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According to World Bank data, the average global price of urea fertilizer in February 2024 reached US$351.25 per ton.
The price increased by 4.7% compared to January 2024 (month-on-month), but remained 1.7% lower than in February of the previous year (year-on-year).
Despite price fluctuations, the World Bank predicts that urea fertilizer prices this year will generally be cheaper than in 2023.
"Urea prices are expected to fall by 13 percent in 2024 as production recovers," the World Bank stated in its October 2023 Commodity Markets Outlook report.
However, the World Bank notes several risks, including a rise in the price of natural gas, a key raw material for fertilizer production.
"Major risks to the fertilizer price outlook include a shortfall in new production capacity, continued trade restrictions, particularly from China, a surge in natural gas prices due to escalating conflict in the Middle East, and sanctions against Russian fertilizer companies," the World Bank stated.
"Disclosure: This is an AI-generated translation of the original article. We strive for accuracy, but please note that automated translations may contain errors or slight inconsistencies."
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| Economic growth | 5,11% | +0.08 | |
| Pertumbuhan ekonomi (yoy) (Q1) | 5,61% | +4.08 | |
| Gini rasio (Sem2) | 0,38 | 0.00 | |
| PDB ADHK (Q1) | 3.447,70 | -0.77 | |
| Nilai Tukar USDIDR | 18.004 | +0.09 | |
| Neraca perdagangan (Apr) | 89,10 | -97.32 | |
| Ekspor Migas (Apr) | 1,16 | -9.81 | |
| Impor Migas (Apr) | 4,60 | +45.09 | |
| Ekspor (Apr) | 25,30 | +12.32 | |
| Impor (Apr) | 25,21 | +31.28 | |
| Kunjungan Wisman (Apr) | 1,25 | +14.75 | |
| Inflasi yoy (Mei) | 3,08% | +0.66 | |
| Inflasi mom (Mei) | 0,28% | +0.15 | |
| Persentase kemiskinan (Des) | 7,50% | -0.75 | |
| NTP (Mei) | 113,79 | +1.34 |
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