Key Takeaways:

  • SMP volumes to the Philippines reached a record high of 5,968MT, UP 64% YoY and while the Philippines increased imports from the U.S. and New Zealand as well, volumes from the EU were most impressive. The European Union and the Association of South-east Asian Nations (Asean) are attempting to revive plans for a Free Trade Agreement, which may translate into increased dairy opportunities for Member States.

    Also on the radar: SMP shipped to Mexico reached 14-month highs and was UP 167% or 1,256MT YoY to 2,006MT.

  • For 14 out of the last 15 months, EU’s WMP shipments to China have shown exceptional growth from prior year, UP 93% YoY during January to 6,217MT. Though volumes to Algeria stole the spotlight and were UP 4,267MT (+219% YoY) from prior year to 6,217MT.
  • Butterfat shipments continued to be lackluster (HS Code: 0405) with January volumes hit hard by a slowdown in demand from China for AMF. January AMF exports to China were DOWN 96% (-3,334MT) YoY to 144MT
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