Key Takeaways:

Brazil’s growing role in global agriculture is accompanied by a major vulnerability: the country imports approximately 88 percent of its fertilizer needs. High natural gas costs and development challenges have limited domestic nitrogen and potash production despite Brazil’s significant natural resources. Brazil’s National Fertilizer Plan aims to reduce import dependence, but expanding domestic production will require significant investment and time. Brazil imports fertilizer from a diverse group of countries, but individual nutrients remain highly concentrated among a few major suppliers. The Russia-Ukraine war and disruptions through the Strait of Hormuz demonstrate how geopolitical events can quickly incr...