New Zealand exports of major dairy commodities were weak in April, with double-digit declines across most product categories we track.

WMP exports fell -15.8% YOY to 116,198t, with shipments to China & HK falling -38.4% YOY, a 7-year low for the month at 29,921t.

SMP exports were 27,502t in April, down -35% YOY with weaker shipments to Northern Africa, China & HK and SE Asia. April cheese exports fell 13.7% YOY and have been generally declining since Dec-23, reflecting weakness across all key Asian markets. Exports of fats were also weaker for the month – butter was down 19.1% YOY while AMF declined 13.7% YOY.