Fertilizer Prices Spike to Record High Amid Ongoing Russia-Ukraine War
According to Green Markets North America Fertilizer Price Index, fertilizer prices last week surged to a record high at 1,248.09. The previous record high was set in 2008 at 932.27, which was influenced by a variety of factors including strong domestic and global demand coupled with low fertilizer inventories.
Numerous Western sanctions against Russia over its invasion of Ukraine have raised widespread concerns for farmers globally, who must navigate sharply higher input costs in addition to ongoing supply chain issues.
According to the Observatory of Economic Complexity, Russia was the world's largest fertilizer exporter in 2019, having exported $8.85 billion in fertilizer trade volume that year. In 2019, Brazil was the world’s top importer of fertilizer, followed by India and the United States...
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