New Zealand WMP shipments rose 17.5% YOY in November to 218,782t, following a 2.4% YOY decline in October. WMP shipments to China & HK rose 24.8% YOY in November with the later date for Chinese New Year, bringing season to date shipments 9.7% ahead of the 2019 comparable, an expansion of 29,369t. In the same period, WMP exports to SE Asia were up 10.6%, while shipments to the Middle East were 22.5% higher.

SMP exports were patchy in recent months and rose 12% YOY in November to 45,214t, an 11-month high. Season to date SMP shipments were 5.1% weaker – down 7,904t – reflecting weaker shipments to China & HK and MENA. Cheese exports also improved in November, up 15.8% to 34,397t – a 23-month high which was driven by stronger shipments to SE Asia and China & HK. Season to date cheese exports were down 2.9% (or 4,394t) reflecting weaker exports to Japan, the Middle East and Oceania.

After a surge at the end of Q3-20, butter shipments fell YOY in October and November. At 26,244t, November butter shipments were at a 10-month high but down 13.1% YOY, reflecting weaker shipments to Northern Africa, China & HK and Oceania. AMF exports were patchy in recent months and rose 5.3% YOY in November to 16,685t, reflecting stronger exports to China & HK and despite weaker shipments into SE Asia. For the season to date, butter and AMF exports were down 5.3% and 4% respectively.