Price for Butter and Other Fats and Oils Derived from Milk in Oman - 2022
Contents:
- Price for Butter and Other Fats and Oils Derived from Milk in Oman (CIF) - 2022
- Price for Butter and Other Fats and Oils Derived from Milk in Oman (FOB) - 2022
- Imports of Butter and Other Fats and Oils Derived from Milk in Oman
- Exports of Butter and Other Fats and Oils Derived from Milk in Oman
Price for Butter and Other Fats and Oils Derived from Milk in Oman (CIF) - 2022
In December 2022, the average import price for butter and other fats and oils derived from milk amounted to $7,093 per ton, which is down by -1.6% against the previous month. Overall, the import price recorded a relatively flat trend pattern. The pace of growth was the most pronounced in August 2022 an increase of 2.8% against the previous month. Over the period under review, average import prices reached the peak figure at $7,216 per ton in January 2022; however, from February 2022 to December 2022, import prices remained at a lower figure.
Average prices varied noticeably amongst the major supplying countries. In December 2022, the highest price was recorded for prices from India ($7,549 per ton) and Turkey ($7,549 per ton), while the price for Saudi Arabia ($6,779 per ton) and Denmark ($6,981 per ton) were amongst the lowest.
From January 2022 to December 2022, the most notable rate of growth in terms of prices was attained by Turkey (+0.8%), 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 Oman (FOB) - 2022
In 2022, the average export price for butter and other fats and oils derived from milk amounted to $7,646 per ton, with an increase of 105% against the previous year. In general, the export price saw a prominent increase. As a result, the export price attained the peak level and is likely to continue growth in the immediate term.
There were significant differences in the average prices for the major external markets. In 2022, amid the top suppliers, the country with the highest price was Saudi Arabia ($7,955 per ton), while the average price for exports to Qatar ($1,197 per ton) was amongst the lowest.
From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Free Zones (+33.8%), 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 Oman
In 2022, supplies from abroad of butter and other fats and oils derived from milk decreased by -54.2% to 4.5K tons, falling for the second year in a row after two years of growth. Overall, imports faced a precipitous contraction. The pace of growth was the most pronounced in 2020 when imports increased by 4.1% against the previous year. As a result, imports attained the peak of 12K tons. From 2021 to 2022, the growth of imports of remained at a lower figure.
In value terms, imports of butter and other fats and oils derived from milk fell sharply to $32M in 2022. Over the period under review, imports showed a deep slump. The growth pace was the most rapid in 2020 when imports increased by 8.6%. As a result, imports attained the peak of $52M. From 2021 to 2022, the growth of imports of remained at a lower figure.
| Import of Butter and Other Fats and Oils Derived from Milk in Oman (Million USD) | |||||
|---|---|---|---|---|---|
| COUNTRY | 2019 | 2020 | 2021 | 2022 | CAGR, 2019-2022 |
| Denmark | 1.6 | 5.8 | 5.3 | 7.8 | 69.6% |
| Saudi Arabia | 26.2 | 33.7 | 26.4 | 7.0 | -35.6% |
| United Arab Emirates | 12.2 | 4.0 | 2.7 | 6.3 | -19.8% |
| India | 4.5 | 4.1 | 6.2 | 5.7 | 8.2% |
| Malaysia | 1.4 | 0.7 | 2.8 | 2.8 | 26.0% |
| Turkey | N/A | 0.1 | N/A | 0.6 | 144.9% |
| Argentina | N/A | N/A | 2.1 | 0.6 | -71.4% |
| Others | 2.0 | 3.5 | 3.9 | 1.3 | -13.4% |
| Total | 47.8 | 52.0 | 49.3 | 32.1 | -12.4% |
Top Suppliers of Butter and Other Fats and Oils Derived from Milk to Oman in 2022:
- Denmark (1118.0 tons)
- Saudi Arabia (1020.3 tons)
- United Arab Emirates (859.6 tons)
- India (772.4 tons)
- Malaysia (368.8 tons)
- Turkey (83.1 tons)
- Argentina (80.3 tons)
Exports of Butter and Other Fats and Oils Derived from Milk in Oman
In 2022, overseas shipments of butter and other fats and oils derived from milk decreased by -58% to 35 tons, falling for the second consecutive year after two years of growth. Over the period under review, exports recorded a sharp decline. The most prominent rate of growth was recorded in 2020 when exports increased by 58% against the previous year. As a result, the exports reached the peak of 110 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 reduced to $270K in 2022. The total export value increased at an average annual rate of +7.9% from 2019 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The most prominent rate of growth was recorded in 2020 when exports increased by 32% against the previous year.
| Export of Butter and Other Fats and Oils Derived from Milk in Oman (Thousand USD) | |||||
|---|---|---|---|---|---|
| COUNTRY | 2019 | 2020 | 2021 | 2022 | CAGR, 2019-2022 |
| Saudi Arabia | N/A | N/A | N/A | 154 | 0% |
| Free Zones | N/A | N/A | 45.7 | 68.4 | 49.7% |
| Yemen | 2.8 | 210 | 140 | 44.2 | 150.9% |
| Qatar | 55.1 | 59.2 | 0.4 | 0.3 | -82.4% |
| Somalia | 52.5 | N/A | N/A | N/A | 0% |
| India | 63.9 | 0.2 | 106 | N/A | 28.8% |
| United Arab Emirates | 40.3 | N/A | 11.7 | N/A | -46.1% |
| Others | 0.3 | 14.2 | 8.2 | 2.2 | 94.3% |
| Total | 215 | 283 | 313 | 270 | 7.9% |
Top Export Markets for Butter and Other Fats and Oils Derived from Milk from Oman in 2022:
- Saudi Arabia (19.4 tons)
- Free Zones (9.2 tons)
- Yemen (6.1 tons)
- Qatar (0.3 tons)
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