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Dairy exports have taken a step back

Updated: Nov 16, 2023




The previous two years marked a golden era for U.S. dairy exports. For seven consecutive quarters ending in the fourth quarter of last year, the export value of U.S. dairy products beat year-ago levels by 20% or more.


Some of those gains have been given back in recent months. While many factors have contributed to the difficult financial situation for dairy producers in 2023, the decline in export value has played a significant role. While markets in Canada and Mexico have held to near-record levels, shipments to other areas of the world have suffered steep dropoffs.


The top markets for U.S. dairy exports since 2020 have included Mexico (25% of total export value); Canada (12%); China (8%); Philippines (6%); and South Korea, Japan, and Indonesia (5% each). These seven markets have accounted for nearly two-thirds of our total export value.


Scott Brown

Nov. 10, 2023

hoards.com

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