July 2025 exports increased 0.7% YOY in milk solids equivalent (MSE) terms, with stronger cheese, SMP and butter shipments more than offsetting declines for dry whey, WMP and AMF. MSE exports decreased 0.4% in the last quarter.

Cheese exports rose 2.6% YOY during July. The increase was due to higher shipments of fresh and grated/powdered cheese, and despite declines in mozzarella, gouda and cheddar. Trade into contestable markets (such as Japan and Korea) was down on the prior year. Meanwhile, cheese imports increased again in July and were up 5% for the year to date, with most of the product sourced from the UK, followed by Switzerland.

SMP exports continued to increase on low comparables, up 13.9% YOY in July. The monthly tonnage was 20% higher than the prior 12-month average. Saudi Arabia, Morrocco and Malaysia accounted for most of the growth during July, but with declines in Algeria and the Philippines. Exports of WMP continued to fall, with lower shipments to Nigeria and Algeria. Lower exports are in line with reduced EU production and weak confectionery demand, and imports from NZ have notably increased this year.

Butter exports rose 8.3% YOY in July despite higher average shipped prices (now past the US$10,000/t mark) as shipments to the US continued to surge. As expected, with high local butterfat prices, imports of NZ AMF and US butter surged in July – each were at an all-time high. Dry whey shipments decreased 12.2% YOY in July – led by falls in China & HK and SE Asia trade – and were down 1.8% in the last 6 months.