February 14, 2024: Dairy Week in Review

The latest data shows that US total annual dairy export volumes were down 7 percent in 2023 to 2.240 million metric tons in milk solid equivalents. US Dairy Export Council attributed the decline to a soft demand and increased competition from other dairy exporters. The total dollar value of dairy exports was down 16 percent year-over-year to $8.105 billion in 2023. Despite the drop from a year ago, the total value is still the second largest value on record. The top four dairy products exported in 2023, based on total volume, included skim milk and nonfat milk powders (SMP/NFDM), dry whey products, cheese, and lactose. Of those top dairy exports, only lactose increased in total volume sold, up 5 percent. Whey shipments were down 17 percent, while both SMP/ NFDM and cheese shipments were down 3 percent. Butterfat exports were down 55 percent from a year ago, while whole milk powder exports were down 33 percent.

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