US dairy exports hit second all-time high

ZISK
Mar 3
1 min read

U.S. dairy exports finished the year at near-record volumes — up 4% year-over-year (YOY) on a milk solids equivalent (MSE). Last year’s volume was the second highest ever at 2.3 million metric tons (MT) MSE and valued at $9.6 billion. While the year started off slowly with U.S. dairy exports down 1.6% through the first five months, shipments exploded in the back half of the year, up 8% YOY between June and December. The tremendous growth in U.S. exports this past year can be largely attributed to two key drivers: rebounding global demand for dairy products, and U.S. price competitiveness.

Global demand for dairy products over the past few years has been somewhat challenged. From 2022 to 2024, global dairy trade was effectively flat (+0.4%). China, which had been driving growth, pulled back from the market at the same time that many countries around the world struggled with inflation. Fast forward to 2025 (specifically the back half of the year), and we see global trade rebounding significantly — up 3% for the year and up nearly 5% in just the last six months of 2025. What is particularly encouraging about this demand improvement is that it was driven by many countries and not only one or two key importers. Thankfully, global inflation continues to ease and economies around the world are in better shape, which is supporting global dairy trade.

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