Price for Butter and Other Fats and Oils Derived from Milk in Latvia - 2023
Contents:
- Price for Butter and Other Fats and Oils Derived from Milk in Latvia (CIF) - 2023
- Price for Butter and Other Fats and Oils Derived from Milk in Latvia (FOB) - 2023
- Imports of Butter and Other Fats and Oils Derived from Milk in Latvia
- Exports of Butter and Other Fats and Oils Derived from Milk in Latvia
Price for Butter and Other Fats and Oils Derived from Milk in Latvia (CIF) - 2023
The average import price for butter and other fats and oils derived from milk stood at $6,606 per ton in November 2023, growing by 6.2% against the previous month. Overall, the import price, however, recorded a relatively flat trend pattern. The growth pace was the most rapid in August 2023 an increase of 14% m-o-m. The import price peaked at $7,055 per ton in November 2022; however, from December 2022 to November 2023, import prices stood at a somewhat lower figure.
Prices varied noticeably by the country of origin: the country with the highest price was Estonia ($8,286 per ton), while the price for the Netherlands ($3,891 per ton) was amongst the lowest.
From November 2022 to November 2023, the most notable rate of growth in terms of prices was attained by Estonia (+0.8%), while the prices for the other major suppliers experienced mixed trend patterns.
Price for Butter and Other Fats and Oils Derived from Milk in Latvia (FOB) - 2023
In November 2023, the average export price for butter and other fats and oils derived from milk amounted to $7,062 per ton, picking up by 13% against the previous month. Over the period under review, the export price, however, showed a relatively flat trend pattern. The export price peaked at $7,460 per ton in November 2022; however, from December 2022 to November 2023, the export prices remained at a lower figure.
Prices varied noticeably by the country of destination: the country with the highest price was Lithuania ($122K per ton), while the average price for exports to Poland ($6,468 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 Lithuania (+26.7%), 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 Latvia
In 2022, overseas purchases of butter and other fats and oils derived from milk decreased by -5.5% to 4.5K tons, falling for the second consecutive year after two years of growth. The total import volume increased at an average annual rate of +2.9% over the period from 2019 to 2022; the trend pattern remained consistent, with somewhat noticeable fluctuations being observed in certain years. The growth pace was the most rapid in 2020 when imports increased by 17%. As a result, imports attained the peak of 4.8K tons. From 2021 to 2022, the growth of imports of failed to regain momentum.
In value terms, imports of butter and other fats and oils derived from milk surged to $29M in 2022. Over the period under review, total imports indicated a strong increase from 2019 to 2022: its value increased at an average annual rate of +13.2% 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 +45.0% against 2019 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 Latvia (Million USD) | |||||
|---|---|---|---|---|---|
| COUNTRY | 2019 | 2020 | 2021 | 2022 | CAGR, 2019-2022 |
| Poland | 8.9 | 8.8 | 13.2 | 20.3 | 31.6% |
| Lithuania | 5.7 | 5.4 | 5.6 | 4.2 | -9.7% |
| Estonia | 0.8 | 3.0 | 2.1 | 3.0 | 55.4% |
| Finland | N/A | N/A | N/A | 0.7 | 0% |
| Netherlands | 2.8 | 1.4 | 0.8 | 0.2 | -58.5% |
| Germany | 1.5 | 1.2 | 0.2 | 0.2 | -48.9% |
| Denmark | N/A | N/A | 1.1 | N/A | 0% |
| Others | 0.2 | 0.1 | 0.2 | 0.3 | 14.5% |
| Total | 19.9 | 19.9 | 23.2 | 28.9 | 13.2% |
Top Suppliers of Butter and Other Fats and Oils Derived from Milk to Latvia in 2022:
- Poland (3209.5 tons)
- Lithuania (609.7 tons)
- Estonia (436.1 tons)
- Finland (108.5 tons)
- Germany (27.9 tons)
- Netherlands (24.0 tons)
Exports of Butter and Other Fats and Oils Derived from Milk in Latvia
Exports of butter and other fats and oils derived from milk from Latvia soared to 702 tons in 2022, rising by 51% against the year before. Over the period under review, total exports indicated a noticeable expansion from 2019 to 2022: its volume increased at an average annual rate of +4.7% over the last three-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports decreased by -22.2% against 2020 indices.
In value terms, exports of butter and other fats and oils derived from milk surged to $4.5M in 2022. Overall, total exports indicated a remarkable increase from 2019 to 2022: its value increased at an average annual rate of +14.3% over the last three years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, the exports reached the peak and are likely to continue growth in the immediate term.
| Export of Butter and Other Fats and Oils Derived from Milk in Latvia (Thousand USD) | |||||
|---|---|---|---|---|---|
| COUNTRY | 2019 | 2020 | 2021 | 2022 | CAGR, 2019-2022 |
| Estonia | 695 | 1,502 | 1,099 | 2,835 | 59.8% |
| Lithuania | 729 | 1,029 | 834 | 719 | -0.5% |
| Germany | 105 | 491 | 41.6 | 339 | 47.8% |
| Netherlands | 0.1 | N/A | 0.6 | 324 | 1379.7% |
| Poland | 71.4 | 34.0 | 100 | 133 | 23.0% |
| Ukraine | N/A | 495 | 167 | 28.9 | -75.8% |
| Kazakhstan | 512 | 152 | N/A | N/A | -70.3% |
| France | 431 | N/A | N/A | N/A | 0% |
| Israel | 310 | N/A | N/A | N/A | 0% |
| Others | 131 | 159 | 93.0 | 74.3 | -17.2% |
| Total | 2,984 | 3,861 | 2,335 | 4,453 | 14.3% |
Top Export Markets for Butter and Other Fats and Oils Derived from Milk from Latvia in 2022:
- Estonia (468.2 tons)
- Lithuania (107.7 tons)
- Germany (48.5 tons)
- Netherlands (44.1 tons)
- Poland (20.9 tons)
- Ukraine (3.7 tons)
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This report provides an in-depth analysis of the butter and ghee market in Latvia.
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This report provides an in-depth analysis of the butter market in Latvia.
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This report provides an in-depth analysis of the market for butter and dairy spreads in Latvia.
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This report provides an in-depth analysis of the global butter and ghee market.
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This report provides an in-depth analysis of the global ghee market.
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This report provides an in-depth analysis of the global butter market.
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This year global butter production is anticipated to keep up with ha last year, amounting to 5.6M tons. The EU is forecast to decrease butter exports due to a slight drop in production amid an increase in demand. Butter exports from New Zealand are not forecast to grow due to increased competition with UHT cream for food service being increasingly in demand.
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