U.S. dairy exports posted their strongest month of growth in a year and a half in July, climbing 9.6 percent year-over-year in milk-solids-equivalent terms. In contrast to prior months, where cheese and high-protein-whey products were the only products posting significant growth, gains were made across multiple categories in July. In particular, reduced-protein whey has become the star of the show after lagging throughout 2023, gaining 27 percent in July and marking the fourth-consecutive month of growth. Not to be outdone, despite declines in production, nonfat-dry-milk and skim-milk products surprise by increasing 11 percent for the month. Cheese and high-protein whey also maintained momentum, growing 10 percent and 23 percent, respectively.
July’s strong export growth is a welcome signal after an up-and-down first half of the year. But weaker comparisons certainly played a part in explaining why July’s figures were particularly robust. July 2023 was the weakest month of the year in that year with whey figures for the month being the worst since October 2019, when U.S. exports to China were still subject to retaliatory tariffs and the country was still suffering from the worst of the African swine fever outbreak. As such, the 10 percent gain in July appears slightly less impressive upon closer examination.
U.S. Dairy Export Council
Oct 2, 2024
Comments