Key Takeaways:
Whole milk powder (WMP) exports printed a relatively minor gain compared to the prior year. Notable losses to China (-3,827MT or -12.8% YoY), Sri Lanka (-1,894MT or -25% YoY),and Saudi Arabia (-1,645MT or -30% YoY) were offset by gains to Indonesia (+2,018MT or +27% YoY), United Arab Emirates (+2,565MT or +50% YoY), and Malaysia (+3,000MT or +93% YoY). Altogether, exports to Southeast Asia were UP 6,446MT (+31% YoY) in July, while their market share increased to 28%, rivaling China with 27%.
Caseinates exports posted a new record high in July on a 30-day adjusted basis, while Casein exports rose to the highest level since May 2021. China is a top destination for both products, UP 1,569MT (+270% YoY) for Casein and 765MT (+61% YoY) for Caseinates. Shipments of both items rose to the United States as well, UP 624MT (+73% YoY) for Casein and 161MT (+35% YoY) for Caseinates.
Cheese sailings fell just short of the impressive July 2023 levels, but remained above the prior year by 13.0%, driving YTD volumes UP 5,591MT or 2.1%. China represents 25% market share of total New Zealand cheese exports, with volumes rising in July by 1,514MT (+18.7% YoY). Japan follows suit with 17% market share although shipments during the month dropped by 265MT (-3.8% YoY). That said, growth to the Middle East and North Africa regions has been picking up steam, and in July 463MT (+15.4% YoY) more cheese was sent to the region.
