According to our latest monthly Global Dairy Directions (GDD) Trade Insights report, June exports rose 14.7% YOY in milk solids equivalent (MSE). Trade in the first half of 2020 was just 0.7% below the prior-year comparables, driven by declines in every month between January and May. The YOY declines in MSE global trade were however shrinking consistently toward -mid-year, aided by lower prices for fats and milk powders. In June, global trade increased for every product category we track except for fat-filled milk powders & mixtures.

North Africa held its position as the region with the biggest import growth over the June quarter, mostly due to healthy demand for WMP and SMP. Mexico is anchored at the foot of the foot of the trade league table, mostly due to a 26.6% fall in SMP imports for the three months to June.