Market Intel Team|05 January 2023
- Keeping with the 2022 trend, this marked the highest November dairy export volume on record. The largest gains against prior year were to Mexico, primarily due to growth in nonfat dry milk (37,885MT, +11,041MT YoY). After Mexico, exports to China recorded the second biggest increase over prior year levels, driven by an uptick in dry whey (10,115MT, +3,932MT YoY), but also by demand for WPC < 80% (7,571MT, +3,379MT YoY).
- Cheese export strength picked up with stronger volume into November driven by increased year-on-year shipments to Mexico, UP 1,190MT (+13%). Total cheese exports were supported by strength in Cheddar shipments which have held above prior year levels for 17 months. Increased Cheddar volumes to Australia (+1,375MT or +175%), Japan (+1,035MT or +127%), and Canada (+309MT or +181%) helped to push total cheese exports above 2021.
- Butter volumes reached fresh highs not observed since March 2014 due to large sales to Canada (5,023MT, +3,657MT YoY). Butter shipments to Canada in November were an all-time high. Demand from Bahrain also remained strong as the US exported 1,118MT in November versus just 260MT last year. While not quite as strong as October, gains were also noteworthy to South Korea at 823MT, UP 424MT from prior year.
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