Global Fertilizer Market Challenged by Russia’s Invasion of Ukraine

When Russia invaded Ukraine in February 2022, fertilizer prices already were on the rise. The Coronavirus (COVID-19) pandemic, with its ensuing supply chain disruptions and transportation bottlenecks, had challenged the world’s ability to produce and deliver fertilizer. In August 2021, most fertilizer prices were 25 percent above those in March 2021. The Russian invasion in early 2022 led to additional transportation interruptions in the Black Sea region and enactment of new trade restrictions. That curtailed already short fertilizer supplies, driving up prices over 50 percent from February to April 2022.