New Zealand's Milk Powder Exports Surge to $9.7 Billion
Source: The DairyNews
Milk powder has emerged as New Zealand's most significant single commodity export, representing 14% of the country's total overseas receipts for the year ending April. According to Stats NZ, New Zealand exported $9.7 billion worth of milk powder during this period, marking a significant increase since April 2008.
Over the past 16 years, the value of milk powder exports has soared by 109%, while quantities have risen by 112%. China has become the primary market for these exports, purchasing nearly $3 billion worth of milk powder, which constitutes 30% of New Zealand's total milk powder exports for the year ended April 2024. This surge in exports to China followed the free trade agreement signed in 2008, with exports increasing by 987% in value and 1004% in quantity compared to 2008.
Algeria and Indonesia were the second and third largest markets, with purchases of $975 million and $654 million respectively. Other significant importing countries included the United Arab Emirates, Malaysia, and Thailand, highlighting New Zealand's broad global reach in milk powder trade to over 100 countries.
Despite a general downturn in exports of all merchandised products to China and Australia in April, New Zealand saw increases in exports to the United States, European Union, and Japan, underscoring a diversified export market.
Algeria and Indonesia were the second and third largest markets, with purchases of $975 million and $654 million respectively. Other significant importing countries included the United Arab Emirates, Malaysia, and Thailand, highlighting New Zealand's broad global reach in milk powder trade to over 100 countries.
Despite a general downturn in exports of all merchandised products to China and Australia in April, New Zealand saw increases in exports to the United States, European Union, and Japan, underscoring a diversified export market.
