While Australian exports were up in % YOY in milk solid equivalent terms, there were mixed trends in October. Cheese shipments were down 11.4% for the month and 10.6% lower for the quarter as weaker exports to China & HK and North America accounted for most of the contraction.

Fat exports declined, with butter shipments in October down 82% YOY while AMF improved 79%. WMP exports rose 73.7% YOY in October – that was the fourth consecutive monthly increase as import demand from the Middle East and SE Asia lifted. Among other key product categories, there were weaker trends in October for dry whey, milk & cream, MPC and WPC80 but increased SMP, infant formula and lactose shipments.