Brazil’s GDP and agribusiness
In 2016, Brazil experienced political instability with the impeachment of President Dilma Rousseff. The country’s GDP contracted to 3.5% in 2016 from 3.8% the previous year. Agribusiness is one of the most important contributors to the country’s GDP. Let’s look at Brazil’s fertilizer imports in 2016.
Despite the political instability, fertilizer imports into Brazil saw an overall increase year-over-year in 2016. Nitrogen fertilizer urea imports increased 43.0% year-over-year to 3.9 million metric tons, from 2.7 million metric tons in 2015.
The company’s phosphate fertilizers also saw an 11.0% increase year-over-year to 3.9 million metric tons, from 3.5 million metric tons. Under the umbrella of phosphate fertilizers, DAP (diammonium phosphate) fertilizer imports rose 22.0% to 0.46 million metric tons. However, Brazil is a heavy user of MAP (monoammonium phosphate) fertilizer, which rose 22.0% year-over-year to 2.7 million metric tons, from 2.3 million metric tons. TSP (triple superphosphate) imports fell 18.0% year-over-year to 0.71 million metric tons, from 0.90 million metric tons.
Imports for potash also saw a slight rise in 2016, increasing 1.0% year-over-year to 8.1 million metric tons, from 8.0 million metric tons.
For more updates, be sure to visit Market Realist’s Agricultural Fertilizers page.