2015 Projected Global Dairy Import Volumes – Oct ’15
According to USDA, despite dairy imports increasing within several major growth areas including Mexico, Japan, Indonesia, the Philippines and South Korea, estimated YOY declines in Chinese and Russian dairy imports throughout 2015 are expected to offset gains made in all other countries combined. In total, 2015 global dairy import volumes are expected to decline by 8.8% YOY, with declines led by China (-35.7%) and Russia (-19.7%). Chinese demand has been reduced throughout 2015 as excess stocks continue to be worked through while the Russian import ban on dairy products from the EU-28, U.S. and Australia has reduced import volumes since being implemented in Aug ’14. China and Russia continue to be the two largest net importers of dairy products, combining to account for 37% of total net dairy imports throughout 2015. This figure was down from a total of 48% of global net dairy imports during the previous year, however. Net dairy imports destined to China and Russia had been gaining market share prior to the declines experienced over the past year.