HS Code:
The category 'Containing not more than 62 percent by weight of potassium oxide (KโO)' typically falls under HS Code 3104.20, which includes potassium chloride used primarily as a fertilizer. This product category is critical in the agricultural sector, providing an essential nutrient for plant growth. Potassium oxide content determines the potency and application of the fertilizer, with products in this range being suitable for a variety of crops. Global trade in this category is driven by agricultural demand, soil nutrient depletion, and regional production capacities.
Total Trade Volume
Approximately $10.5 billion USD
Data from 2022
Source
United Nations Comtrade Database
$3.2 billion USD
30.5% of total trade of total trade
Increasing
$2.8 billion USD
26.7% of total trade of total trade
Stable
$2.1 billion USD
20.0% of total trade of total trade
Decreasing
$0.9 billion USD
8.6% of total trade of total trade
Stable
$0.5 billion USD
4.8% of total trade of total trade
Increasing
Average Rate
5.2% ad valorem
Highest Rate
10% (imposed by certain developing countries)
Lowest Rate
0% (under free trade agreements like EU-Canada CETA)
Rising demand for sustainable fertilizers
Increased interest in potassium chloride with lower environmental impact, pushing innovation in production methods.
2021-2023
Geopolitical disruptions affecting supply chains
Sanctions on Belarus and Russia have led to supply shortages, increasing prices and shifting trade to alternative suppliers like Canada and Israel.
2022-2023
Growth in organic farming
Slight reduction in demand for chemical fertilizers in some regions, though overall demand remains strong due to large-scale agriculture.
2020-2023
The EU and US imposed sanctions on Belarusian potassium chloride exports in response to political events, significantly impacting global supply chains.
June 2021
Increased prices globally and boosted exports from Canada and Israel.
Major Canadian producers announced investments in expanding potassium chloride mining operations to meet growing global demand.
March 2023
Strengthened Canadaโs position as the leading exporter, stabilizing supply in North American and European markets.
A new regional trade agreement reduced tariffs on fertilizers among several Asia-Pacific countries, facilitating increased imports from Russia and Canada.
January 2023
Boosted trade volumes in the region, particularly benefiting agricultural economies like India and Indonesia.