Russian fertilizer company PhosAgro reported this week a significant exports increase to emerging markets in Asia and Africa, in the face of external restrictions.
PhosAgro said its exports of agrochemical products to India saw a five-fold increase in 2022, amounting to 2.7 million tons, while supplies to other Asian countries more than doubled, to 400,000 tons.
According to the company, PhosAgro is Russia’s largest exporter of fertilizers to Africa, with shipments to the continent having increased by a quarter last year to 500,000 tons.
“Russian business faced unprecedented challenges last year: business as usual was no longer the case when it came to the rules and mechanisms of international trade, including in fertilizers and agricultural products,” the chairman of PhosAgro’s board of directors, Viktor Cherepov stated, noting that the company had been forced to quickly adapt to a new reality.
“Even in this environment, we were able to increase our supplies – primarily to emerging markets. We did everything to ensure that farmers in our priority market of Russia and all around the world had access to our fertilizers, which stand out thanks to their high quality and eco-efficiency,” Cherepov said.
PhosAgro’s overall sales are up by 6.4% to 11 million tons year-on-year, marking the highest figure in the history of the company, according to the report. Earlier reports showed that Russia was India’s biggest supplier of phosphate fertilizers last year due to discounts amid Ukraine-related Western sanctions. PhosAgro has reportedly offered Indian companies a heavy discount on its products, while also covering bank commissions for payment transfers.
Apart from exports, Russia has been supplying fertilizers and grain to poorer African nations free of charge. One such shipment of some 20,000 tons of fertilizer has reportedly been delivered to Malawi. Last week, Russian Deputy Foreign Minister Sergey Vershinin revealed that Moscow was preparing two batches of free fertilizer to be shipped to Kenya and Nigeria.
Source: Russia Today