NZ exports increased 6.3% YOY in December in milk solids equivalent (MSE) terms and were 2.3% higher in 2025. Trade was positive across commodities except dry whey, infant formula and FFMP & Mixtures. China & HK’s WMP demand remained weak, with volumes at a 15-year low for the month of December, but there were record-high sales into SE Asia and Northern Africa.

Total WMP exports rose 6% YOY, with stronger shipments to MENA and SE Asia. Despite increased milk production, annualised exports were down 3.2% or 43,505t with most of the fall in Northern Africa and China & HK. SMP exports were flat YOY for the month (after declining in every single month since April) to end the year down 6.7%. Strong growth in exports to SE Asia was more than offset by weaker shipments to China & HK.

Butter exports rose 14.8% YOY. Shipments consistently improved in 2H-25 as FOB prices eased to a nine-month low in December. AMF exports were marginally positive but with a 13.4% YOY decline in shipments to SE Asia, a leading destination market. Annualised trade was up 10.6% YOY. Exports to the EU slowed since July, but this market accounted for 55% of the total growth in 2025 with relatively high local butterfat prices earlier in the year.