Analysis from Freshagenda’s Global Dairy Directions platform indicates dairy trade rose 3.9% YOY in January in milk solids equivalent (MSE) terms. Trade for the three months to January was down 1.9%, while shipments in the six months to January were 0.2% weaker. Last year trade fell 2.1%, reflecting lower exportable surpluses and weaker demand (particularly from China & HK) at relatively high commodity prices.

The January expansion mostly reflected much stronger shipments of SMP, but also higher exports of cheese, dry whey and fats. WMP was again weaker, down 1.4% YOY. Key demand region China & HK still lags at the foot of the league table of trade in the latest quarter while Mexico tops the list.