Total November exports increased 8% YOY in milk solids equivalent (MSE) terms. Cheese exports rose 16.9% YOY for the month to 18,020t (highest volume since December 2017), led by stronger shipments to China & HK but also with growth into Japan and SE Asia.

SMP exports rose 11.8% YOY in November, with most of the increase in shipments to SE Asia. The monthly volume of 20,868t was highest since December 2015. WMP exports declined 5.2% YOY, but on minimal volumes.

Butterfat exports decreased 37.1% YOY for the month in commercial butter equivalents (CBE). AMF fell 30.9% YOY while butter declined 39.1% YOY. Dry whey exports consistently declined since mid-2024, down 45.2% YOY in November and 61.6% over the last 12 months.