While down 11.7% in milk solids equivalent terms, there were mixed category trends in September. Cheese shipments down 20% YOY for the month and 13.4% lower for the quarter. Weaker exports to China & HK, North America and Japan accounted for most of the September contraction.

Fat exports declined, with butter and AMF shipments in September down 46.7% YOY and 51.9% YOY respectively. WMP exports rose 26.3% YOY in September –the third consecutive monthly increase as Middle Eastern import demand lifted. Among other key product categories, there were weaker trends in September for SMP, milk & cream, lactose and WPC80 but increases for dry whey, infant formula, MPC and FFMP & mixtures.