Egypt topples Russia as Europe’s largest fertilizer supplier

Egypt topples Russia as Europe’s largest fertilizer supplier

Egypt has toppled Russia as a fertilizer exporter to European markets, with exports amounting to 1.5 billion euros during the first ten months of this year, compared to 521 million euros for the same period last year, Asharq Business reports, citing the Egyptian Export Council for Chemical Industries.

The council on Wednesday quoted a report by the European Commission that the rate of increase in fertilizer exports to Europe amounted to 187.5%, and that France topped the list of major importers with a value of 375 million euros, followed by Italy with a value of 249 million euros, then Spain with a value of 183 million euros, and Greece with 149 million euros.

Russia is one of the largest exporters of a number of low-cost fertilizers per data gathered by Bloomberg and high gas prices have reduced production capacities of major players in the European fertilizer market.

Egypt’s new position comes in the backdrop of the ongoing war between Russia and Ukraine.

Moscow has been targeted by western sanctions for “invading” its neighbor. Europe is seeking to reduce its dependence on Russia for energy and fertilizers.

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