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Total US dairy exports were down on a volume basis year-over-year in February, while imports increased annually. This was likely due to higher dairy product prices at the end of 2022, when these exports were booked, and weaker international dairy demand, which slowed sales. Shipments to Mexico, the top dairy export market with nearly 30% share, grew again in February compared to prior year levels. Exports to China also increased year-over-year. However, dairy products sailing to other Asian markets, such as Japan, South Korea, Indonesia, and the Philippines, fell versus February 2022, giving credence to continued reports of poor demand from this region of the world.
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Nonfat dry milk (NFDM) exports dropped marginally against February 2022, which boasts the record for the second-highest February, behind February 2021. The lost volume was primarily seen to Southeast Asia, as shipments to Indonesia (-371MT or -6% YoY), China (-2,115MT or -47% YoY), Malaysia (-2,504 MT or -56% YoY), Vietnam (-3,088MT or -74% YoY), Thailand (-1,148MT or -64% YoY), and the Philippines (-2,815 or -28% YoY) fell. Exports to those nations were collectively over 12,000 MT smaller than in February 2022.
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Cheese exports barely fell below prior year levels due to losses to South Korea (-642MT or -12%), and Japan (762MT or -20%). However, exports increased to Mexico, the top destination country, UP 1,013MT (+11%) compared to the same time last year. Cheddar exports declined against the prior year for the first time since June 2021, contributing to the lower volume in total cheese. Fewer Cheddar shipments were seen to Mexico (-353MT or -40% YoY) and South Korea (-376MT or -67% YoY) but exports to Japan increased by 769MT (+58%) versus the prior year.
