Total December exports declined 12% YOY in milk solids equivalent (MSE) terms. Cheese exports fell 9.3% YOY for the month to 15,079t, led by weaker shipments to Japan. SMP exports declined 26.6% YOY in December, with most of the fall in shipments to China & HK. The monthly volume of 12,873t was at a three-month low. WMP exports declined 9.9% YOY, and volumes remain minimal.

Butterfat exports continued to contract and decreased 10.4% YOY for the month in commercial butter equivalents (CBE). AMF fell 14.5% YOY while butter declined 8.9% YOY. Dry whey exports consistently declined since mid-2024, down 16.4% YOY in December and 43.7% in 2025.