Total March exports declined 1.8% YOY in milk solids equivalent (MSE) terms. Cheese and SMP were near-flat in YOY terms during March but declined 2% and 1% for the season-to-date (July-March), respectively. There were mixed trends in cheese, with strong exports to SE Asia and China & HK more than offsetting weak sales into Japan, Korea, the Middle East, NZ and the US. In SMP, there was a surge in shipments to SE Asia, but weaker exports to China & HK and the Middle East.

WMP exports continued to track lower, down 36% YOY in March, and volumes remain minimal. Butterfat exports were mixed for the month – AMF fell 31% YOY while butter increased 37% YOY.