Price for Butter and Other Fats and Oils Derived from Milk in Estonia - 2023
Contents:
- Price for Butter and Other Fats and Oils Derived from Milk in Estonia (CIF) - 2023
- Price for Butter and Other Fats and Oils Derived from Milk in Estonia (FOB) - 2023
- Imports of Butter and Other Fats and Oils Derived from Milk in Estonia
- Exports of Butter and Other Fats and Oils Derived from Milk in Estonia
Price for Butter and Other Fats and Oils Derived from Milk in Estonia (CIF) - 2023
The average import price for butter and other fats and oils derived from milk stood at $6,821 per ton in November 2023, rising by 6.4% against the previous month. Overall, the import price, however, saw a relatively flat trend pattern. The growth pace was the most rapid in March 2023 when the average import price increased by 8% against the previous month. The import price peaked at $7,149 per ton in November 2022; however, from December 2022 to November 2023, import prices failed to regain momentum.
Prices varied noticeably by the country of origin: the country with the highest price was the Netherlands ($41,428 per ton), while the price for Finland ($6,292 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 the Netherlands (+14.0%), while the prices for the other major suppliers experienced more modest paces of growth.
Price for Butter and Other Fats and Oils Derived from Milk in Estonia (FOB) - 2023
In November 2023, the average export price for butter and other fats and oils derived from milk amounted to $5,719 per ton, growing by 6.3% against the previous month. Overall, the export price, however, continues to indicate a mild downturn. The pace of growth was the most pronounced in September 2023 an increase of 14% month-to-month. Over the period under review, the average export prices attained the maximum at $6,626 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 external markets. In November 2023, the countries with the highest prices were Latvia ($7,945 per ton) and Lithuania ($6,435 per ton), while the average price for exports to Poland ($5,678 per ton) and Ukraine ($5,793 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 Poland (+3.2%), 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 Estonia
Imports of butter and other fats and oils derived from milk into Estonia skyrocketed to 1.7K tons in 2022, jumping by 18% compared with the year before. The total import volume increased at an average annual rate of +12.1% from 2019 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. As a result, imports attained 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 surged to $11M in 2022. Overall, imports continue to indicate significant growth. 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 Estonia (Million USD) | |||||
|---|---|---|---|---|---|
| COUNTRY | 2019 | 2020 | 2021 | 2022 | CAGR, 2019-2022 |
| Finland | 3.2 | 2.3 | 2.8 | 4.0 | 7.7% |
| Poland | 0.7 | 1.0 | 1.7 | 2.7 | 56.8% |
| Latvia | 0.3 | 1.5 | 1.0 | 2.6 | 105.4% |
| Lithuania | 0.9 | 0.7 | 1.0 | 0.8 | -3.9% |
| Netherlands | 0.3 | 0.3 | 0.4 | 0.5 | 18.6% |
| Others | 0.8 | 0.2 | 0.1 | 0.2 | -37.0% |
| Total | 6.1 | 6.0 | 7.1 | 10.7 | 20.6% |
Top Suppliers of Butter and Other Fats and Oils Derived from Milk to Estonia in 2022:
- Finland (682.0 tons)
- Latvia (433.8 tons)
- Poland (391.1 tons)
- Lithuania (106.8 tons)
- Netherlands (58.9 tons)
Exports of Butter and Other Fats and Oils Derived from Milk in Estonia
Exports of butter and other fats and oils derived from milk from Estonia soared to 1.1K tons in 2022, picking up by 31% on 2021. Over the period under review, total exports indicated a resilient increase from 2019 to 2022: its volume increased at an average annual rate of +9.8% over the last three years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports decreased by -15.9% against 2020 indices. The most prominent rate of growth was recorded in 2020 when exports increased by 57%. As a result, the exports attained the peak of 1.4K tons. From 2021 to 2022, the growth of the exports of remained at a lower figure.
In value terms, exports of butter and other fats and oils derived from milk surged to $7.1M in 2022. In general, total exports indicated a significant expansion from 2019 to 2022: its value increased at an average annual rate of +21.4% 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 +78.9% against 2019 indices. 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 Estonia (Thousand USD) | |||||
|---|---|---|---|---|---|
| COUNTRY | 2019 | 2020 | 2021 | 2022 | CAGR, 2019-2022 |
| Latvia | 614 | 2,421 | 1,690 | 2,764 | 65.1% |
| Netherlands | 792 | 710 | 945 | 1,168 | 13.8% |
| Poland | N/A | 54.5 | 131 | 852 | 295.4% |
| Lithuania | 1,127 | 1,018 | 597 | 780 | -11.5% |
| France | N/A | 80.6 | N/A | 397 | 121.9% |
| Kazakhstan | N/A | N/A | N/A | 341 | 0% |
| Bulgaria | N/A | N/A | N/A | 240 | 0% |
| Norway | 149 | 570 | 757 | 13.0 | -55.6% |
| South Korea | 400 | 380 | N/A | N/A | -5.0% |
| Germany | 424 | 7.3 | 6.3 | N/A | -87.8% |
| Others | 474 | 248 | 196 | 565 | 6.0% |
| Total | 3,980 | 5,490 | 4,321 | 7,121 | 21.4% |
Top Export Markets for Butter and Other Fats and Oils Derived from Milk from Estonia in 2022:
- Latvia (406.1 tons)
- Netherlands (197.0 tons)
- Poland (141.0 tons)
- Lithuania (118.4 tons)
- Bulgaria (69.0 tons)
- Kazakhstan (60.0 tons)
- France (60.0 tons)
- Norway (2.4 tons)
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