US dairy exports declined across all major product categories we track in February. Cheese exports were 33,013t for the month – down 0.4% YOY, reflecting weaker shipments to SE Asia, Japan and Korea, and despite growth in exports to Mexico. After months of growth, exports of dry whey were also down in February by 8.3%YOY, driven by weaker shipments to New Zealand and despite growing volumes into China & HK.

NFDM/SMP exports also declined in February, down 0.9% YOY to 63,047t, reflecting a fall in shipments to SE Asia and China & HK, but with increased exports to Mexico. At 3,480t, exports of butter were consistent with prior months and down 32% YOY.