China's dairy imports fall in 2023: What's the outlook for 2024?

Dairy

China

Market & Price Trends

Published Mar 1, 2024

Tridge summary

China's dairy product imports saw a 12% decrease in 2023, largely due to a rise in domestic milk production by 4.6% and the slow recovery of the economy from COVID-19, particularly impacting the foodservice sector. Despite New Zealand remaining the largest dairy exporter to China, import volumes have dropped across all major regions. Future predictions indicate a further decline in China's dairy import demand, especially for liquid and powdered milk, due to slowing population growth and increased domestic production. However, over the past decade, China's compound annual growth rate has increased by 16%, and Rabobank predicts a rise in import volume demand.

Disclaimer: The above summary was generated by a state-of-the-art LLM model and is intended for informational purposes only. It is recommended that readers refer to the original article for more context.

Original content

To continue reading the article, log in with your account or register with MilkPoint. Get access to exclusive content! China's imports of dairy products totaled 2.6 million tons in 2023, a 12% drop from the previous year. Analyzing the different dairy products, it is observed that imports of powdered milk, liquid milk and cream fell compared to the previous year, while yogurts and whey products registered an increase in import volumes. The drop in milk powder imports was driven by a significant reduction in the volume of whole milk powder, which fell 38% year-on-year. In contrast, imports of skimmed milk powder recorded moderate growth, with a 3% increase in volumes in 2023 compared to 2022. Chinese dairy product imports from China Source: Trade Data Monitor LLC Increase in domestic production These trends in Changes in product imports are, in part, driven by increased domestic production in China. Figures from the US Department of Agriculture (USDA) show that Chinese milk ...

Source: Milkpoint