Forecast: Import of Nitrogenous Mineral or Chemical Fertilizers to Mexico

Based on the provided data, the import value of nitrogenous mineral or chemical fertilizers to Mexico reached $672.69 million in 2023. Examining the year-on-year variation for the past two years, 2022 saw a slight increase of 1.05%, while 2023 followed with a comparable 1.02% rise. Over the past five years, the Compound Annual Growth Rate (CAGR) stood at 0.38%, indicating modest growth in imports.

Historically, the market has experienced fluctuations, with significant drops such as the 23.56% decrease in 2016. This trend was occasionally interrupted by notable recoveries, for instance, the 16.64% increase in 2018. The forecast suggests continued moderate growth, projecting a five-year CAGR of 0.81% and an overall growth rate of 4.1% up to 2028.

The future trend to watch for is the stability of import values in the broader context of global fertilizer prices and agricultural demand in Mexico. Emerging agricultural technologies and changes in trade policies could also impact future import levels.