Record-High Fertilizer Prices Seen Battering Japan Farmers
Newsfrom JapanPolitics Economy
Tokyo, June 3 (Jiji Press)--Soaring prices of fertilizers are certain to deliver a heavy blow to farmers in Japan.
The National Federation of Agricultural Cooperative Associations, or Zen-Noh, has decided to substantially raise its fertilizer prices from June, with major products seeing their prices reach record heights.
The move reflects a surge in international market prices, brought on by decreases in shipments from Russia and Ukraine, both major exporters of nitrogen and other fertilizer ingredients, following Russia's invasion of the neighboring country.
As fertilizer prices are expected to remain high for the time being, Japan's government and ruling coalition have launched discussions on creating a new subsidy scheme.
On Tuesday, Zen-Noh announced a decision to raise the prices of imported urea by 94 pct for June-October from the preceding seven months. Prices of potassium chloride and compound fertilizers are going up by 80 pct and 55 pct, respectively.
[Copyright The Jiji Press, Ltd.]