Exports of major dairy products were lower in November. WMP exports declined 1.9% YOY to 214,595t, the fourth consecutive monthly contraction. The overall decline in November WMP trade was despite stronger shipments to China & HK due to healthy off-GDT demand. Trade into this key region rose 7.4% YOY to 164,992t. SMP exports were 39,004t in November, down 13.7% YOY and followed six consecutive monthly increases. Season to date SMP exports were still 3% higher relative to the comparable, with shipments to China & HK up in double digits for each of the three months to November as US suppliers lose share due to logistical problems.

Cheese exports were also weaker, falling 6.1% YOY to 32,357t in November (with a similar 5.6% YOY decline in exports to China & HK) – shipments have been patchy in recent months but expanded 43,918t over the latest 12-month period, with China & HK accounting for more than half of that growth. Shipments of butter and AMF fell for the third consecutive month, down 10% and 28% YOY respectively.