Export of Liquid Milk in the U.S. Sees Modest Decline, Reaching $35M in June 2023
U.S. Fluid Milk Exports
In June 2023, fluid milk exports from the United States amounted to 11K tons, remaining relatively unchanged against the month before. Over the period under review, exports, however, continue to indicate a perceptible decline. The pace of growth was the most pronounced in March 2023 with an increase of 40% m-o-m.
In value terms, fluid milk exports dropped to $35M (IndexBox estimates) in June 2023. In general, exports, however, saw a mild slump. The growth pace was the most rapid in March 2023 with an increase of 33% against the previous month. As a result, the exports reached the peak of $45M. From April 2023 to June 2023, the growth of the exports failed to regain momentum.
Exports by Country
Canada (3.6K tons), Mexico (2.1K tons) and Taiwan (Chinese) (1.4K tons) were the main destinations of fluid milk exports from the United States, together comprising 66% of total exports. These countries were followed by the Dominican Republic, the Philippines and South Korea, which together accounted for a further 16%.
From June 2022 to June 2023, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by the Philippines (with a CAGR of +2.6%), while the other leaders experienced mixed trend patterns.
In value terms, Canada ($15M) remains the key foreign market for fluid milk exports from the United States, comprising 42% of total exports. The second position in the ranking was taken by Mexico ($6.2M), with an 18% share of total exports. It was followed by Taiwan (Chinese), with an 8.7% share.
From June 2022 to June 2023, the average monthly rate of growth in terms of value to Canada stood at -1.8%. Exports to the other major destinations recorded the following average monthly rates of exports growth: Mexico (+0.1% per month) and Taiwan (Chinese) (-5.8% per month).
Export Prices by Country
In June 2023, the fluid milk price stood at $3,260 per ton (FOB, US), which is down by -6.9% against the previous month. In general, the export price, however, recorded a relatively flat trend pattern. The pace of growth was the most pronounced in September 2022 when the average export price increased by 10% against the previous month. Over the period under review, the average export prices hit record highs at $3,541 per ton in February 2023; however, from March 2023 to June 2023, the export prices remained at a lower figure.
Prices varied noticeably by the country of destination: the country with the highest price was South Korea ($4,640 per ton), while the average price for exports to the Dominican Republic ($856 per ton) was amongst the lowest.
From June 2022 to June 2023, the most notable rate of growth in terms of prices was recorded for supplies to South Korea (+12.1%), while the prices for the other major destinations experienced more modest paces of growth.