COMMITTEE OF THE PROTOCOL REGARDING MILK FAT. Suspension of Minimum Prices for Butter and Anhydrous Milk Fat Monitoring of International Price Levels

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1 RESTRICTED GENERAL AGREEMENT DPC/PTL/W//Rev. December ON TARIFFS AND TRADE Special Distribution (2725) International Dairy Arrangement COMMITTEE OF THE PROTOCOL REGARDING MILK FAT Suspension of Minimum Prices for Butter and Anhydrous Milk Fat Monitoring of International Price Levels Note by the Secretariat. Paragraph of the Decision to Suspend Minimum Prices of 3 May (DPC/PTL/) requires participants to submit information on the quantity and value of their exports of butter and anhydrous milk fat every two months. For the period MayJune the Secretariat received notifications from eleven participants; for JulyAugust, notifications from eight participants were received, and, for the period, six participants submitted notifications. 2. The first section of this paper summarizes the information received regarding the two most recent months ( and ). After that follows an overview covering all information received from participants to date. SEPTEMBER OCTOBER 3. The summary tables below are based on reported export volumes from four notifications (out of six received). One participant declared zero exports of butter and AMF while another notification was incomplete. Butter. reported export volumes of butter amounted to 37,8 for the period. Except for 27 tons, for which destinations and price information was lacking, the tables below are based on this volume. The bulk of the butter was exported to, and the former USSR. The price range varied considerably from a low of US$,75 per ton f.o.b. to a high of US$5,3 per ton. The weighted average export price for both months was US$,558 per ton. In, the weighted average price was US$, per ton, almost US$3 higher than in.

2 DPC/PTL//Rev.l Page 2 BUTTER EXPORTS QUANTITIES ( ) Share of (per cent),8,387 2,7 57.3! 8 3, ,52 3, ,72 2, 7, , ,7 22,887 3,7

3 DPC/PTL/W//Rev.l Page 3 i BUTTER EXPORTS PRICES ( ) il All,52,8,252,,255,3,35,25,25,3,75,53,28,,38,8,25,2,755,3 Weighted average export price,78,5,25,35,25,25,3,,332,38,33,558 BUTTER EXPORTS MONTHLY SUMMARY ( ) Month 3,7 22,887 Weighted average export price,78,

4 DPC/PTL//Rev.l Page Anhydrous Milk Fat (AMF) 5. reported export volumes of AMF totalled,73 tons during and. The main destinations for the exports were, and. Prices ranged from US$,35 to US$,5 per ton, with a weighted average of US$,538 per ton for the twomonth period. The price was almost US$8 per ton higher than the price. AMF EXPORTS QUANTITIES ( ) Share of (per cent) ' 5 72, ! 2,8 3,28 5, , ,,37,73

5 DPC/PTL/W//Rev.l Page 5 AMF EXPORTS PRICES ( ),55,58 Weighted average export price,55 All,58,525,5,55,,,55,35,55,5,55,55,5,55,5,35,5,58,587,57,25,53,5,5,5,538 AMF EXPORTS MONTHLY SUMMARY ( ) Month 3,,37 Weighted average export price,85,5

6 DPC/PTL//Rev.l Page OVERVIEW MAYOCTOBER. In addition to the four notifications highlighted above, nine of the eleven notifications received for the period MayJune, and six of the notifications received for the period JulyAugust, are the basis for the following summary tables. Thus, although the total reported export volumes for butter and AMF for all six months are 8,27 tons of butter and 3,3 tons of AMF, notifications covering only 58, tons of butter (about per cent of the total) and,82 tons of AMF (about 3 per cent of the total) were sufficiently detailed to be included in the following tables. Butter 7. During the period May, the bulk of the butter was exported to, the former USSR and. The weighted average price increased from,2 in May to, in. BUTTER EXPORTS QUANTITIES (May ) May J un. Jul. Aug. Sep. Oct. Number of notifications,282 83,83,,8,387 25, ,87 5,3, ,52, , ,72 2,, , , , ,35 2,7 3,3 3,2 2,8 3,7 22,887 58,

7 DPC/PTL/W//Rev.l Page 7 BUTTER EXPORTS PRICES (May ) MayJun JulAug SepOct,257,83,378,3,,5,52,8,78,35,2,2,2,78,72,252,,5,32,,3,722,32,8,255,3,25,52,55,2,35,35,57,57,25,25 2,82 2,82,25,25,228,7,77,3,77,535,3,3,52,3,3,27,8,328,75,53,,3,553,3,7,827,2,28,,332,,75,253,38,,27,38,8,2,577,7,5,82,28,2,25,2,33,3,3,38,38,77,. All,32,82,283,72,32,3,755,3,558 BUTTER EXPORTS MONTHLY SUMMARY (May ) Month Number of Notifications Weighted average export price! May 2,7,2 June 3,3,352 July 3,2,35 August 2,8,27 3,7,78 22,887,

8 DPC/PTL//Rev.l Page 8 8. For participants whose information could not be incorporated in the above tables, the following information on butter was reported. Butter () MayJun JulAug SepOct Participant,35,8 Participant,,3,25,5 3,38 Participant 73

9 DPC/PTL/W//Rev.l Page Anhydrous Milk Fat During May, about 55 per cent of the reported,82 tons of AMF were exported to South East Asia. The second largest destination was. While the calculated average export price from MayAugust is based on small export quantities, these volumes are more substantial in the period. Notable is that the average reported export price of AMF during the last two months was about US$,538 per ton f.o.b., a level just under that for butter during the same period. AMF EXPORTS QUANTITIES (May ) May Jun. Jul. Aug. Sep. Oct. Based on X notifications , , ,8 3,28,38 3 5, ,,37,82

10 DPC/PTL//Rev.l Page AMF EXPORTS PRICES (May ) MayJun JulAug SepOct,7,7,55,58,55,23,23,8,8,58,58,7,7,7,7,7,525,5,587,55,,57,3,3,2,2,55,5,25,7,88,7,282,73,28,35,55,53,88,72,7,5,83,53,5,55,5 2,222,72 2,2,72,8 2,77,,55,5,7,7,73,7,75,727,55,5,5 All,232,72,72,82,8,52,35,5,538 AMF EXPORTS MONTHLY SUMMARY (May ) Month Number of Notifications Weighted average export price May 8,72 June 7,73 July 5,52 August 2,7 ; 3,,85,37,5

11 DPC/PTL/W//Rev.l Page. For participants whose information could not be incorporated in the above tables, the following information on AMF was reported. AMF () MayJun JulAug SepOct Participant,252,5 Participant,38,,5, 2,8 2,8