There were negative trends in Australian exports in the 2022/23 season across all product categories we track except for lactose. We estimate milk solids equivalent (MSE) shipments were down 20% in this period – a far greater decline than local milk production, led by falls in SMP and cheese shipments.

Cheese exports were down 17.2% YOY in June, and 18% lower for the full season – mostly reflecting weaker sales into China & HK, SE Asia and Japan. June SMP exports were 7,723t – down 33.3% YOY. Fat exports declined 51% over the full season in commercial butter equivalent terms. Butter shipments in June down 62% YOY while AMF lifted 20%. WMP exports rose 19.4% YOY in June to 1,573t and were down 40% over the 2022/23 season.