New Zealand exports of most major products were higher in September, increasing 41.4% YOY in MSE terms, driven by stronger shipments of milk powders, cheese and fats offsetting falling exports of WPC80 and MPC. The overall positive result was despite much weaker shipments of milk powders to China & HK.
WMP exports rose 26.6% YOY to 80,268t in September. The overall expansion in WMP trade mostly reflected stronger shipments into SE Asia, MENA, Central America and Sub-Saharan Africa. China&HK was weaker however, down 32% YOY following the August increase.
SMP exports were 19,904t in September, up 2% YOY reflecting stronger sales into SE Asia. Exports of fats rose for the third consecutive month in YOY terms in September. Butter was up 48.1% YOY (as average shipped prices fell more than 4% month-on-month to US$6,458/t) while AMF rose 101.8% YOY.
After falling in three consecutive months in YOY terms, cheese exports rebounded in both August and September – up 58.6% YOY in the latest month to 27,601t, with positive trends in all Asian regions in addition to the Middle East.