US dairy exports declined across most major product categories we track in March (except lactose, MPC, WPC80 and FFMP & Mixtures). We estimate that in milk solids equivalent (MSE) terms, shipments fell 5.9% YOY, a similar decline as in February.
There were 41,678t of cheese exported in March – was down 0.6% YOY, due to lower shipments to SE Asia, Japan and Korea, and despite growth in exports to Mexico, Central America and China. Dry whey exports also declined for the second consecutive month, down 5.5% YOY, driven by weaker shipments to Japan, Canada and SE Asia and despite still growing volumes into China & HK.
NFDM/SMP exports also declined in March, down 3.2% YOY to 78,058t (a 10-month high), reflecting a fall in shipments to SE Asia and China & HK, and despite increased and record-high exports to Mexico. At 3,955t, exports of butter were marginally higher than in prior months and down 35.6% YOY.