Australian exports rose 27.5% YOY in December, in milk solids equivalent terms. Export volumes have increased YOY in every month since December 2023.

Cheese exports rose 24.7% YOY in December, with the monthly volume the highest since Jan-18, mostly due to stronger sales to Japan. December SMP exports were up 32.8% YOY, with growth across all major markets, led by SE Asia. WMP exports in December were up 54.6% YOY, albeit on small volumes. Fat exports rose 23.4% YOY for the month in commercial butter equivalents – AMF shipments doubled compared to the prior year and butter sales increased 8.3% YOY.