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Skim milk powder exports climbed to the highest monthly volume since June 2021 and the highest February volume since 2020. Shipments grew to nine of the ten top destination countries with Algeria (+9,834MT or +181%), Yemen (+3,613MT or +935%), and Bangladesh (+2,608MT or +744%) seeing the largest increase over the prior year. Volumes were UP to China (+1,499MT or +26% YoY) and Vietnam (+1,888MT or +176% YoY), but were partially offset by declines seen to Indonesia (-3,839MT or -68% YoY) and Malaysia (-532MT or -23% YoY).
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On a seasonally adjusted basis, infant milk formula exports reached the highest monthly volume since June 2020 driven by greater shipments to China, the top destination country, UP 9,243MT (+58%) versus the prior year. Shipments to Kuwait fell by 1,819MT (-89% YoY) dropping the country from the third highest in market share with 5% to the 28th with 0.5%. Volumes also declined to Russia (-751MT or -64% YoY), Hong Kong (-308MT or -40% YoY), and Egypt (-204MT or -32% YoY).
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Butter exports also reached the highest monthly volume since June 2020 on a seasonally adjusted basis due to larger shipments to the United States (+2,618MT or +100% YoY). Higher volumes to Turkey, UP 973MT from 1MT the previous year, pushed the country to the third highest in market share with 5%, behind the United States with 29%, and Morocco (+342MT or +42% YoY) with 6%. Exports to Asia shrank with China (-316MT or -26% YoY), South Korea (-455MT or -37% YoY), and Indonesia (-547MT or -51% YoY) seeing the largest declines.