In order to mitigate the impacts of price increases and shortages of agricultural inputs, the Peruvian Minister of Agrarian Development and Irrigation, Oscar Zea, announced this Friday that fertilizer purchases from abroad will be made on a government-to-government basis, including with Morocco.
In his presentation, he announced that his Ministry submitted a proposal so that, in the coming days, the Ministry of Economy and Finance approves an Emergency Decree to allocate the sum of S/ 900 million (MAD 2,374 million) to make the purchase of urea and other fertilizers.
“There have been discussions with the governments of Morocco, Venezuela, and Bolivia,” said the official, adding that “once the Emergency Decree is approved, the purchase will proceed, as logistical arrangements are already being made.”
This new Peruvian purchase comes only a few days after another Latin American country, Brazil, announced their plans to discuss ways to increase fertilizer imports from Morocco, amid global sanctions against Russia.
Like world prices for hydrocarbons and grains, fertilizer prices have risen significantly in recent months. Morocco is the world’s largest exporter of phosphates and a key player in the phosphate fertilizer industry.
The third supplier of fertilizers to Brazil after Russia and Belarus, along with other countries such as Qatar, Egypt, and Oman, Morocco provides 26% of fertilizers imported by the Latin American country, which wants to compensate for the recorded decline in its imports of this substance after the outbreak of the conflict in Eastern Europe.
Global demand for Moroccan phosphate rose in light of the repercussions of the Russian-Ukrainian crisis, after Russia’s exports of this substance were affected by Western sanctions.
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