Analysis from Freshagenda’s Global Dairy Directions platform indicates global trade fell 3.6% relative to the prior year comparative in May in milk solids equivalent (MSE) terms. That result followed a near-flat result in April, bringing trade over the last quarter 1.9% below the comparable period in 2021, reflecting higher market prices, falling milk growth and low global export availability. Global MSE trade has now declined in 7 of the last 8 months for which data is available.
In terms of products, trade trends were mixed in May, with stronger cheese, fats and dry whey trade not nearly enough to offset weaker milk powders – WMP and SMP shipments were down 22% YOY and 10% YOY respectively. The stronger dry whey and fats trade elevated North America at the top of our league table based on the most recent quarter, ahead of the Middle East. China & HK again ranked last with declining trade for milk powders, dry whey and cheese.