December exports rose 22.1% YOY in milk solids equivalent (MSE) terms, with stronger shipments across all key commodities except lactose. MSE exports increased 12.5% in the last quarter, led by SMP and cheese. Cheese exports were at an all-time high of 134,835t and increased 17.6% YOY for the month, driven by stronger shipments across all varieties and led by Cheddar. There were record exports to the Middle East, Northern Africa and non-EU Europe along with strong YOY growth in shipments to Japan.

With stronger production and competitive prices, SMP exports continued to improve and were up 28.8% YOY in December. Monthly December volumes were 4.3% higher than the prior 12- month average. Algeria and Saudi Arabia accounted for most of the increase during the month. Meanwhile, with stronger shipments to the Middle East and the UK, exports of WMP rose 25.7% YOY on a low prior-year comparable, with monthly volumes 31.9% above the prior 12- month average.

Butter exports rose 25% YOY in December with weaker average shipped prices which were at a 16-month low, and exports to the US alone were +21.3% YOY. Meanwhile, imports of US butter in December were 566t with 2025 shipments at 5,450t.