New Zealand's dairy herd is projected to shrink from 5.93 million to 5.83 million cows by 2023, continuing a downward trend from 2021's 6.19 million cows. Despite this, exports of dairy products like whole milk powder, skimmed milk powder, and cheese have risen, although liquid milk exports have dropped by 13.4% in 2023, largely due to reduced exports to China, the Philippines, and Taiwan. This decline in dairy cows may be linked to a warning from Fonterra CEO Miles Hurrel about a potential drop in milk prices in 2023/2024.