Price for Butter and Other Fats and Oils Derived from Milk in Australia - 2024
Contents:
- Price for Butter and Other Fats and Oils Derived from Milk in Australia (CIF) - 2024
- Price for Butter and Other Fats and Oils Derived from Milk in Australia (FOB) - 2024
- Imports of Butter and Other Fats and Oils Derived from Milk in Australia
- Exports of Butter and Other Fats and Oils Derived from Milk in Australia
Price for Butter and Other Fats and Oils Derived from Milk in Australia (CIF) - 2024
In December 2023, the average import price for butter and other fats and oils derived from milk amounted to $5,654 per ton, increasing by 3.1% against the previous month. Over the period under review, the import price, however, showed a relatively flat trend pattern. The pace of growth was the most pronounced in August 2023 an increase of 10% m-o-m. The import price peaked at $5,883 per ton in January 2023; however, from February 2023 to December 2023, import prices stood at a somewhat lower figure.
There were significant differences in the average prices amongst the major supplying countries. In December 2023, the country with the highest price was India ($8,237 per ton), while the price for New Zealand ($5,330 per ton) was amongst the lowest.
From January 2023 to December 2023, the most notable rate of growth in terms of prices was attained by India (+0.9%), while the prices for the other major suppliers experienced a decline.
Price for Butter and Other Fats and Oils Derived from Milk in Australia (FOB) - 2024
In December 2023, the average export price for butter and other fats and oils derived from milk amounted to $5,124 per ton, falling by -4.7% against the previous month. Overall, the export price showed a relatively flat trend pattern. The most prominent rate of growth was recorded in March 2023 when the average export price increased by 11% against the previous month. Over the period under review, the average export prices attained the maximum at $6,359 per ton in August 2023; however, from September 2023 to December 2023, the export prices remained at a lower figure.
There were significant differences in the average prices for the major external markets. In December 2023, the country with the highest price was New Zealand ($10,632 per ton), while the average price for exports to Cook Islands ($536 per ton) was amongst the lowest.
From January 2023 to December 2023, the most notable rate of growth in terms of prices was recorded for supplies to New Zealand (+12.4%), 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 Australia
In 2022, imports of butter and other fats and oils derived from milk into Australia expanded markedly to 39K tons, surging by 11% on 2021. Overall, imports saw a relatively flat trend pattern.
In value terms, imports of butter and other fats and oils derived from milk skyrocketed to $247M in 2022. The total import value increased at an average annual rate of +9.0% from 2019 to 2022; the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. 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 Australia (Million USD) | |||||
|---|---|---|---|---|---|
| COUNTRY | 2019 | 2020 | 2021 | 2022 | CAGR, 2019-2022 |
| New Zealand | 166 | 155 | 142 | 210 | 8.2% |
| France | 2.9 | 4.2 | 6.7 | 12.8 | 64.0% |
| India | 4.5 | 8.4 | 4.9 | 8.2 | 22.1% |
| Denmark | 4.7 | 7.5 | 7.4 | 7.9 | 18.9% |
| Ireland | 6.2 | 9.3 | 4.5 | 0.9 | -47.4% |
| Others | 5.6 | 10.1 | 11.8 | 6.7 | 6.2% |
| Total | 190 | 195 | 178 | 247 | 9.1% |
Top Suppliers of Butter and Other Fats and Oils Derived from Milk to Australia in 2022:
- New Zealand (34.6K tons)
- France (1.5K tons)
- Denmark (1.1K tons)
- India (1.1K tons)
- Ireland (0.1K tons)
Exports of Butter and Other Fats and Oils Derived from Milk in Australia
In 2022, approx. 17K tons of butter and other fats and oils derived from milk were exported from Australia; with a decrease of -32.4% against the previous year's figure. In general, exports, however, recorded a relatively flat trend pattern. The pace of growth was the most pronounced in 2021 when exports increased by 63% against the previous year. As a result, the exports attained the peak of 26K tons, and then dropped sharply in the following year.
In value terms, exports of butter and other fats and oils derived from milk declined sharply to $95M in 2022. Over the period under review, total exports indicated a noticeable increase from 2019 to 2022: its value increased at an average annual rate of +3.9% 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 increased by +31.9% against 2020 indices. The pace of growth was the most pronounced in 2021 with an increase of 84% against the previous year. As a result, the exports attained the peak of $132M, and then fell significantly in the following year.
| Export of Butter and Other Fats and Oils Derived from Milk in Australia (Million USD) | |||||
|---|---|---|---|---|---|
| COUNTRY | 2019 | 2020 | 2021 | 2022 | CAGR, 2019-2022 |
| Thailand | 12.5 | 10.8 | 11.7 | 17.6 | 12.1% |
| South Korea | 4.4 | 2.8 | 14.8 | 15.0 | 50.5% |
| China | 9.6 | 13.1 | 24.3 | 11.1 | 5.0% |
| Singapore | 9.2 | 8.3 | 11.6 | 10.0 | 2.8% |
| Malaysia | 9.2 | 8.2 | 10.9 | 8.7 | -1.8% |
| Kuwait | 0.2 | 0.9 | 3.7 | 5.9 | 209.0% |
| Hong Kong SAR | 7.0 | 4.6 | 8.0 | 5.6 | -7.2% |
| Taiwan (Chinese) | 5.9 | 3.4 | 6.0 | 4.1 | -11.4% |
| Mexico | 3.5 | 1.0 | 7.5 | 3.3 | -1.9% |
| Indonesia | 4.1 | 2.0 | 2.6 | 2.6 | -14.1% |
| United States | 9.8 | 4.7 | 2.3 | 2.3 | -38.3% |
| Japan | 2.4 | 0.6 | 3.7 | 1.3 | -18.5% |
| Others | 6.6 | 11.2 | 25.1 | 7.0 | 2.0% |
| Total | 84.4 | 71.7 | 132 | 94.5 | 3.8% |
Top Export Markets for Butter and Other Fats and Oils Derived from Milk from Australia in 2022:
- South Korea (3.1K tons)
- Thailand (2.8K tons)
- China (2.2K tons)
- Singapore (1.7K tons)
- Malaysia (1.4K tons)
- Kuwait (1.1K tons)
- Hong Kong SAR (1.0K tons)
- Taiwan (Chinese) (0.8K tons)
- Mexico (0.6K tons)
- United States (0.5K tons)
- Indonesia (0.5K tons)
- Japan (0.3K tons)
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In September 2022, the butter and ghee price stood at $6,567 per ton (CIF, Australia), declining by -4% against the previous month.
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In November 2022, the butter price stood at $5,416 per ton (CIF, Australia), dropping by -7.8% against the previous month.
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Australia Dairy Spread Export Price in December 2022. In December 2022, the dairy spread price amounted to $2,516 per ton (FOB, Australia), with a decrease of -54% against the previous month. Australia's dairy spread exports reached 87 tons for the first time since July 2022, with Cook Islands (50 tons) and South Korea (37 tons) being the main destinations. The fall in prices can be attributed to lower demand from international markets and an oversupply of product, causing significant strain on the producers. Industry experts are calling for urgent government intervention to help the industry weather the storm and emerge stronger in the long run.
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In August 2022, the dairy spread price stood at $4,796 per ton (FOB, Australia), growing by 7% against the previous month.
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Global butter and ghee imports amounted to X thousand tons in 2015, descending by -X% against the previous year level.
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The market of butter and ghee fluctuated wildly, finally rising from X billion USD in 2007 to X billion USD in 2015. Over the last year, the market dropped by X% in value terms.
