New Zealand exports of major dairy products were mixed in October, with negative trends for WMP and cheese, but increases in SMP and fats. WMP exports fell 2.9% YOY to 121,397t in October. China&HK tracked far worse however (a solid pointer for next month’s imports for that region), down 49% YOY to 37,116t – the lowest October volume in the last five years, with higher local manufacture of product and COVID lockdowns weakening demand in recent months.

SMP exports were 33,977t in October, up 10.8% YOY with stronger sales in regions outside Northern Asia as shipments to China & HK were down 38% YOY. Exports of fats rose for the fourth consecutive month in YOY terms – butter was up 39% YOY in October while AMF rose 34% YOY, with continuing good demand from China & HK.

After rising in two consecutive months in YOY terms, cheese exports fell in October – down 18.3% YOY to 25,802t, with a 30% contraction in China & HK shipments.