Morocco’s phosphates and fertilizers exporter OCP said its revenue up to September this year grew to 89 billion dirhams or 8.3 billion dollars after the increase in prices and demand in the international market.
OCP stated in a statement that this performance is 55% better than the same period one year ago due to declining Chinese exports.
OCP however pointed out that prices were falling starting in June due to a drop in demand from certain key markets such Brazil, Europe, and the US where stockpiles had been bolstered.
It also stated that sulfur prices have decreased, resulting in lower prices.
Morocco, which has the world’s largest phosphates reserves, has positioned itself as a major fertilizer producer expanding its market share in the wake of the export restrictions imposed by other major producers such as Russia.
OCP announced last month that it will increase its fertilizers exports from Africa to 4,000,000 tons in 2023, compared to 2,000,000 tons in 2021. This will help to address the fertilizer supply shortage on a continent that is heavily dependent on imports of soil nutrients.
This announcement is in addition to an earlier move to offer 550,000 tonnes of fertilizers as donations and discounts to reduce the impact of skyrocketing fertilizers prices on African finances.
Source: north africa post
