizer supply constraints in recent years.