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Skim milk powder exports came off the high levels observed in the prior two months to fall narrowly below 2022 volumes in March. Although shipments declined to China (-594MT or -5% YoY), the top destination country, the largest losses were to Philippines (-2,478MT or -78% YoY), Indonesia (-1,183MT or -16% YoY), and Libya (-1,434MT or -100% YoY). However, these were partially offset by an increase in exports to Thailand (+2,182MT or +66% YoY), and Vietnam (+2,088MT or +82% YoY).
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Whole milk powder exports remain below the previous year in March primarily due to the continued decline in shipments to China, DOWN 17,580MT (-31% YoY). Exports to Southeast Asia were well below 2022 and 2021 as well with the most notable declines seen to Indonesia (-3,386MT or -34% YoY), Taiwan (-1,798MT or -41% YoY), and Vietnam (1,561MT or -47% YoY). In contrast, volumes to Algeria jumped in March, UP 15,111MT (+420% YoY) pushing the country to the second highest in market share behind China with 16%. Other minor increases were also seen to Nigeria (+1,114MT or +182% YoY) and Australia (+1,525MT or +50% YoY).
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Cheese exports marked just 40MT above March 2022 volumes driven by large gains to China (+1,445MT or +17% YoY) and Australia (+5,490MT or +320% YoY). Exports to Australia reached the highest monthly volume since June 2017 pushing the country to overtake Japan as the second highest in market share behind China with 19%. Shipments to Japan fell by -2,917MT (-34%) compared to the prior year, the largest decline of any country, although notable losses were also seen to Philippines (-969MT or -38% YoY), Taiwan (-646MT or -44% YoY), and Chile (-517MT or -49% YoY).
