India achieved a remarkable milestone in the 1st quarter of FY’2023-24, as it recorded a significant increase in the production, import, and sales of major fertilizers like Urea, DAP, and NPKs. The production of Urea, DAP, and NPKs witnessed remarkable growth rates of 11%, 8%, and 27% respectively, compared to the same period in the previous year. This impressive surge in production resulted in a total fertilizer production of 11 million tons by June 2023. Notably, Urea played a vital role in this accomplishment, with 7.4 million tons produced, followed by DAP at 1.2 million tons, and NPKs contributing 2.4 million tons.
During April to June 2023, the sales of Urea, DAP, and NPKs in India saw an impressive rise, with growth rates of 22%, 24%, and 27% respectively, compared to the same period in the previous year. However, MOP sales faced a challenging decline of 23% in the current year until June, as compared to the previous year.
The fertilizer market in India experienced a significant increase in imports during April to June 2023, with a remarkable overall growth of 25% compared to the same period in the previous year. Among the imported fertilizers, DAP, MOP, and NPK Complex were the top performers, showing impressive growth rates of 52%, 121%, and 11% respectively, surpassing the imports recorded in April to June 2022. However, there was a drop in the import of urea by 21% in the 1st quarter of FY’2023-24, compared to the previous year during the same period. This decrease aligns with the Government of India’s objective of achieving zero imports under the Atma Nirbhar Bharat initiative.
During the specified period, the fertilizer industry in India showed strong growth in production, sales, and imports, indicating its thriving state. These positive trends underscore the country’s focus on improving agricultural productivity and its dedication to fulfilling the increasing demand for fertilizers in the agricultural sector.
