Exports across most dairy products declined for the 2019/20 season, with milk & cream the only exception. At 159,065t, cheese shipments were 4.2% down on the prior year comparable. Much weaker shipments to Japan, China & HK, South Korea and the Middle East offset growth to SE Asia, Oceania, North and South America.

SMP exports sharply declined for months before increasing in YOY terms in the June quarter. SMP shipments fell to 119,554t, 21.1% below the prior year comparable for 2019/20, with SE Asia accounting for 81% of that drop. WMP exports fell YOY for the fifth consecutive month in June, and declined 16.4% for the season, but the trends are distorted as the HS code also includes infant formula shipments. Fat exports (on a commercial butter equivalent basis) were down 44.7% for the 2019/20 season but with a relatively smaller fall for butter than for AMF – down 39.2% versus 53.3%.