Price for Butter and Other Fats and Oils Derived from Milk in Kuwait - 2022
Contents:
- Price for Butter and Other Fats and Oils Derived from Milk in Kuwait (CIF) - 2022
- Price for Butter and Other Fats and Oils Derived from Milk in Kuwait (FOB) - 2022
- Imports of Butter and Other Fats and Oils Derived from Milk in Kuwait
- Exports of Butter and Other Fats and Oils Derived from Milk in Kuwait
Price for Butter and Other Fats and Oils Derived from Milk in Kuwait (CIF) - 2022
In December 2022, the average import price for butter and other fats and oils derived from milk amounted to $6,712 per ton, with a decrease of -4.9% against the previous month. Over the last twelve months, it increased at an average monthly rate of +1.6%. The most prominent rate of growth was recorded in January 2022 when the average import price increased by 16% month-to-month. The import price peaked at $7,056 per ton in November 2022, and then declined modestly in the following month.
Average prices varied noticeably amongst the major supplying countries. In December 2022, the countries with the highest prices were Denmark ($6,981 per ton) and Germany ($6,981 per ton), while the price for the Netherlands ($5,882 per ton) and Malaysia ($6,063 per ton) were amongst the lowest.
From December 2021 to December 2022, the most notable rate of growth in terms of prices was attained by Malaysia (+20.4%), 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 Kuwait (FOB) - 2022
In 2022, the average export price for butter and other fats and oils derived from milk amounted to $7,145 per ton, with an increase of 22% against the previous year. Overall, export price indicated a buoyant increase from 2013 to 2022: its price increased at an average annual rate of +5.1% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, export price for butter and other fats and oils derived from milk increased by +2.5% against 2019 indices. The pace of growth appeared the most rapid in 2019 when the average export price increased by 109% against the previous year. The export price peaked in 2022 and is expected to retain growth in the immediate term.
There were significant differences in the average prices for the major overseas markets. In 2022, amid the top suppliers, the country with the highest price was Oman ($7,956 per ton), while the average price for exports to the United Arab Emirates ($2,168 per ton) was amongst the lowest.
From 2013 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Jordan (+8.7%), 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 Kuwait
In 2022, approx. 11K tons of butter and other fats and oils derived from milk were imported into Kuwait; surging by 5.9% compared with the previous year. The total import volume increased at an average annual rate of +2.2% from 2019 to 2022; the trend pattern remained relatively stable, with somewhat noticeable fluctuations being recorded in certain years. 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 soared to $67M in 2022. The total import value increased at an average annual rate of +6.5% from 2019 to 2022; the trend pattern remained relatively stable, with somewhat noticeable fluctuations throughout the analyzed period. As a result, imports attained the peak and are likely to continue growth in the immediate term.
| Import of Butter and Other Fats and Oils Derived from Milk in Kuwait (Million USD) | |||||
|---|---|---|---|---|---|
| COUNTRY | 2019 | 2020 | 2021 | 2022 | CAGR, 2019-2022 |
| New Zealand | 22.0 | 15.3 | 13.4 | 21.9 | -0.2% |
| Saudi Arabia | 9.3 | 11.6 | 8.5 | 8.0 | -4.9% |
| Australia | 0.5 | 0.4 | 3.1 | 6.9 | 139.9% |
| Belgium | 1.5 | 1.4 | 1.0 | 6.6 | 63.9% |
| France | 3.5 | 3.2 | 2.6 | 4.7 | 10.3% |
| Denmark | 6.5 | 7.9 | 12.1 | 4.6 | -10.9% |
| India | 3.5 | 3.1 | 3.0 | 3.6 | 0.9% |
| Netherlands | 2.0 | 0.9 | 1.7 | 3.2 | 17.0% |
| Germany | 2.0 | 1.2 | 1.4 | 2.3 | 4.8% |
| Ukraine | 1.5 | 0.4 | 0.9 | 1.1 | -9.8% |
| United Kingdom | 0.6 | 4.7 | 1.1 | N/A | 35.4% |
| Others | 2.3 | 2.7 | 4.6 | 3.8 | 18.2% |
| Total | 55.2 | 52.7 | 53.4 | 66.6 | 6.5% |
Top Suppliers of Butter and Other Fats and Oils Derived from Milk to Kuwait in 2022:
- New Zealand (3309.7 tons)
- Saudi Arabia (1189.5 tons)
- Australia (1133.4 tons)
- Belgium (1069.7 tons)
- France (675.9 tons)
- Denmark (665.2 tons)
- India (578.1 tons)
- Netherlands (521.0 tons)
- Ukraine (370.3 tons)
- Germany (326.8 tons)
- United Kingdom (0.7 tons)
Exports of Butter and Other Fats and Oils Derived from Milk in Kuwait
For the fourth consecutive year, Kuwait recorded growth in shipments abroad of butter and other fats and oils derived from milk, which increased by 42% to 266 tons in 2022. In general, exports showed a significant increase. The pace of growth appeared the most rapid in 2020 when exports increased by 927% against the previous year. The exports peaked in 2022 and are likely to continue growth in the near future.
In value terms, exports of butter and other fats and oils derived from milk soared to $1.9M in 2022. Over the period under review, exports continue to indicate a significant increase. The most prominent rate of growth was recorded in 2020 when exports increased by 665%. Over the period under review, the exports of hit record highs in 2022 and are expected to retain growth in the immediate term.
| Export of Butter and Other Fats and Oils Derived from Milk in Kuwait (Thousand USD) | |||||
|---|---|---|---|---|---|
| COUNTRY | 2019 | 2020 | 2021 | 2022 | CAGR, 2019-2022 |
| Iraq | 40.3 | N/A | 812 | 1,139 | 204.6% |
| Saudi Arabia | 52.5 | 33.9 | 126 | 471 | 107.8% |
| Jordan | N/A | 544 | 42.7 | 191 | -40.7% |
| Oman | N/A | N/A | N/A | 59.7 | 0% |
| United Arab Emirates | 0.7 | 114 | 51.9 | 14.9 | 177.1% |
| Qatar | N/A | 29.5 | 4.9 | 3.3 | -66.6% |
| Others | 1.6 | 6.9 | 62.1 | 22.4 | 141.0% |
| Total | 95.1 | 728 | 1,100 | 1,901 | 171.4% |
Top Export Markets for Butter and Other Fats and Oils Derived from Milk from Kuwait in 2022:
- Iraq (154.5 tons)
- Saudi Arabia (67.3 tons)
- Jordan (26.2 tons)
- Oman (7.5 tons)
- United Arab Emirates (6.9 tons)
- Qatar (0.5 tons)
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