U.S. dairy exports maintained growth trend in October 2022

Published 2022년 12월 12일

Tridge summary

U.S. dairy product exports have seen consistent growth for seven consecutive months, with a 24% increase in value compared to the same period last year in October. This growth is primarily driven by higher shipments of cheese, butter, and dairy products, with nonfat dry milk/skim milk powder experiencing its first year-over-year increase since November 2021. However, future growth may face challenges due to increased competition from Europe, domestic sales taking up supply, and economic pressures in Latin America driving demand for cheaper alternatives. Despite these challenges, the first 10 months of 2022 set a new record for U.S. dairy exports with a value of $8.08 billion. Additionally, the October report also highlighted a slight increase in beef replacement heifers exports and a steady export volume of dairy embryos, though exports of alfalfa hay and other hay products experienced a decline.

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

Original content

U.S. dairy product exports stayed on a growth curve for a seventh consecutive month in October, according to a monthly market update from the U.S. Dairy Export Council (USDEC). Most product categories posted gains, including nonfat dry milk/skim milk powder (NFDM/SMP), which recorded its first year-over-year increase since November 2021. Based on data summarized in the most recent U.S. Dairy Exporter Blog: Value basis: Compared to a year earlier, the value of U.S. dairy exports rose 24% to $818.7 million in October, attributed to increased shipments of high-value cheese and butter as well as higher dairy prices in general. Through 10 months, the value of 2022 U.S. dairy exports stood at $8.08 billion, already an annual record, topping the 12-month total of $7.7 billion set in 2021. Volume basis: NFDM/SMP exports grew 11%, ending 11 straight months of year-over-year shortfalls. Fueling the gain were shipments to Mexico, up 37% and the second straight month of double-digit ...

Source: Progressivedairy