Global Milk Production Update – Apr ’18
Combined milk production within the major dairy exporting regions of New Zealand, the EU-28, the U.S., Australia and Argentina finished higher on a YOY basis for the 12th consecutive month during Feb ’18, increasing by 2.5%. The aforementioned regions combined to account for over 90% of global butter, cheese, whole milk powder and nonfat dry milk export volumes throughout 2017. Combined milk production within the major dairy exporting regions declined on a YOY basis over nine consecutive months through Feb ’17, prior to finishing higher throughout the past 12 months. The Feb ’18 YOY increase in combined milk production within the major dairy exporting regions declined from the previous month but remained above 12-month rolling average figures. Of the top five exporting regions, YOY increases in milk production on a percentage basis were led by Argentina (+13.6%), followed by the EU-28 (+2.9%), Australia (+2.4%) and the U.S. (+1.8%). Production declined within New Zealand (-2.3%) throughout the month. The EU-28 produces significantly more milk than the other dairy exporting regions, accounting for over half of the combined production within the five exporting regions throughout the month. Excluding the U.S., milk production within the major dairy exporting regions increased by 2.8% throughout the month of February, finishing above the growth rate exhibited within the U.S. for the ninth consecutive month. The EU-28 accounted for nearly two thirds of the total YOY increase in milk production experienced throughout the major dairy exporting regions during Feb ’18, despite growth experienced throughout Argentina, Australia and the U.S.