Executive Summary Chinese dairy import figures provided by IHS Markit were recently updated with values spanning through May ’20. Highlights from the updated report include:

• Chinese dairy import volumes increased on a YOY basis for the 18^th time in the past 20 months during May ’20, finishing up 4.3% and reaching a record high seasonal level.
• Chinese whole milk powder import volumes increased 13.1% on a YOY basis throughout May ’20, reaching a six year seasonal high level, however Chinese skim milk powder imports declined 12.7% YOY. Chinese dairy imports excluding whole milk powder and skim milk powder increased 4.7% on a YOY basis throughout the month of May.
• The market share of Chinese dairy imports originating from within the U.S. increased most significantly from the previous year throughout May ’20, while the market share of Chinese dairy imports originating from within New Zealand, the EU-28 and Australia finished below previous year levels.

Additional Report Details According to IHS Markit, May ’20 total Chinese dairy import volumes remained higher on a YOY basis for the 18^th time in the past 20 months, finishing up 4.3% and reaching a record high seasonal level for the month of May. 2019 annual Chinese dairy import volumes increased 13.7% on a YOY basis, reaching a record high level, while 2020 YTD import volumes have increased by an additional 2.0% throughout the first five months of the calendar year. Chinese whole milk powder (WMP) import volumes increased 13.1% on a YOY basis throughout May ’20, reaching a six year high seasonal level, however Chinese skim milk powder (SMP) import volumes declined 12.7% on a YOY basis throughout the month. Despite declining on a YOY basis, May ’20 Chinese SMP import volumes remained at the second highest seasonal level on record. May ’20 Chinese dairy imports excluding WMP and SMP increased 4.7% YOY throughout the month, also finishing at the second highest seasonal level on record. The YOY increase in Chinese dairy imports excluding WMP and SMP was the tenth experienced throughout the past 11 months. The market share of Chinese dairy import volumes originating from within the United States increased most significantly on a YOY basis throughout the month of May, while the market share of imports originating from within New Zealand, the EU-28 and Australia finished most significantly below previous year volumes. Chinese dairy import volumes originating from within New Zealand and the EU-28 continued to account for over three quarters of all Chinese import volumes experienced throughout May ’20, however. The U.S. market share of Chinese dairy import volumes increased to 9.7%, up from the 4.9% market share experienced during May of 2019. May ’20 Total Chinese Dairy Import Volumes Declined Seasonally From the Previous Month May ’20 Chinese Dairy Import Volumes Declined 10.5% MOM but Finished up 4.3% YOY May ’20 Total Chinese Dairy Imports Reached a Record High Seasonal Level May ’20 Chinese WMP Import Volumes Declined 34.9% MOM but Finished up 13.1% YOY May ’20 Chinese WMP Imports Reached a Six Year High Seasonal Level May ’20 Chinese SMP Import Volumes Declined 21.3% MOM and 12.7% YOY May ’20 Chinese SMP Imports Remained at the Second Highest Seasonal Level on Record May ’20 Chinese Dairy Imports Excluding WMP & SMP Increased 2.9% MOM and 4.7% YOY May ’20 Chinese Dairy ‘Other’ Imports Finished at the Second Highest Seasonal Level NZ & the EU-28 Combined to Account for 76% of All May ’20 Chinese Dairy Import Volumes May ’20 New Zealand & EU-28 Shares of Total Chinese Dairy Imports Finished Lower YOY May ’20 U.S. Share of Total Chinese Dairy Imports Increased Most Significantly YOY Chinese Dairy Imports From the EU-28 and NZ up Most Significantly Over the Past 12 Months