Moscow – PhosAgro (Moscow Exchange, LSE: PHOR), one of the world’s leading vertically integrated phosphate-based fertilizer producers, announces it is considering increasing exports to Brazil following a decision by the Brazilian Foreign Trade Council (CAMEX) to suspend the 6% import duty on high-quality diammonium phosphate (DAP).
PhosAgro CEO Andrey Guryev said: “The CAMEX decision comes following active involvement by numerous parts of the Russian Federation government to promote the interests of Russian businesses in a number of countries. In addition to making Russian-produced goods more competitive, Brazilian farmers also stand to benefit from this decision as they will have the ability to buy safe and environmentally sound fertilizers.”
The Latin American fertilizer market, like the Russia and CIS markets, is one of the most important for PhosAgro. The Company exports more than 1.5 million tonnes of fertilizers to the region, which represents approximately 25% of PhosAgro’s total annual exports. PhosAgro’s sales to Brazil, which is the largest global producer of agricultural goods, amount to about 800 thousand tonnes of fertilizer annually, including new fertilizer grades that have been developed specifically for Brazilian customers. These include MAP, DAP, urea, stabilised ammonium nitrate as well as various grades of NPS and NPK fertilizers.