Australia’s March exports declined 7.8% YOY in milk solids equivalent terms (MSE), led by falls in milk powders, cheese, butter and dry whey. March cheese exports fell 2.5% YOY, with reduced shipments to Japan and SE Asia accounting for most of the decline. Cheese exports to China & HK were the highest since February 2021 and have lifted by 18.3% over the past 12 months.

Fat exports declined 35.2% YOY for the month in commercial butter equivalents (CBE) due to a 51% YOY decline in butter shipments while AMF increased 17.4% YOY.

SMP exports for the month declined 15.2% YOY, with falls in shipments to all major markets led by the Middle East. WMP exports declined for the third successive month in March – down 9.7% YOY, but were still 17% ahead for the first nine months of the season.