U.S. Dairy Exports Surge in July
Source: DairyNews.today
The U.S. dairy export market showed significant growth in July 2024, posting its strongest performance in 18 months with a 9.6% year-over-year increase in milk solids equivalent (MSE) terms, USDEC reported.
This surge follows a modest and uneven first half of the year, indicating a recovery driven by a broad array of dairy products.
Unlike previous months, where only cheese and high-protein whey saw notable increases, July's export growth was more diversified. Low-protein whey emerged as the standout performer, experiencing a 27% growth (+8,864 MT), marking its fourth consecutive month of expansion after a sluggish 2023. Nonfat dry milk (NFDM)/skim milk powder (SMP) also delivered an unexpected 11% rise (+7,075 MT), despite a downturn in production. Cheese exports continued their upward trajectory with a 10% increase (+3,516 MT), while high-protein whey products maintained strong momentum, growing 23% (+1,310 MT).
The sharp increase in July is notable, though weaker comparisons to 2023 partially explain the strong performance. July 2023 was the weakest month for U.S. dairy exports, with whey volumes at their lowest since October 2019, when trade tensions with China and the impact of African Swine Fever constrained the market. Despite this context, the double-digit growth in July 2024 reflects a broader recovery and sustained demand across key markets.
Particularly encouraging is the ongoing expansion of low-protein whey exports, which have grown for four consecutive months to China and in 10 of the past 11 months to Southeast Asia. Additionally, cheese sales to Mexico saw impressive growth, surging 45% (+5,451 MT), despite challenges posed by a weakened peso. High-protein whey (WPC80+) continues to perform well, gaining traction in both established and emerging protein markets.
Overall, the U.S. dairy export market remains resilient in the face of global economic challenges, with key categories such as cheese and whey proteins driving growth across multiple regions. The outlook for the remainder of 2024 is cautiously optimistic, with further expansion anticipated in several high-demand markets.
Unlike previous months, where only cheese and high-protein whey saw notable increases, July's export growth was more diversified. Low-protein whey emerged as the standout performer, experiencing a 27% growth (+8,864 MT), marking its fourth consecutive month of expansion after a sluggish 2023. Nonfat dry milk (NFDM)/skim milk powder (SMP) also delivered an unexpected 11% rise (+7,075 MT), despite a downturn in production. Cheese exports continued their upward trajectory with a 10% increase (+3,516 MT), while high-protein whey products maintained strong momentum, growing 23% (+1,310 MT).
The sharp increase in July is notable, though weaker comparisons to 2023 partially explain the strong performance. July 2023 was the weakest month for U.S. dairy exports, with whey volumes at their lowest since October 2019, when trade tensions with China and the impact of African Swine Fever constrained the market. Despite this context, the double-digit growth in July 2024 reflects a broader recovery and sustained demand across key markets.
Particularly encouraging is the ongoing expansion of low-protein whey exports, which have grown for four consecutive months to China and in 10 of the past 11 months to Southeast Asia. Additionally, cheese sales to Mexico saw impressive growth, surging 45% (+5,451 MT), despite challenges posed by a weakened peso. High-protein whey (WPC80+) continues to perform well, gaining traction in both established and emerging protein markets.
Overall, the U.S. dairy export market remains resilient in the face of global economic challenges, with key categories such as cheese and whey proteins driving growth across multiple regions. The outlook for the remainder of 2024 is cautiously optimistic, with further expansion anticipated in several high-demand markets.
23.09.2024
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I have been thinking to make this post yes/ no. I decided for yes and like to ask everyone to not "shoot the messenger". The chart shows an analysis of IFCN Dairy Research Network from the 2024 supporter conference in Poland.
