Vietnam shipped abroad 692,259 tonnes of fertilizers in the first five months of this year for more than $289 million, down 8.9% in volume and 42.2% in value over the same period in 2022, reported the Vietnam Customs.

In May alone, the export volume reached 154,995 tonnes of all kinds, up 17.5% year on year, with a turnover of $56.9 million, a rise of 17.4% over that of April but a decrease of 35.2% over the same period last year.

The major market of Vietnamese fertilizers in the period under review was Cambodia which made up 33% of the total export volume and value of the product.

It was followed by the Republic of Korea with 47,838 tonnes with a value of US$17.62 million, down 16.9% and 62% year on year. Malaysia came third by buying 44,552 tonnes.

Meanwhile, the export of the products to the RCEP (Regional Comprehensive Economic Partnership) countries reached 391,107 tonnes, earning $162.64 million, down 16.2% in volume and 42.8% in value. Meanwhile, Vietnam exported 48,442 tonnes of fertilizers worth $16.61 million to CPTPP (Comprehensive and Progressive Agreement for Trans-Pacific Partnership) member countries, a decrease of 47.9% and 63.5%, respectively.

A downturn of 14.5% in volume and 37.6% in value was also seen in the Southeast Asian market to 340,379 million tonnes and $143.63 million, according to the department.

Amid the situation, local firms are working to expand export markets, and seeking new markets along with traditional ones.

VnExpress