It’s a product we take for granted but the global rising cost of one thing could leave Aussie with a lot less money to play with.
In the second half of 2020 demand for fertiliser surged as postponed crop plantings were finally completed and the economy reopened.
From insufficient rainfall to power hydro-electric dams in Scandinavia to an unseasonable lack of wind in Western Europe, there has been an unexpectedly heavy reliance on fossil fuels for gas and heating. As fertiliser costs continue to rise globally, governments are increasingly concerned about potential shortages and also the impact of rising costs on domestic food production.The world’s two largest exporters of fertiliser are China and Russia, together accounting for almost a quarter of all global exports.In the past few months, both Moscow and Beijing has imposed limits on the level of fertiliser exports in order to ensure supplies for local farmers.
In Saskatchewan province in Northern Canada, the impact of rising fertiliser prices could scarcely come at a worst time. After a growing season defined by one of the worst droughts in Canadian history and poor crop yields, some farmers are wondering if they could get by using less fertiliser on this harvest in order to save money.
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