Total January exports declined 16.2% YOY in milk solids equivalent (MSE) terms. Cheese exports fell 27.5% YOY to 10,143t (lowest since September 2023), led by weaker shipments to Japan. SMP exports rose 14.7% YOY for the month, with most of the increase in shipments to SE Asia. WMP exports declined 55.7% YOY, and volumes remain minimal. Butterfat exports continued to contract and decreased 63.3% YOY for the month in commercial butter equivalents (CBE). AMF fell 59.6% YOY, while butter declined 65.3% YOY.