Skim milk powder exports were 9% less in November 2014 compared with the same month in the previous year. Anhydrous milkfat (AMF) exports were up 2% but this was more than offset by a 28% fall in butter exports.
Both cheese and whey product exports increased in November up 7% and 25% respectively. This year returns from cheese are a lot more favourable relative to other product streams, than was the case a year ago.
Whether this strong buying from other nations will be sustained into 2015 really depends on the degree to which in-market stocks build in the coming months. If there is a corresponding increase in consumer demand then imports are likely to continue at elevated levels while prices remain weak.