Source: China Customs
Chinese imports of WMP in June were over 40,000 tonnes, 120% more than June last year. For the first half of this year, WMP imports stand at more than 500,000 tonnes. In 2013, a total of about 620,000 tonnes of WMP was imported.
Compared to May, imports in June were lower. This is in line with the seasonal decline typically seen in the middle of the year, due in part to exporters making the most of the China-New Zealand Free Trade Agreement quota, Chinese festivities early in the year, and the domestic milk production curve.
The USDA forecasts Chinese WMP imports to reach 1 million tonnes for the full year, which is more than 60% larger than in 2013. The USDA figure appears very optimistic but it is widely expected for imports to at least match 2013 volumes or to show some growth in 2014.