Fertilizer Sales Surge Amid Rising Demand for DAP and Complex Varieties
March 28, 2024In a notable development for the agricultural sector, fertilizer sales have witnessed a 3% increase, reaching 57.57 million tonnes in the April-February period of the fiscal year 2024. This uptick is attributed mainly to the heightened demand for Di-ammonium Phosphate (DAP) and complex fertilizer varieties, even as urea sales remain steady, based on the latest official data.
Interestingly, the output of all fertilizer categories has seen a 4.5% rise during the same period, signaling a robust production response to growing market needs. However, the import trends offer a nuanced picture; except for Muriate of Potash (MoP), imports of all other fertilizer types have recorded a decline. This shift suggests a greater reliance on domestic production to meet the increasing fertilizer demand, underlining the agricultural sector’s resilience amidst fluctuating global market conditions.
The reported growth in fertilizer sales underscores the critical role of these nutrients in supporting agricultural productivity and food security. With the current fiscal year witnessing a varied performance across different fertilizer categories, stakeholders are keenly observing market dynamics and potential impacts on farming practices and crop yields.
