Price for Butter and Other Fats and Oils Derived from Milk in South Africa - 2024
Contents:
- Price for Butter and Other Fats and Oils Derived from Milk in South Africa (CIF) - 2022
- Price for Butter and Other Fats and Oils Derived from Milk in South Africa (FOB) - 2024
- Imports of Butter and Other Fats and Oils Derived from Milk in South Africa
- Exports of Butter and Other Fats and Oils Derived from Milk in South Africa
Price for Butter and Other Fats and Oils Derived from Milk in South Africa (CIF) - 2022
In 2022, the average import price for butter and other fats and oils derived from milk amounted to $5,331 per ton, rising by 18% against the previous year. In general, import price indicated a perceptible expansion from 2012 to 2022: its price increased at an average annual rate of +2.7% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, import price for butter and other fats and oils derived from milk increased by +25.3% against 2020 indices. The most prominent rate of growth was recorded in 2017 when the average import price increased by 61%. Over the period under review, average import prices attained the peak figure at $5,486 per ton in 2018; however, from 2019 to 2022, import prices failed to regain momentum.
Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Denmark ($7,344 per ton), while the price for Ireland ($4,791 per ton) was amongst the lowest.
From 2012 to 2022, the most notable rate of growth in terms of prices was attained by New Zealand (+5.3%), 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 South Africa (FOB) - 2024
The average export price for butter and other fats and oils derived from milk stood at $3,898 per ton in December 2023, reducing by -2.4% against the previous month. In general, the export price continues to indicate a noticeable reduction. The pace of growth was the most pronounced in June 2023 when the average export price increased by 18% against the previous month. The export price peaked at $4,990 per ton in January 2023; however, from February 2023 to December 2023, the export prices failed to regain momentum.
Prices varied noticeably by the country of destination: the country with the highest price was Mauritius ($7,698 per ton), while the average price for exports to Lesotho ($2,019 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 Mauritius (+0.5%), while the prices for the other major destinations experienced a decline.
Imports of Butter and Other Fats and Oils Derived from Milk in South Africa
In 2022, overseas purchases of butter and other fats and oils derived from milk decreased by -18.5% to 3.6K tons, falling for the second consecutive year after two years of growth. Over the period under review, imports continue to indicate a abrupt setback. The growth pace was the most rapid in 2020 with an increase of 65% against the previous year. As a result, imports reached the peak of 7.2K tons. From 2021 to 2022, the growth of imports of remained at a somewhat lower figure.
In value terms, imports of butter and other fats and oils derived from milk contracted to $19M in 2022. Overall, imports recorded a pronounced decline. The pace of growth appeared the most rapid in 2020 with an increase of 44% against the previous year. As a result, imports reached the peak of $31M. 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 South Africa (Million USD) | |||||
|---|---|---|---|---|---|
| COUNTRY | 2019 | 2020 | 2021 | 2022 | CAGR, 2019-2022 |
| New Zealand | 6.9 | 8.1 | 4.8 | 7.4 | 2.4% |
| Uruguay | 0.9 | 2.4 | 0.6 | 3.8 | 61.6% |
| Ireland | 5.7 | 6.4 | 5.7 | 3.3 | -16.7% |
| Argentina | N/A | N/A | 3.8 | 2.3 | -39.5% |
| Denmark | 2.3 | 1.5 | 1.3 | 2.0 | -4.6% |
| United Kingdom | 1.8 | 11.7 | 2.2 | N/A | 10.6% |
| Netherlands | 1.5 | N/A | N/A | N/A | 0% |
| Ukraine | 1.5 | N/A | 0.1 | N/A | -74.2% |
| Others | 0.6 | 0.4 | 1.6 | 0.3 | -20.6% |
| Total | 21.1 | 30.5 | 20.0 | 19.2 | -3.1% |
Top Suppliers of Butter and Other Fats and Oils Derived from Milk to South Africa in 2022:
- New Zealand (1406.8 tons)
- Uruguay (703.0 tons)
- Ireland (685.0 tons)
- Argentina (475.0 tons)
- Denmark (269.9 tons)
- United Kingdom (15.3 tons)
- Netherlands (0.1 tons)
Exports of Butter and Other Fats and Oils Derived from Milk in South Africa
In 2022, exports of butter and other fats and oils derived from milk from South Africa rose significantly to 3K tons, surging by 6.3% compared with 2021. The total export volume increased at an average annual rate of +5.6% from 2019 to 2022; the trend pattern remained relatively stable, with somewhat noticeable fluctuations being observed in certain years. The pace of growth appeared the most rapid in 2021 when exports increased by 13% against the previous year. Over the period under review, the exports of attained the maximum in 2022 and are likely to see steady growth in the immediate term.
In value terms, exports of butter and other fats and oils derived from milk stood at $12M in 2022. The total export value increased at an average annual rate of +6.3% over the period from 2019 to 2022; the trend pattern remained relatively stable, with somewhat noticeable fluctuations in certain years. The pace of growth was the most pronounced in 2021 with an increase of 9.7%. The exports peaked in 2022 and are likely to see gradual growth in the near future.
| Export of Butter and Other Fats and Oils Derived from Milk in South Africa (Million USD) | |||||
|---|---|---|---|---|---|
| COUNTRY | 2019 | 2020 | 2021 | 2022 | CAGR, 2019-2022 |
| Namibia | 3.6 | 2.9 | 3.1 | 3.6 | 0.0% |
| Mozambique | 2.6 | 2.8 | 2.9 | 2.6 | 0.0% |
| Zambia | 0.6 | 1.2 | 1.5 | 1.5 | 35.7% |
| Botswana | 1.0 | 0.9 | 1.4 | 1.5 | 14.5% |
| Mauritius | 0.6 | 0.8 | 0.7 | 0.7 | 5.3% |
| Malawi | 0.3 | 0.4 | 0.4 | 0.4 | 10.1% |
| Lesotho | 0.1 | 0.1 | 0.4 | 0.3 | 44.2% |
| Others | 0.8 | 1.0 | 0.8 | 1.1 | 11.2% |
| Total | 9.6 | 10.2 | 11.2 | 11.6 | 6.5% |
Top Export Markets for Butter and Other Fats and Oils Derived from Milk from South Africa in 2022:
- Namibia (1135.3 tons)
- Mozambique (499.9 tons)
- Botswana (496.3 tons)
- Zambia (340.4 tons)
- Lesotho (158.3 tons)
- Mauritius (91.8 tons)
- Malawi (77.9 tons)
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