India’s Fertiliser Imports to Hit Record $18 Billion
India’s fertiliser imports are projected to soar 76% this fiscal year to a record $18 billion, driven by increased consumption following heavy monsoon rains that encouraged farmers to expand crop areas. Urea and Diammonium Phosphate (DAP) imports have risen sharply, pushing the overall import bill higher.
During the first nine months of the fiscal year, imports jumped 71% year-on-year to $13.98 billion, with an additional $4 billion expected in the March quarter as shipments arrive. Last fiscal year, India spent $10.23 billion on fertiliser imports, following a previous record of $17.21 billion in 2022-2023 amid global price surges after Russia’s invasion of Ukraine.
The rise in fertiliser use is linked to above-average rainfall, which increased soil moisture for winter crops like wheat, rapeseed, and chickpeas. Farmers have planted winter crops on 65.23 million hectares, a 3.3% increase from last year. Urea imports are forecast to rise 61% to 9 million tons, while DAP could jump 52% to 7 million tons, reflecting higher demand from rice and maize cultivation.
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