Some good news at last – but how significant?
In the last two weeks, we have seen some badly needed positive developments on global dairy markets.
First, we heard through GTIS that imports of dairy products into China had increased by an overall 51% in volume, and 25% in value in January 2016 compared to January 2015. The massive import volume increases affected all products, with butter up 83% albeit on relatively low volume, but WMP up 52.3% to over 120,000t. Even infant formula imports, which had held up very well in the last two year had risen 38.9% to 17,000t. SMP imports were up a very impressive 43.2% to 33,500t and whey powder a massive 53.2% to 44,000t. From low levels, cheese imports were reported up almost 66% to nearly 10,000t. Value increases were slightly less, reflecting reduced unit prices, but were impressive nonetheless. See table below.