India fertiliser imports set for record $18 billion

India's fertiliser imports for the current fiscal year are expected to surge 76% from a year earlier to a record $18 billion as consumption jumped after heavy rains prompted farmers to expand their crop areas.



In the first nine months of the fiscal year that ends in March, India's fertiliser imports surged 71% from a year earlier to $13.98 billion.



In the March quarter, a large volume of urea and ⁠other fertiliser shipments is expected to land, which will cost at least another $4 billion.



India spent $10.23 billion on fertiliser imports in the last fiscal year after hitting an all-time high of $17.21 billion in 2022-2023 when global prices surged following Russia's invasion of Ukraine.



Fertiliser consumption is expected to rise by at least 5% this year from a year earlier, as ample monsoon rainfall encouraged farmers to increase planting.