There were mixed trends in Australian exports in June, with cheese shipments up 2.6% for the month but still 1.2% lower for the quarter. Stronger exports to Japan and the Middle East accounted for most of the expansion. SMP exports also increased in June, up 19.4% YOY in response to increased shipments to China & HK and the Middle East but were 0.8% lower for the quarter.

Fat exports continued to track lower however, with June butter and AMF shipments down 37% and 46% respectively. WMP exports fell 43.7% YOY in June – the second consecutive monthly contraction as import demand from China & HK and SE Asia slowed.