Price for Butter and Other Fats and Oils Derived from Milk in Saudi Arabia - 2022
Contents:
- Price for Butter and Other Fats and Oils Derived from Milk in Saudi Arabia (CIF) - 2022
- Price for Butter and Other Fats and Oils Derived from Milk in Saudi Arabia (FOB) - 2022
- Imports of Butter and Other Fats and Oils Derived from Milk in Saudi Arabia
- Exports of Butter and Other Fats and Oils Derived from Milk in Saudi Arabia
Price for Butter and Other Fats and Oils Derived from Milk in Saudi Arabia (CIF) - 2022
The average import price for butter and other fats and oils derived from milk stood at $4,748 per ton in 2022, approximately mirroring the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +2.5%. The pace of growth was the most pronounced in 2017 when the average import price increased by 31%. Over the period under review, average import prices attained the peak figure at $5,010 per ton in 2019; however, from 2020 to 2022, import prices stood at a somewhat lower figure.
There were significant differences in the average prices amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was Denmark ($6,068 per ton), while the price for the United Arab Emirates ($1,984 per ton) was amongst the lowest.
From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Finland (+3.9%), 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 Saudi Arabia (FOB) - 2022
The average export price for butter and other fats and oils derived from milk stood at $5,090 per ton in 2022, with an increase of 3.6% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +2.3%. The growth pace was the most rapid in 2014 when the average export price increased by 27% against the previous year. Over the period under review, the average export prices reached the maximum at $5,293 per ton in 2020; however, from 2021 to 2022, the export prices remained at a lower figure.
Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Iraq ($7,983 per ton), while the average price for exports to Yemen ($3,769 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 Yemen (+7.7%), 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 Saudi Arabia
Imports of butter and other fats and oils derived from milk into Saudi Arabia rose slightly to 53K tons in 2022, picking up by 3.8% against the previous year. The total import volume increased at an average annual rate of +6.5% over the period from 2019 to 2022; the trend pattern remained consistent, with only minor fluctuations being recorded in certain years. The growth pace was the most rapid in 2020 when imports increased by 28% against the previous year. As a result, imports reached the peak of 56K 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 rose to $251M in 2022. The total import value increased at an average annual rate of +4.6% from 2019 to 2022; the trend pattern remained relatively stable, with only minor fluctuations being observed in certain years. The most prominent rate of growth was recorded in 2020 with an increase of 19%. As a result, imports reached the peak of $262M. From 2021 to 2022, the growth of imports of failed to regain momentum.
| Import of Butter and Other Fats and Oils Derived from Milk in Saudi Arabia (Million USD) | |||||
|---|---|---|---|---|---|
| COUNTRY | 2019 | 2020 | 2021 | 2022 | CAGR, 2019-2022 |
| New Zealand | 97.5 | 109 | 92.0 | 99.9 | 0.8% |
| Denmark | 36.8 | 35.0 | 23.9 | 32.0 | -4.6% |
| United States | 9.4 | 12.8 | 26.5 | 27.0 | 42.1% |
| France | 20.1 | 20.7 | 20.9 | 21.3 | 2.0% |
| India | 15.5 | 10.3 | 16.6 | 16.9 | 2.9% |
| Argentina | 3.2 | 2.5 | 9.2 | 9.4 | 43.2% |
| Ireland | 2.7 | 11.3 | 8.5 | 8.7 | 47.7% |
| Germany | 3.8 | 8.3 | 7.6 | 7.8 | 27.1% |
| Netherlands | 6.6 | 4.8 | 2.8 | 4.8 | -10.1% |
| Poland | 4.5 | 4.5 | 4.5 | 4.6 | 0.7% |
| Finland | 2.9 | 2.8 | 3.5 | 3.5 | 6.5% |
| United Arab Emirates | 3.6 | 1.5 | 1.4 | 2.2 | -15.1% |
| Lithuania | N/A | 17.8 | 4.7 | N/A | -73.6% |
| Others | 13.2 | 20.3 | 18.8 | 13.5 | 0.8% |
| Total | 220 | 262 | 241 | 251 | 4.5% |
Top Suppliers of Butter and Other Fats and Oils Derived from Milk to Saudi Arabia in 2022:
- New Zealand (20.9K tons)
- United States (5.8K tons)
- Denmark (5.3K tons)
- France (3.6K tons)
- India (3.1K tons)
- Argentina (2.3K tons)
- Ireland (1.8K tons)
- Germany (1.7K tons)
- United Arab Emirates (1.1K tons)
- Poland (1.0K tons)
- Netherlands (0.8K tons)
- Finland (0.8K tons)
Exports of Butter and Other Fats and Oils Derived from Milk in Saudi Arabia
After three years of growth, shipments abroad of butter and other fats and oils derived from milk decreased by -15.4% to 9.9K tons in 2022. In general, total exports indicated a resilient increase from 2019 to 2022: its volume increased at an average annual rate of +15.2% over the last three years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports increased by +53.0% against 2019 indices. The most prominent rate of growth was recorded in 2021 with an increase of 43% against the previous year. As a result, the exports reached the peak of 12K tons, and then shrank significantly in the following year.
In value terms, exports of butter and other fats and oils derived from milk contracted to $50M in 2022. Overall, total exports indicated a buoyant increase from 2019 to 2022: its value increased at an average annual rate of +14.2% 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 +49.1% against 2019 indices. The most prominent rate of growth was recorded in 2021 with an increase of 33% against the previous year. As a result, the exports attained the peak of $57M, and then fell in the following year.
| Export of Butter and Other Fats and Oils Derived from Milk in Saudi Arabia (Million USD) | |||||
|---|---|---|---|---|---|
| COUNTRY | 2019 | 2020 | 2021 | 2022 | CAGR, 2019-2022 |
| Bahrain | 2.4 | 4.1 | 20.7 | 18.3 | 96.8% |
| United Arab Emirates | 13.2 | 14.8 | 13.6 | 12.1 | -2.9% |
| Kuwait | 9.2 | 11.8 | 9.6 | 8.9 | -1.1% |
| Oman | 7.1 | 7.5 | 7.9 | 7.0 | -0.5% |
| Jordan | 1.5 | 2.5 | 2.2 | 2.0 | 10.1% |
| Iraq | 0.1 | 1.1 | 1.9 | 1.6 | 152.0% |
| Others | 0.3 | 1.4 | 1.5 | 0.5 | 18.6% |
| Total | 33.8 | 43.3 | 57.4 | 50.3 | 14.2% |
Top Export Markets for Butter and Other Fats and Oils Derived from Milk from Saudi Arabia in 2022:
- Bahrain (3.7K tons)
- United Arab Emirates (2.5K tons)
- Kuwait (1.7K tons)
- Oman (1.2K tons)
- Jordan (0.4K tons)
- Iraq (0.2K tons)
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