Syngenta’s Q3 agrochemical sales up 23%

Syngenta’s crop protection sales increased by 23% to $ 2,176 million in the third quarter of 2011. Volume expanded by 13%, representing the sixth consecutive quarter of double digit growth, and prices rose 3%. In the first nine months of the year, sales were up 13 percent at constant exchange rates at $10.4 billion.

Sales by regions

Latin America was still the largest market, which post 22% growth to $776 million.

A robust soybean crop price and the expectation of lower production in the USA are leading to increased investment by soybean growers in Brazil and Argentina. Corn sales were also up strongly with rapid adoption of both herbicides and traits.

In Europe, Africa and the Middle East, sales increased by 26% to $530 million led by France and the CIS. Expansion of the range is reinforcing our market-leading positions in both Russia and Ukraine.

In North America, sales increased by 23% to $467 million with broad-based volume growth in crop protection and slightly higher pricing. Seeds sales in the low season included normalized end-of-season rebates which compared with a positive adjustment in the third quarter of 2010.

In Asia Pacific, where sales increased by 23% to $403 million, robust growth in crop protection more than offset higher seeds returns in South East Asia.

Sales by categories

Strong growth in selective herbicides was driven by Latin America and by early orders in the USA, where solutions for weed resistance in corn and soybean are increasingly in demand. Non-selective herbicides sales increased reflecting higher TOUCHDOWN® sales in Latin America and the expansion of REGLONE® in the CIS. In Fungicides, the largest contribution came from the rapid expansion of usage in the emerging markets of Asia Pacific; in the USA, recognition of crop enhancement effects led to strong growth. Insecticides growth was led by ACTARA® and by the DURIVO® family, which is expanding rapidly in Latin America and is now launched on vegetables in China. Sales of professional products increased by 4 percent, with market share gains in Asia Pacific and in the consumer segment in Europe.

Combined sales of new crop protection products reached $484 million in the first nine months, an increase of 39 percent.

Growth in Corn & Soybean seeds was driven by Latin America, where investment in corn is increasing and we are seeing strong acceptance of our enhanced portfolio, including the Viptera™ trait. Sales of soybean seeds in Latin America more than doubled with the launch of new varieties and integrated solutions. Diverse Field Crops continued to show strong growth driven by sunflower in Argentina, with the acquisition of Maribo in sugar beet contributing 2 percent. Vegetables continued their track record of strong growth with expansion in all key crops.