Market Intel Team|06 December 2022
- Total butter exports saw impressive growth this month, UP 62% versus the prior year to reach the highest volume since April 2014. The strength was driven primarily by increased shipments to Canada (+2,114MT or +113%) and South Korea (+1,223MT or +520%) with October volume marking the highest on record in the past ten years to both countries. Exports also increased to Mexico (+38MT or +14%), Taiwan (+66MT or +67%), and Singapore (+32MT or +187%). However, volumes declined to Saudi Arabia (-141MT or -39%), Panama (-83MT or -73%), and China (-77MT or -80%) versus the prior year.
- Skim milk powder/Nonfat dry milk exports turned to the positive over the prior year for the first time since November 2021. Shipments were supported most prominently from a large increase to Mexico, UP 10,268MT (+37%). Increased shipments to Indonesia (+2,514MT or +47%), Malaysia (+1,128MT or +89%), and the Dominican Republic (+1,305MT or +310%) helped to overcome losses seen to the Philippines (-6,613MT or -50%), Colombia (-1,716MT or -56%) and Chile (-990MT or -67%).
- Total lactose shipments fell below prior year levels for the first time since March 2022 held down by declines to Southeast Asia and Oceania. Volumes decreased to New Zealand (-761MT or -14%), South Korea (-1,445MT or -63%), Vietnam (-997MT or -42%), and Indonesia (-438MT or -32%). While there was some support from shipments to China (+735MT or +10%), Japan (+754MT or +21%), Philippines (+1,395MT or +227%), and the Netherlands (+660MT or +429%), declines to other countries were large enough to move total exports below 2021.
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