Price for Butter and Other Fats and Oils Derived from Milk in the UK - 2023
Contents:
- Price for Butter and Other Fats and Oils Derived from Milk in the UK (CIF) - 2023
- Price for Butter and Other Fats and Oils Derived from Milk in the UK (FOB) - 2023
- Imports of Butter and Other Fats and Oils Derived from Milk in the UK
- Exports of Butter and Other Fats and Oils Derived from Milk in the UK
Price for Butter and Other Fats and Oils Derived from Milk in the UK (CIF) - 2023
In November 2023, the average import price for butter and other fats and oils derived from milk amounted to $5,195 per ton, surging by 9.2% against the previous month. Over the period under review, the import price, however, showed a pronounced setback. Over the period under review, average import prices hit record highs at $6,995 per ton in December 2022; however, from January 2023 to November 2023, import prices failed to regain momentum.
Prices varied noticeably by the country of origin: the country with the highest price was Belgium ($7,778 per ton), while the price for Ireland ($4,503 per ton) was amongst the lowest.
From December 2022 to November 2023, the most notable rate of growth in terms of prices was attained by France (-0.5%), while the prices for the other major suppliers experienced a decline.
Price for Butter and Other Fats and Oils Derived from Milk in the UK (FOB) - 2023
In November 2023, the average export price for butter and other fats and oils derived from milk amounted to $5,137 per ton, leveling off at the previous month. In general, the export price, however, recorded a perceptible slump. The pace of growth appeared the most rapid in June 2023 when the average export price increased by 11% against the previous month. Over the period under review, the average export prices hit record highs at $6,404 per ton in December 2022; however, from January 2023 to November 2023, the export prices remained at a lower figure.
There were significant differences in the average prices for the major export markets. In November 2023, the country with the highest price was the Netherlands ($6,598 per ton), while the average price for exports to Denmark ($3,324 per ton) was amongst the lowest.
From December 2022 to November 2023, the most notable rate of growth in terms of prices was recorded for supplies to Egypt (+2.8%), while the prices for the other major destinations experienced mixed trend patterns.
Imports of Butter and Other Fats and Oils Derived from Milk in the UK
In 2022, overseas purchases of butter and other fats and oils derived from milk decreased by -5.8% to 54K tons, falling for the second year in a row after two years of growth. Overall, imports saw a abrupt shrinkage. The pace of growth was the most pronounced in 2020 when imports increased by 1.3%. As a result, imports attained the peak of 78K tons. From 2021 to 2022, the growth of imports of remained at a lower figure.
In value terms, imports of butter and other fats and oils derived from milk skyrocketed to $346M in 2022. In general, imports saw a pronounced descent.
| Import of Butter and Other Fats and Oils Derived from Milk in the UK (Million USD) | |||||
|---|---|---|---|---|---|
| COUNTRY | 2019 | 2020 | 2021 | 2022 | CAGR, 2019-2022 |
| Ireland | 205 | 175 | 168 | 218 | 2.1% |
| France | 39.3 | 37.0 | 35.2 | 48.4 | 7.2% |
| Denmark | 34.8 | 33.8 | 28.8 | 34.8 | 0.0% |
| Netherlands | 53.2 | 43.7 | 40.2 | 20.0 | -27.8% |
| Belgium | 13.5 | 11.2 | 10.0 | 16.1 | 6.0% |
| Germany | 14.9 | 5.9 | 1.1 | 1.7 | -51.5% |
| Others | 10.1 | 4.7 | 7.5 | 6.8 | -12.4% |
| Total | 370 | 311 | 290 | 346 | -2.2% |
Top Suppliers of Butter and Other Fats and Oils Derived from Milk to the UK in 2022:
- Ireland (34.8K tons)
- France (6.8K tons)
- Denmark (6.3K tons)
- Netherlands (2.5K tons)
- Belgium (2.3K tons)
- Germany (0.2K tons)
Exports of Butter and Other Fats and Oils Derived from Milk in the UK
For the third consecutive year, the UK recorded decline in shipments abroad of butter and other fats and oils derived from milk, which decreased by -7.2% to 48K tons in 2022. Over the period under review, exports continue to indicate a abrupt setback.
In value terms, exports of butter and other fats and oils derived from milk surged to $325M in 2022. In general, exports continue to indicate a relatively flat trend pattern.
| Export of Butter and Other Fats and Oils Derived from Milk in the UK (Million USD) | |||||
|---|---|---|---|---|---|
| COUNTRY | 2019 | 2020 | 2021 | 2022 | CAGR, 2019-2022 |
| Netherlands | 64.4 | 41.1 | 73.3 | 57.2 | -3.9% |
| Italy | 26.9 | 21.7 | 28.6 | 49.5 | 22.5% |
| Ireland | 25.3 | 22.7 | 14.8 | 10.4 | -25.6% |
| Belgium | 121 | 68.8 | 58.8 | 8.6 | -58.6% |
| Spain | 4.8 | 5.6 | 3.7 | 6.5 | 10.6% |
| South Korea | 2.3 | 1.6 | 2.4 | 4.2 | 22.2% |
| France | 25.6 | 7.6 | 15.1 | 2.8 | -52.2% |
| Germany | 7.9 | 11.1 | 10.3 | 2.4 | -32.8% |
| Poland | 7.2 | 4.9 | 6.3 | 2.0 | -34.8% |
| United States | 8.8 | 6.4 | 2.2 | 2.0 | -39.0% |
| South Africa | 3.2 | 11.1 | 1.9 | N/A | -22.9% |
| Others | 30.6 | 38.8 | 35.5 | 179 | 80.2% |
| Total | 328 | 242 | 253 | 325 | -0.3% |
Top Export Markets for Butter and Other Fats and Oils Derived from Milk from the UK in 2022:
- Netherlands (7.8K tons)
- Italy (5.9K tons)
- Ireland (1.8K tons)
- Belgium (1.0K tons)
- France (0.9K tons)
- Spain (0.9K tons)
- South Korea (0.6K tons)
- Poland (0.3K tons)
- United States (0.3K tons)
- Germany (0.3K tons)
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