Tridge summary
US dairy exports have experienced a strong start in 2023, with a 16% increase in volume and a 21% increase in value in January compared to the previous year. This growth is largely due to double-digit increases in cheese, skimmed milk powder, and whey. Despite challenges in high-fat milk product sales, the demand for skimmed milk powder is on the mend. Mexico's demand for US dairy products, especially cheese and skim milk powder, has surged, setting a new volume record in 2022. However, US dairy exports face challenges such as low-priced European cheese, uncertainties from China, and economic headwinds. Despite high protein whey prices in early 2022, US exports of WPC80+ have rebounded, showing four months of consecutive growth. This is in contrast to global trade, which contracted by 9% in 2022 due to higher prices.
Disclaimer:The above summary was generated by Tridge's proprietary AI model for informational purposes.
Original content
US dairy exports started strong in 2023, increasing 16% in volume in January year-over-year on a milk solids equivalent (MSE) basis (+25,026 tonnes swt MSE) and 21% in value (+$121.4 million). The main US product categories – cheese, skimmed milk powder and whey – grew double digits, even as sales of high-fat milk products, such as butter, anhydrous milk fat and whole milk powder, they had difficulties. Skimmed milk powder volumes continued to recover after being the only major product category to contract in 2022. In January, exports increased by 15% (+8,805 tonnes swt) year-on-year thanks to strong demand from Mexico. Whey – in all its forms, from permeate and sweet whey to WPC80 and WPI – continued to perform well (+12%, +4,351 tonnes swt for low protein varieties and +14%, +569 tonnes swt for WPC80+). Whey's success in the US has varied by geography: China has bought more low-protein varieties, while high-protein varieties have found eager buyers in a number of different ...
Source: Milkpoint
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