- 2023 was a rather peculiar year where reduced supply was met by weaker demand. Overall, global exports ended the year in line with 2022 levels as growth in cheese, SMP, WMP and lactose flows was offset by a contraction in the trade of butterfat, whey powder and casein(ates).
- EU exports managed a strong recovery after having fallen for 2 years, with all main product groups benefitting from this trend. Algeria and Saudi Arabia were the top markets supporting the export growth.
- New Zealand exports also performed better than in 2022, a combination of growing SMP, butter and cheese exports and more WMP being shipped to destinations outside China. After years of aggressive expansion, including a record year 2022, US shipments took a hit in 2023, reflecting stable milk flows and solid domestic commercial disappearance.
- On the import side, subdued Chinese and South-East Asian demand was offset by strong buying in Middle-East & North Africa, Mexico and Brazil, particularly in the first half of the year. Signs of improvement were noticeable in SE Asia during the second semester, led by Malaysia, Vietnam and Thailand.