Australian exports were down 21% in the first 11 months of the 2022/23 season in milk solids equivalent (MSE) terms. This was a far greater decline than local milk production, led by falls in cheese and milk powders, but also lower volumes in all other product categories we track except lactose.

Cheese exports were down 18.5% YOY in May, and down 18% for the season to date – this mostly reflected weaker sales into China & HK, SE Asia and Japan. May SMP exports were 7,704t – down 34% YOY. Fat exports again declined, with May butter shipments down 70% YOY while AMF fell 3.4%. WMP exports fell 25.6% YOY in May to 1,749t and were down 48% YOY.