Clean Ammonia Market Growth and Fertilizer Industry Outlook

Expect higher Chinese exports compared to 2022 but still below historical levels China DAP/MAP Exports Millions of Tonnes 12 10 8 6 4 2 Full Year Exports Total Year Avg Annual Avg 2017-2021 ~9.2 Mmt China Urea Exports Millions of Tonnes 6 2 Full Year Exports Total Year Avg Annual Avg 2017-2021 ~4.5 Mmt 0 0 2017 2018 2019 2020 2021 2022 2023F 2017 2018 2019 2020 2021 2022 2023F ... 21 Source: CRU, Argus, Nutrien

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