Price for Butter and Other Fats and Oils Derived from Milk in Spain - 2023
Contents:
- Price for Butter and Other Fats and Oils Derived from Milk in Spain (CIF) - 2023
- Price for Butter and Other Fats and Oils Derived from Milk in Spain (FOB) - 2023
- Imports of Butter and Other Fats and Oils Derived from Milk in Spain
- Exports of Butter and Other Fats and Oils Derived from Milk in Spain
Price for Butter and Other Fats and Oils Derived from Milk in Spain (CIF) - 2023
In November 2023, the average import price for butter and other fats and oils derived from milk amounted to $5,782 per ton, reducing by -4.6% against the previous month. Over the period under review, the import price recorded a mild curtailment. The most prominent rate of growth was recorded in October 2023 when the average import price increased by 6.8% m-o-m. The import price peaked at $7,355 per ton in December 2022; however, from January 2023 to November 2023, import prices failed to regain momentum.
As there is only one major supplying country, the average price level is determined by prices for the UK.
From November 2022 to November 2023, the rate of growth in terms of prices for Portugal amounted to +1.2% per month.
Price for Butter and Other Fats and Oils Derived from Milk in Spain (FOB) - 2023
In November 2023, the average export price for butter and other fats and oils derived from milk amounted to $6,706 per ton, approximately reflecting the previous month. Over the period under review, the export price, however, continues to indicate a slight decline. The most prominent rate of growth was recorded in October 2023 when the average export price increased by 10% month-to-month. Over the period under review, the average export prices attained the peak figure at $8,257 per ton in November 2022; however, from December 2022 to November 2023, the export prices stood at a somewhat lower figure.
Prices varied noticeably by the country of destination: the country with the highest price was Iraq ($8,124 per ton), while the average price for exports to Mauritania ($1,528 per ton) was amongst the lowest.
From November 2022 to November 2023, the most notable rate of growth in terms of prices was recorded for supplies to Portugal (+1.6%), while the prices for the other major destinations experienced more modest paces of growth.
Imports of Butter and Other Fats and Oils Derived from Milk in Spain
In 2022, approx. 29K tons of butter and other fats and oils derived from milk were imported into Spain; with an increase of 11% compared with 2021 figures. The total import volume increased at an average annual rate of +3.4% from 2019 to 2022; the trend pattern remained relatively stable, with somewhat noticeable fluctuations being observed throughout the analyzed period. As a result, imports reached the peak and are likely to continue growth in the immediate term.
In value terms, imports of butter and other fats and oils derived from milk skyrocketed to $194M in 2022. In general, total imports indicated a prominent increase from 2019 to 2022: its value increased at an average annual rate of +13.4% over the last three years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +69.4% against 2020 indices. As a result, imports reached the peak and are likely to continue growth in the immediate term.
| Import of Butter and Other Fats and Oils Derived from Milk in Spain (Million USD) | |||||
|---|---|---|---|---|---|
| COUNTRY | 2019 | 2020 | 2021 | 2022 | CAGR, 2019-2022 |
| Netherlands | 23.8 | 22.9 | 26.2 | 48.9 | 27.1% |
| Belgium | 25.9 | 25.4 | 28.2 | 35.9 | 11.5% |
| France | 20.4 | 18.9 | 29.2 | 34.1 | 18.7% |
| Ireland | 13.0 | 12.5 | 10.3 | 25.7 | 25.5% |
| Germany | 19.0 | 21.4 | 19.0 | 25.2 | 9.9% |
| Italy | 3.1 | 3.0 | 8.2 | 9.0 | 42.7% |
| Portugal | 12.7 | 2.8 | 7.7 | 7.0 | -18.0% |
| Denmark | 6.0 | 1.4 | 1.4 | 2.6 | -24.3% |
| United Kingdom | 4.2 | 5.0 | 0.1 | 2.6 | -14.8% |
| Others | 4.8 | 1.2 | 3.1 | 2.8 | -16.4% |
| Total | 133 | 114 | 134 | 194 | 13.4% |
Top Suppliers of Butter and Other Fats and Oils Derived from Milk to Spain in 2022:
- Netherlands (7.5K tons)
- Belgium (5.5K tons)
- France (5.0K tons)
- Ireland (3.8K tons)
- Germany (3.6K tons)
- Italy (1.5K tons)
- Portugal (1.3K tons)
- Denmark (0.4K tons)
- United Kingdom (0.4K tons)
Exports of Butter and Other Fats and Oils Derived from Milk in Spain
In 2022, exports of butter and other fats and oils derived from milk from Spain totaled 22K tons, remaining relatively unchanged against the previous year. The total export volume increased at an average annual rate of +2.5% over the period from 2019 to 2022; the trend pattern remained consistent, with somewhat noticeable fluctuations being recorded in certain years. The most prominent rate of growth was recorded in 2021 when exports increased by 10%. Over the period under review, the exports of reached the peak figure in 2022 and are expected to retain growth in the immediate term.
In value terms, exports of butter and other fats and oils derived from milk soared to $158M in 2022. Over the period under review, total exports indicated a resilient increase from 2019 to 2022: its value increased at an average annual rate of +18.3% over the last three years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports increased by +82.7% against 2020 indices. As a result, the exports attained the peak and are likely to continue growth in the immediate term.
| Export of Butter and Other Fats and Oils Derived from Milk in Spain (Million USD) | |||||
|---|---|---|---|---|---|
| COUNTRY | 2019 | 2020 | 2021 | 2022 | CAGR, 2019-2022 |
| Italy | 31.3 | 33.0 | 40.9 | 68.2 | 29.6% |
| France | 31.5 | 31.1 | 38.4 | 50.3 | 16.9% |
| Portugal | 5.1 | 4.9 | 5.5 | 12.4 | 34.5% |
| Belgium | 9.0 | 5.3 | 7.0 | 10.4 | 4.9% |
| Cuba | 0.4 | 1.8 | 3.4 | 5.0 | 132.1% |
| Morocco | 0.2 | 0.3 | 1.4 | 3.5 | 159.6% |
| Netherlands | 9.1 | 0.5 | 4.2 | 1.4 | -46.4% |
| Others | 9.0 | 9.8 | 8.8 | 7.1 | -7.6% |
| Total | 95.6 | 86.7 | 110 | 158 | 18.2% |
Top Export Markets for Butter and Other Fats and Oils Derived from Milk from Spain in 2022:
- Italy (8.2K tons)
- France (6.7K tons)
- Portugal (2.8K tons)
- Belgium (1.2K tons)
- Netherlands (0.6K tons)
- Cuba (0.6K tons)
- Morocco (0.5K tons)
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