Peru’s Minister of Agrarian Development and Irrigation, Oscar Zea, announced on May 6 a new deal for phosphates, including exports from the North African country.
Business with Brazil would provide Morocco with significant profit, as the South American country imports 75% of the phosphate that it consumes.
Morocco’s Foreign Exchange Office also recently announced that Moroccan profits from phosphate had doubled between March 2021 and March 2022. This trend is expected to remain according to the Office Cherifien des Phosphates (OCP), who forecast strong and consistent demand throughout 2022.
The OCP Group had even seen a significant rise in profits for 2021, as it reported an increase of 272% in profits compared to 2020.
Other countries in the MENA region have experienced similar increases in phosphate sales. Saudi Arabia announced a 246% increase in the first quarter of 2022, as Jordan’s sales even saw more than a 1000% rise during the same period.
Rising profits can largely be explained by the increased prices and disrupted supply chains as a result of the Coronavirus pandemic. However, the volume of sales is also seeing upward trends. The Russian invasion of Ukraine has significantly impacted this trend.