March 2023 butter export volume is currently under review by Eurostat due to anomalies in the data that may have resulted in an incorrect reported volume.
HighGround will provide an update once a revision is published.
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Skim milk powder exports shot to the highest monthly volume since July 2020, primarily due to higher shipments to Algeria (+14,155MT or +324% YoY), the leader in market share with 22%. Larger sailings were also seen to China (+6,217MT or +99% YoY), Egypt (+2,101MT or +44% YoY), and Saudi Arabia (+2,225MT or +84% YoY), which were enough to overcome losses to the Philippines (-3,485MT or -76% YoY), Indonesia (-2,329MT or -53% YoY), and Nigeria (-2,642MT or -86% YoY).
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Cheese exports moved above prior year levels in March for the first time since August 2022 as cheaper prices compared to the rest of the world provided greater export opportunities. Although the US remains the top destination followed by Japan, shipments to both countries declined by 915MT (-8% YoY) and -302MT (-4% YoY) respectively. The greatest loss was seen to Libya, DOWN 2,553MT (-57% YoY) but was offset by gains to Ukraine (+2,321MT or +298% YoY) and Chile (+2,281MT or +432% YoY).
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Dry whey exports continued its upwards trajectory to move above prior year levels in March. China remains the top destination with 29% market share as shipments to the country rose by 6,117MT (+47% YoY). However, volumes to Southeast Asia declined with losses to Malaysia (-1,500MT or -25%), Philippines (-1,110MT or -48%), and South Korea (-2,869MT or -43%) compared to 2022.
