Total May exports declined 4.1% YOY in milk solids equivalent (MSE) terms. After rebounding in April, cheese exports fell 9.1% YOY, with weaker shipments to Japan.

SMP exports declined 19.4% YOY, with weaker shipments to China & HK and SE Asia. Following months of consistent declines, WMP exports rebounded – up 3.3% YOY in May – but volumes remain minimal. Butterfat exports were mixed for the month. AMF rose 29.2% YOY while butter declined 26.2% YOY.