RAFP head: I hope Russian fertilizer exports recover before yearend, we're seeing panic buying now

ST. PETERSBURG. June 16 (Interfax) - President of the Russian Association of Fertilizer Producers (RAFP) Andrei Guryev hopes that fertilizer exports will recover before the end of 2022.

"I hope that it will be possible [to restore exports], because a lot of effort is being exerted toward that. The role of mineral fertilizers in agriculture today is very big the world over, and a realistic attitude toward the industry and to those problems that the world could run into has emerged," Guryev told journalists on the sidelines of the St. Petersburg International Economic Forum.

Exports of fertilizers from Russia have slumped approximately 20% since the beginning of the year, Guryev said. A reduction in the supply of Russian and Belarusian fertilizers on the global market together with a lack of exports from China is creating a deficit that is leading to further price growth. "We're seeing a large amount of panic buying. Countries are trying to buy up more and more mineral fertilizers today, but there physically aren't any. Because Russia and Belarus are 25% of the global market, plus China isn't on the market, and it used to be the largest exporter of mineral fertilizers in the world," he said.

Due to problems purchasing equipment and parts, the Russian fertilizer sector is already adjusting investment plans, Guryev said.