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    Price of butter grows twice

    Azerbaijan will spend additional $ 17 mln on butter import this year

    Baku. 10 August. REPORT.AZ/ The butter crisis has begun in Europe. 

    Report informs citing Haberler, the 100% price growth of butter has been recorded in Europe since the start of the year. Pfrice of butter increased by 14% in June alone. The reason of this was decrease in milk production and increase in demand.

    European food companies inform that in the upcoming months, shortage of butter will emerge, and prices will soar. In June, Director of “Arla”, Europe’s large food company, Peder Tuborg noted that the butter index, which was equal to 200 points in 2016, has now exceeded 400 points. He also stressed that the price of sweets will also soar in the upcoming days.

    Specialist on global milk products of Holland’s “Rabobank” Kevin Bellami recalled that demand for butter grew and people did not believe that it may damage human health. Analysts claim that global butter reserves have sharply fallen. Thus, butter reserves in the European Union fell by 1, 396 tons as of June 1. It should be noted that this indicator made 92, 548 tons as of June 1, 2016. Thus, the decrease was 99%.

    Report informs, in 2016, Azerbaijan imported 14, 365 tons of butter worth $ 48, 384. The import in the first 6 months of this year made 7,767 tons. However, in the first 6 months of this year, some $ 32,688 mln were spent on the butter import. Forecasts show that if there is no price growth till the end of the year, $ 65 mln will be spent on the butter import. It is $ 17 mln or 35% more compared to last year. Along with butter, prices of other milk products are also expected to grow, and it will lead to the increase of import.  

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