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The Fertilizer Institute’s 2024 Fertilizer Industry Economic Impact Study details the contributions of the U.S. fertilizer industry to the economy and also explains the global nature of fertilizer markets.
The Fertilizer Institute (TFI) has released its 2024 Fertilizer Industry Economic Impact Study, which details the contributions of the U.S. fertilizer industry to the economy and also explains the global nature of fertilizer markets.
“Fertilizer is a cornerstone of modern agriculture and a critical component of the global food supply chain,” said TFI president and CEO Corey Rosenbusch. “While the latest data reveals the industry’s significant domestic economic impact, it also provides an opportunity to educate people about fertilizer’s complex global network and its reliance on open markets and fair competition to meet the needs of American farmers.”
Imports and Exports…
TFI’s study highlights how the United States operates as both a major fertilizer producer and consumer. Overall, it’s the world’s third largest fertilizer consuming country and accounts for nearly 11% of world consumption.
On the production side, it ranks as the world’s third largest producer of phosphate rock and third largest ammonia producer. U.S. phosphate is mined extensively in Florida’s Bone Valley region and nearly 40% of U.S. phosphate exports went to Canada in 2023.
Though the U.S. is the fourth largest producer of urea, it must also import a substantial amount to meet demand – serving as the third largest importer of urea in the world.
When it comes to imports, the U.S. leads the pack in potash – relying on imports for 98% of its potash needs. These mainly come from North American trading partner Canada.
“Our ability to feed the world depends on maintaining and strengthening these vital trade relationships,” Rosenbusch concluded. “And what makes our industry so strong is the balance between domestic production and having reliable global trading partners.”
Direct Fertilizer Employment…
The fertilizer industry is an important piece of the U.S. economy – contributing nearly $140 billion. According to the study, fertilizer directly accounts for:
- 46,301 manufacturing jobs
- 17,133 wholesale jobs
- 49,038 retail jobs
For each of those direct jobs in the fertilizer industry, TFI estimates 3.26 jobs outside of the industry are supported – totaling nearly 500,000 jobs for American workers. That makes up $36.5 billion in employment income.
By Cheyenne Kramer,
December, 2024
Source: thedailyscoop.com
