Urea market in Greece

Earlier Report Observations

The urea market in Greece, measured in value, contracted from $75.0 million in 2018 to $62.2 million in 2019, a drop of 17%. It then partially recovered to $65.4 million in 2020, representing a 5% increase from the previous year's low.

Beyond 2020, available trade data shows volatile import and export flows. Imports fell gradually from $71.3 million in 2018 to $64.3 million in 2020, before surging to a peak of $185.8 million in 2022 and then moderating to $115.2 million by 2024. Exports also exhibited sharp movements, rising from $4.9 million in 2018 to $22.1 million in 2022, then declining to $11.8 million in 2024.

Domestic production value remained relatively stable in the early period, fluctuating between $7.7 million and $8.6 million from 2018 to 2020.

Production urea in Greece

In value, 2017-2020, K $ US

After a two-year decline, urea production in Greece increased in value terms. In 2020, output was valued at 8 154 thousand US dollars, marking a moderate gain of 5.8% compared to the previous year. Production decreased by 10.2% between 2017 and 2020, equating to an annualized decline of 3.5%. The lowest value was recorded in 2019 at 7 707 thousand US dollars, which also saw the largest decline of 10.6%.

Annual dynamics of production in Greece in value, 2017-2020, K $ US

In kind, 2017-2020, K kg N

Following a two-year decline, urea production in Greece increased in volume. In 2020, Greece produced 18 323 thousand kilograms of nitrogen in urea, showing a slight rise of 2.1% compared to 2019. Over the period from 2017 to 2020, production decreased by 19.1%, with a compound annual growth rate of -6.8%. The lowest volume was recorded in 2019 at 17 945 thousand kilograms of nitrogen, while the largest decline occurred in 2018 at 15.0%.

Annual dynamics of production in Greece in kind, 2017-2020, K kg N

Exports urea from Greece

Exports in kind, K t

The market performance showed noticeable fluctuations during the period. Export volumes dropped to their minimum in 2018 at 13.5 thousand tonnes and climbed to their maximum in 2019 at 35.0 thousand tonnes, representing a 2.6-fold shift. In 2020, Greece exported 21.2 thousand tonnes of urea, showing a decrease of 39.4% compared to 2019. The largest decline was recorded in 2018 at 53.0%, while the largest increase occurred in 2019 at 158.4%.

Annual dynamics of product's exports from Greece in kind, 2017-2020, K t

From 2017 to 2020, Bulgaria was the dominant destination for Greece's urea exports in volume terms, accounting for 81.9% of total flows. The remaining share was distributed among several smaller markets.

Structure of product's exports in kind by countries, 2017-2020

World map of product's exports from Greece in kind, 2017-2020

Exports in value, K $ US

The data reveals irregular changes, indicating a volatile market environment. Export values fell to their lowest point in 2018 at 4 898 thousand US dollars and hit their maximum in 2019 at 12 232 thousand US dollars, a difference of 2.5 times. In 2020, Greece's urea export value amounted to 7 066 thousand US dollars, down by 42.2% year-over-year. The largest decline was recorded in 2018 at 47.6%, while the largest increase occurred in 2019 at 149.7%.

Annual dynamics of product's exports from Greece in value, 2017-2020, K $ US

Throughout 2017 to 2020, Bulgaria clearly dominated Greece's urea exports in value terms, taking 76.7% of total flows. Other countries each held significantly smaller shares.

Structure of product's exports in value by countries, 2017-2020

World map of product's exports from Greece in value, 2017-2020

Imports urea to Greece

Imports in kind, K t

After a two-year decline, the volume of urea imports to Greece increased. In 2020, Greece imported a total of 251.3 thousand tonnes of urea, marking a gain of 8.9% over the previous year. The lowest value was recorded in 2019 at 230.8 thousand tonnes, which also saw the largest decline of 5.8%.

Annual dynamics of product's imports to Greece in kind, 2017-2020, K t

From 2017 to 2020, Egypt, the Netherlands, and Russia were the main sources for Greece's urea imports in volume terms. Egypt accounted for 58.5% of imports, the Netherlands for 17.4%, and Russia for 8.4%, together representing 84.4% of total flows.

Structure of product's imports in kind by countries, 2017-2020

World map of product's imports to Greece in kind, 2017-2020

Imports in value, K $ US

Urea deliveries to Greece declined for the second consecutive year. In 2020, imports reached 64 347 thousand US dollars, down by 3.6% versus the previous year. Between 2017 and 2020, imports decreased by 8.2%, equating to an annualized decline of 2.8%. The highest value was recorded in 2018 at 71 263 thousand US dollars. The largest decline occurred in 2019 at 6.3%, while the largest increase was in 2018 at 1.7%.

Annual dynamics of product's imports to Greece in value, 2017-2020, K $ US

From 2017 to 2020, Egypt, the Netherlands, and Russia led the structure of Greece's urea imports in value terms. Egypt accounted for 58.8% of imports, the Netherlands for 18.1%, and Russia for 8.0%, together representing 85.0% of total flows.

Structure of product's imports in value by countries, 2017-2020

World map of product's imports to Greece in value, 2017-2020