Australian exports fell in November, with cheese shipments down 4.3% YOY for the month and 12% lower for the season to date (STD). Weaker exports to China & HK, SE Asia and North America accounted for most of the contraction in the latest month, although volumes still at a 5-month high.
November butter shipments were down 50% YOY while AMF improved 12%. WMP exports fell 8.5% YOY in November – the tenth consecutive monthly decrease, reflecting poor import demand from SE Asia. Among other key product categories, there were weaker trends in November except for infant formula.