EU-27 exports were lower in March across the major product categories we track, with the exception of infant formula, MPC and WPC80.
At 58,310t, SMP exports were down 23.6% YOY but this was the highest monthly volume since November last year, reflecting weaker shipments into SE Asia, China & HK, Northern and Sub-Saharan Africa. The current and projected EU-27 SMP stock and exportable surplus situation is tight, particularly considering the slow milk growth in key producing countries such as Germany and France.
WMP exports continued to track lower in YOY terms, falling 11.2% in March to 22,110t which reflects much lower production locally and the most expensive origin prices globally. The YOY decline in March reflected contraction in exports to MENA, Sub-Saharan Africa, SE Asia and Central America.
EU-27 cheese exports were down 6.6% YOY in March to 116,979t, but with mixed trends across major regions – declines in CIS, Europe, China & HK, Japan, North Africa and South America, but growth in SE Asia, South Korea, Middle East, North America, UK, Central America and Oceania.
Fat exports were also lower in March – butter fell 8.8% YOY while AMF was 20% lower in YOY terms.