Market Intel Team|22 February 2023
- Total dairy exports (commodities listed on table) to Southeast Asia reached an all-time high in January as strong milk powder volumes sailed to the region last month. At 25,715MT, skim milk powder (SMP) exports jumped 53% from prior year, the highest in seven years (Feb 2016). Whole milk powder (WMP) accounted for the largest volume with exports rising 27% from prior year to 36,547MT, a four-year high. In fact, gains were reported on every single commodity over prior year levels except fluid milk & cream.
- Skim milk powder exports rose to the highest volume since November 2022 driven primarily by increased shipments to China (+11,395MT or +150% YoY). Shipments also jumped to Vietnam (+5,673MT or +376% YoY), Indonesia (+2,015MT or +38% YoY), and the Philippines (+727MT or +70% YoY). While exports declined to United Arab Emirates (-400MT or -53% YoY), Libya (-227MT or -70% YoY), and Ghana (-277MT or -81% YoY) the large volumes seen to China and Southeast Asia were enough to overcome minor losses to a handful of countries in the Middle East and Africa.
- Cheese exports marked the highest January volume since 2016 due to increased shipments to the top three destination countries China (+1,285MT or +14% YoY), Japan (+446MT or +8% YoY), and South Korea (+2,303MT or +82% YoY) despite New Zealand prices carrying a hefty premium compared to the US and Europe. Higher shipments were also seen to Philippines (+660MT or +68% YoY), Malaysia (+594MT or +63% YoY), and Indonesia (+563MT or +94% YoY) with marginal declines observed to Australia (-491MT or -14% YoY), and Chile (-748MT or -90% YoY).
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