Price for Butter and Other Fats and Oils Derived from Milk in Italy - 2023
Contents:
- Price for Butter and Other Fats and Oils Derived from Milk in Italy (CIF) - 2023
- Price for Butter and Other Fats and Oils Derived from Milk in Italy (FOB) - 2023
- Imports of Butter and Other Fats and Oils Derived from Milk in Italy
- Exports of Butter and Other Fats and Oils Derived from Milk in Italy
Price for Butter and Other Fats and Oils Derived from Milk in Italy (CIF) - 2023
The average import price for butter and other fats and oils derived from milk stood at $5,922 per ton in November 2023, approximately reflecting the previous month. Overall, the import price, however, showed a pronounced decrease. The most prominent rate of growth was recorded in June 2023 when the average import price increased by 4.8% m-o-m. Over the period under review, average import prices attained the maximum at $7,818 per ton in November 2022; however, from December 2022 to November 2023, import prices stood at a somewhat lower figure.
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 the UK amounted to -1.5% per month.
Price for Butter and Other Fats and Oils Derived from Milk in Italy (FOB) - 2023
The average export price for butter and other fats and oils derived from milk stood at $6,254 per ton in November 2023, with an increase of 5.9% against the previous month. Overall, the export price, however, continues to indicate a slight curtailment. The growth pace was the most rapid in March 2023 an increase of 7.5% month-to-month. Over the period under review, the average export prices reached the peak figure at $7,745 per ton in December 2022; however, from January 2023 to November 2023, the export prices stood at a somewhat lower figure.
Average prices varied somewhat for the major overseas markets. In November 2023, the countries with the highest prices were Serbia ($6,935 per ton) and Moldova ($6,747 per ton), while the average price for exports to Venezuela ($4,637 per ton) and Tunisia ($4,880 per ton) were amongst the lowest.
From November 2022 to November 2023, the most notable rate of growth in terms of prices was recorded for supplies to Belgium (+0.7%), while the prices for the other major destinations experienced a decline.
Imports of Butter and Other Fats and Oils Derived from Milk in Italy
Imports of butter and other fats and oils derived from milk into Italy dropped to 68K tons in 2022, approximately equating the year before. Over the period under review, imports recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 when imports increased by 16% against the previous year.
In value terms, imports of butter and other fats and oils derived from milk skyrocketed to $501M in 2022. Overall, total imports indicated a strong increase from 2019 to 2022: its value increased at an average annual rate of +11.8% over the last three-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +86.4% against 2020 indices. The most prominent rate of growth was recorded in 2021 with an increase of 38%. Imports peaked in 2022 and are expected to retain growth in years to come.
| Import of Butter and Other Fats and Oils Derived from Milk in Italy (Million USD) | |||||
|---|---|---|---|---|---|
| COUNTRY | 2019 | 2020 | 2021 | 2022 | CAGR, 2019-2022 |
| Netherlands | 79.2 | 51.3 | 81.8 | 121 | 15.2% |
| Belgium | 70.8 | 56.2 | 72.2 | 99.5 | 12.0% |
| Spain | 40.0 | 39.5 | 52.0 | 69.7 | 20.3% |
| Germany | 46.3 | 37.0 | 51.9 | 59.0 | 8.4% |
| France | 50.5 | 26.7 | 47.0 | 47.6 | -2.0% |
| United Kingdom | 39.3 | 29.6 | 27.0 | 46.8 | 6.0% |
| Denmark | 5.3 | 5.2 | 7.6 | 22.6 | 62.2% |
| Poland | 10.8 | 6.3 | 10.1 | 11.2 | 1.2% |
| Czech Republic | 5.1 | 3.9 | 6.4 | 9.9 | 24.7% |
| Others | 11.0 | 13.2 | 16.2 | 13.8 | 7.9% |
| Total | 358 | 269 | 372 | 501 | 11.9% |
Top Suppliers of Butter and Other Fats and Oils Derived from Milk to Italy in 2022:
- Netherlands (18.5K tons)
- Belgium (13.1K tons)
- Spain (8.3K tons)
- Germany (7.6K tons)
- France (6.5K tons)
- United Kingdom (5.5K tons)
- Denmark (3.1K tons)
- Poland (1.6K tons)
- Czech Republic (1.4K tons)
Exports of Butter and Other Fats and Oils Derived from Milk in Italy
After three years of growth, shipments abroad of butter and other fats and oils derived from milk decreased by -24.6% to 13K tons in 2022. The total export volume increased at an average annual rate of +2.6% over the period from 2019 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The pace of growth was the most pronounced in 2021 when exports increased by 22% against the previous year. As a result, the exports attained the peak of 18K tons, and then contracted significantly in the following year.
In value terms, exports of butter and other fats and oils derived from milk fell to $99M in 2022. The total export value increased at an average annual rate of +10.0% from 2019 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2021 with an increase of 29% against the previous year. As a result, the exports reached the peak of $104M, and then shrank in the following year.
| Export of Butter and Other Fats and Oils Derived from Milk in Italy (Million USD) | |||||
|---|---|---|---|---|---|
| COUNTRY | 2019 | 2020 | 2021 | 2022 | CAGR, 2019-2022 |
| Belgium | 3.3 | 12.7 | 15.1 | 13.9 | 61.5% |
| Germany | 34.2 | 28.7 | 22.4 | 11.2 | -31.1% |
| Spain | 6.5 | 4.0 | 11.0 | 11.2 | 19.9% |
| Austria | 2.8 | 4.0 | 5.6 | 8.8 | 46.5% |
| Greece | 3.6 | 5.6 | 5.9 | 8.7 | 34.2% |
| Netherlands | 3.2 | 1.3 | 5.2 | 6.0 | 23.3% |
| France | 3.0 | 1.4 | 1.9 | 4.9 | 17.8% |
| South Korea | 1.8 | 2.1 | 4.8 | 4.9 | 39.6% |
| China | 0.5 | 1.0 | 1.8 | 3.7 | 94.9% |
| Poland | 1.8 | 4.2 | 8.7 | 3.6 | 26.0% |
| Romania | 1.0 | 1.6 | 3.3 | 3.5 | 51.8% |
| Croatia | 0.3 | 0.8 | 1.2 | 2.9 | 113.0% |
| Bulgaria | 1.7 | 1.6 | 2.6 | 1.1 | -13.5% |
| Others | 10.5 | 12.0 | 15.0 | 14.7 | 11.9% |
| Total | 74.3 | 81.1 | 104 | 98.9 | 10.0% |
Top Export Markets for Butter and Other Fats and Oils Derived from Milk from Italy in 2022:
- Belgium (2005.0 tons)
- Spain (1597.3 tons)
- Germany (1427.7 tons)
- Austria (1269.9 tons)
- Greece (1229.3 tons)
- Netherlands (882.2 tons)
- South Korea (612.2 tons)
- France (607.8 tons)
- Poland (562.1 tons)
- Romania (445.7 tons)
- China (436.6 tons)
- Croatia (378.3 tons)
- Bulgaria (150.4 tons)
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