Analysis from Freshagenda’s Global Dairy Directions platform indicates global trade in milk solids equivalents (MSE) terms fell 3.4% YOY in July. However, trade for the July quarter was 1.3% ahead YOY, despite high prior-year comparables and generally higher current FOB prices. For the major product categories we track, there were negative trends in July except for cheese, dry whey and MPC.

WMP trade declined 2.4% in July, despite a 17,000t gain in shipments to China & HK, as exports to North Africa and South America tanked. SMP trade was down 10.7% YOY in July, reflecting reduced shipments into SE Asia and North Africa. Fats continued to track lower in July, with overall CBE volumes down 8.3% YOY. This was despite butter being near-flat, with mixed trends across major import demand regions. July cheese exports rose 1.5% YOY, however EU27-UK trade was still subdued in the post-Brexit era.

China dominated the trade league table again in July, with SE Asia a distant second. North Africa ranked last, with much weaker trends in milk powders, fats in cheese for the July quarter.