India's FY24 urea imports likely to dip by 33%, say trade sources

Crop sowing in the kharif season starts with the onset of the monsoon. Paddy, cotton, pulses, and soybean are the major crops

The import of urea in FY24 might be 4-5 million tonnes, which is lower than the estimated figure of more than 7.5 million tonnes in FY23, trade and industry sources said.

The 33 per cent drop (assuming the import to be at the upper end of the band) anticipated in FY24 will be owing to increased domestic production capacities in new plants and the growing use of nano urea.

Of the estimated import in FY24, 1-1.5 million tonnes is under long-term contracts, sources said.

In FY22, according to industry sources, India imported around 8.1 million tonnes of urea between April