Tridge summary
Uruguay, a major importer of milk powder, has experienced a significant decrease in imports of dairy products by China, with transactions nearly ending for the year. As of July 2024, China's imports of Uruguayan dairy products have brought in only 0.4% of the country's total dairy export earnings, amounting to just US$ 1.8 million. The decline is part of a global trend, with China's dairy imports in June dropping by 29% year-over-year, totaling 912,933 tons and valued at US$ 1,006 million, a 12.4% decrease in value. The reduction in imports is attributed to China's struggling dairy market rather than any issues with Uruguay.
Disclaimer:The above summary was generated by Tridge's proprietary AI model for informational purposes.
Original content
The world's main importer of milk powder is in the doldrums. Their import volumes are significantly lower than last year at a global level and, in the specific case of purchases in Uruguay, they are practically non-existent so far this year. Of the US$ 410 million that Uruguay exported dairy products until July 21, they were sold to China for only US$ 1.8 million, which represents only 0.4% of foreign currency income. This year, the Asian giant occupies 29th place among destinations for Uruguayan dairy products. The bulk of shipments to China so far in 2024 are whey, for just over US$ 1 million, while US$ 725 thousand tons of cheese were shipped. In the case of whole milk powder, in July the first shipment was made since September of last year, with 4.8 tons for US$ 20,538. Of course, it is not that China has gotten into trouble with Uruguay, the problem is general. Chinese ...
Source: Agromeat
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