EU-27 exports declined in November across most major product categories we track, led by falls in cheese, fats, WMP and dry whey. In MSE terms, total exports fell 5% YOY in November and 5.9% over the corresponding quarter.

Overall EU-27 cheese exports were down 1.5% YOY in November to 109,923t, the sixth consecutive monthly decline, reflecting weaker shipments to the CIS and China & HK. Fats exports were also lower in November – butter fell 13.4% YOY while AMF was 10.7% lower in YOY terms. WMP exports continued to track lower in YOY terms, falling 20.8% in November to 15,041t which reflects the fact that the EU was most expensive origin prices globally. The YOY decline in November mostly reflected contraction in exports to Sub-Saharan Africa.

At 57,491t, SMP exports were up 9.5% YOY (or nearly 5,000t), reflecting stronger shipments to MENA, particularly Northern Africa and despite weaker shipments into SE Asia.