Analysis from Freshagenda’s Global Dairy Directions platform indicates global trade in July was close to the prior year comparative, increasing 0.4% in milk solids equivalent (MSE) terms. July’s minor increase was only the second time the YOY comparative has been beaten since September 2021. Trade for the six months to July was down by 2.3%.
Butterfat trade continued a strong recovery, especially in AMF, and was easily the strongest of the major commodities for the month. Shipments of both major powders remained significantly weaker, while cheese volumes were – for a change – also lower. Of the minor product categories IMF was strongest with improving Chinese demand.
China remains the drag on global trade. The league table of trends in demand from major regions in the past quarter was again headed by the Middle East and the EU-27, while China was firmly entrenched at the bottom.