"In 2023, the wheat import into Georgia decreased by 11%, last year the import amount totaled to $58 million, while in the same period of 2022 it was $65 million," - Galt&Taggart writes in the monthly review of the raw materials market.
The value of wheat imports decreased by 11.0% annually in 2023, and the volume increased by 20.7%, which is caused by the reduced average import price.
As for the export value of nitrogen fertilizers, it decreased by 43.7% annually in 2023, which is related to the sharp decline in prices, as the export volume decreased by only 2.6% annually.
"In January 2024, the price of ammonium nitrate increased by 4.2% per month. Despite the minor growth, it has decreased by 35.3% annually, which is due to the decline in the prices of the main component of its production - natural gas. As mentioned in our previous reviews, the prices are more or less balanced by factors acting as counterbalances. On the one hand, China focuses on replenishing its own reserves, which reduces the potential supply. On the other hand, in the background of low prices, the Indian government is going to reduce subsidies on fertilizers from April 1. Amid this announcement, share prices of Indian fertilizer companies fell as demand for agrochemicals is likely to decline,” the review said.
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