China’s slowing economy is not helping global dairy prices. The country’s second quarter GDP grew 6.3% compared to the same quarter last year, smaller than what analysts expected. Last year GDP grew only by 0.4%, the second smallest growth rate in the past 10 years.
Market watchers say China has been importing few dairy products which is driven in part by its faltering economy. They add that there are other economic issues that suggest trouble is brewing for Beijing and shrinking demand for dairy could temper global dairy prices for some time to come. Year-to-date through June, China’s whole milk powder imports stand at 610 million lbs., down 45% compared to the same period last year.
Ag Day TV
August 1, 2023
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