New Zealand: Dairy exports down 7% in 2022

New Zealand
Published Feb 10, 2023

Tridge summary

New Zealand’s December export figures were released last week, giving us the full 2022 calendar year of dairy exports for the nation. While we had a positive result in December YoY, up 2%, total exports declined 7% for the full 2022 calendar year, with consecutive declines through the middle of the year. Commodity export shifts were driven by a change in stream returns, with a pull away from whole milk powder (WMP) processing and a shift towards the skim milk powder (SMP) and milkfat stream.

Original content

Milk powders had a mixed year of exporting. WMP exports declined 18% YTD with only 1.358 million tonnes. This figure was compared to a record year of WMP exports the year prior. However, when going back to 2020 and 2019, the 2022 full year of WMP exports declined 12% and 13% compared to those years, respectively. China was the main driver of WMP demand slipping, with the country taking a whopping 48% less WMP for 2022. This figure is even more significant when you look at China’s market share in 2021, taking 51% of NZ’s WMP exports. This figure declined 32% in 2022 with Indonesia and Algeria notably taking more share of the market, increasing 3% and 6% respectively year on year. In fact, Indonesia took just under double the WMP tonnage that it took in 2021, while Algeria nearly tripled its purchases. SMP, on the other hand, had a positive year in 2022 with an increase of 10% when compared to the year before. SMP exports have steadily increased over the past couple of years, in ...
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