New Zealand exports of major dairy products were higher in July, increasing 12.6% YOY in MSE terms, driven by stronger shipments of milk powders and fats and despite falling trade in cheese and dry whey. It was the first YOY increase in a year, but because it is the trough in trade activity, the volume impacts are small in the scheme of things.

Total WMP exports rose 2.1% YOY to 120,252t in July – the first increase since August last year. The expansion in July WMP trade reflected stronger shipments to Northern Africa and Central America while exports to China & HK fell by 28.4% YOY.

SMP exports were 28,952t in July, up 28.8% YOY reflecting stronger sales into SE Asia and China & HK. Exports of fats were rose for the fourth consecutive month in YOY terms in July – butter was up 32% YOY as average shipped prices continued to fall while AMF rose 80.2% YOY.

Cheese exports fell for the third consecutive time in July – down 15.8% YOY to 30,929t, with falls in Japan, the Middle East and South America.