US dairy exports declined across all major product categories except infant formula in April. This was affected by weak demand globally in addition to non-competitive US-origin product pricing. We estimate shipments fell 17% YOY in milk solids equivalent (MSE) terms.

Cheese exports were down 11.8% YOY, reflecting weaker shipments to Korea, SE Asia and Japan, and despite growth in exports to Mexico, China and Australia. Exports of dry whey also declined for the third consecutive month, down 15% YOY in YOY terms, driven by weaker shipments to China & HK which were at a 15-month low of 17,597t.

NFDM/SMP exports also declined in April, down 10% YOY to 67,068t, reflecting a fall in shipments to SE Asia and China & HK, and despite increased exports to Mexico. At 2,076t, exports of butter were down 53.6% YOY and at a 29-month low.