Exports rally after 12 months of year-over-year declines in the US

Published Apr 10, 2024

Tridge summary

In February, the U.S. dairy export market experienced a notable recovery, with cheese exports hitting a record high of 41,854 metric tons, a 27% increase from the previous year, driven by demand from Latin America, Japan, and the Middle East. This surge was led by shredded cheese, while nonfat dry milk/skim milk powder exports grew by 3.4%, and whey exports continued to rise. Overall, dairy exports reached 501.1 million pounds, marking a 5.5% increase. Despite this growth, dairy heifer exports significantly declined, and hay exports only saw a modest rise. Following a substantial purchase by Saudi Arabia, U.S. hay exports to the country jumped nearly 700%. The U.S. agricultural trade balance remained negative, with exports projected at $170.5 billion and imports at $201 billion for the fiscal year. Dairy exports are expected to increase due to higher product prices, with China predicted to be the largest market for U.S. agricultural exports, amidst strong competition from South America in the corn and soybean markets.

Disclaimer:The above summary was generated by Tridge's proprietary AI model for informational purposes.

Original content

The U.S. dairy product export market rebounded in February with export volumes lifting for the first time in over a year. Cheese was the shining star with historic volumes recorded. Here’s Progressive Dairy’s 30,000-foot view at dairy-related export categories. Booming U.S. cheese exports lead to all-time record February’s cheese exports rose 27% year over year to 41,854 metric tons (MT), only the seventh time in history that exports exceeded 40,000 MT in a sole month. If adjusted for a 30-day month, that puts February 2024 U.S. cheese exports at an all-time record. Shredded cheese led the growth, posting a 37% year-over-year increase. Latin America proved to be a major driver of those purchases with Mexico leading the way. Not to be forgotten are Japan and the Middle East, where U.S. dairy product demand rebounded and exports rose 37% and 43%, respectively. The positivity continued in the milk powder and whey categories. Nonfat dry milk/skim milk powder exports rose 3.4% to ...

Source: Progressivedairy