Australian exports fell in the first 10 months of the 2022/23 season, with milk solids equivalent (MSE) shipments down an estimated 21% in this period. It’s a far greater decline than local milk production, led by falls in cheese and SMP exports, but also lower volumes in all other product categories we track except lactose.

Cheese exports were down 23% YOY in April, and 18% lower for the season to date. This mostly reflected weaker sales into Japan and China & HK. April SMP exports were 7,399t – down 37% YOY and at an 8-month low. Fat exports again declined, with butter shipments in April down 49% YOY while AMF fell 25%. WMP exports fell 24% YOY in April to 1,550t and were down 48% over the last year.