Urea imports down by 30% to Rs 15,353 cr in 2013-14

Urea is imported by three state trading enterprises - Indian Potash Ltd, MMTC and STC on behalf of the government to meet domestic shortfall.

Urea imports decreased by 30 percent to Rs 15,353 crore in 2013-14 due to a fall in global prices and lower volumes.

The country had imported urea worth Rs 20,016 crore in 2012-13.

According to the Fertiliser Ministry data, imports in terms of quantity have fallen by 12 percent to 7.08 million tonnes (MT) in 2013-14.

The country had imported 8.04 MT of urea in the entire 2012-13 fiscal.

One reason attributed to lower volumes is availability of carry-over stocks.

"There was a decline of average USD 50 per tonne in the prices at which urea was imported in 2013-14 at about USD 340 per tonne, while the previous year's average price stood at about USD 389 per tonne," Indian Potash Chairman P S Gahlaut said.

Urea is imported by three state trading enterprises - Indian Potash Ltd,  MMTC and STC on behalf of the government to meet domestic shortfall.

The country produces about 22 MT against an annual domestic demand of 30 MT.

The government also imports urea from OMIFCO, which is a joint venture project of IFFCO and Kribhco, with an offtake agreement at a fixed price.

In the year ended on March 31, 2014, the nutrient imported by IPL and STC has decreased to 2.54 MT and 0.74 MT, respectively as compared to 3.62 LT and 2.03 LT in the year 2012-13.

However, there was an over three-fold increase in imports by MMTC to 1.68 MT as compare to .54 MT during the period under review.

According to data, the offtake of urea from Omiffco in the year 2013-14 has also increased to 2.12 MT against 1.83 MT in the year 2012-13.

Urea is provided to farmers at a fixed subsidised maximum retail price (MRP) of Rs 5,360 per tonne. The difference between the cost of production and MRP of urea is provided as subsidy.

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