U.S. Dairy Exports Update – Apr ‘14
According to USDA, February ’14 U.S. dairy export volumes continue to rise as exports of cheese, NFDM/SMP, and dry whey exceeded January ’14 values on a daily average basis. U.S. exports of butterfat, cheese, dry whey, and NFDM/SMP all posted YOY gains in exports volumes and export volumes as a percentage of production. Cheese exports experienced the largest February ’14 YOY gain (21.2 million lbs), followed by butterfat (9.5 million lbs), dry whey (6.2 million pounds), and NFDM/SMP (2.2 million pounds). As shown in the chart below, the total value of all U.S. dairy exports reached a record high in February ’14 on a daily average basis. February ’14 U.S. cheese exports of 68.9 million lbs were 44% greater than a year ago and the most ever on a daily average basis. Shipments to Mexico, Japan, and South Korea, accounting for over half of the total U.S. cheese exports in February ‘14, increased a combined 48% YOY. February ’14 U.S. NFDM/SMP exports slowed considerably from the volumes shipped in the second half of the ’12-’13 production season, but increased slightly YOY to 79.7 million lbs. February ’14 NFDM/SMP exports were 16% lower than the Feb ’13 – Jan ’14 average NFDM/SMP exports of 101.7 million lbs when normalized to a 30 day month. According to the U.S. Dairy Export Council (USDEC), U.S. exports on a total milk solids basis were equivalent to 15.5% of U.S. milk solids production in February ’14. Imports were equivalent to 2.9% of production. See the table below for a summary of key U.S. dairy product exports as a percentage of production in February ’14.