• World dairy product prices are forecast to decline in 2014–15 but to remain
favourable compared with historical averages.
• Milk production in the main dairy exporting countries is forecast to increase
in 2014–15 in response to favourable farmgate prices, improved milk yields
and small expansions in dairy herds.
• Increased imports of dairy products are expected in 2014–15, particularly in
Asia and North Africa, supported by strengthening economic growth.
• In Australia, milk production is forecast to increase in 2014–15.
