IndexBox has just published a new report: ‘New Zealand – Dried Milk – Market Analysis, Forecast, Size, Trends and Insights’. Here is a summary of the report’s key findings.
In physical terms, powdered milk exports from New Zealand remain stable. In value terms, exports rose by +3.5% y-o-y to $5.8B in 2020. China was the largest importer of New Zealand’s powdered milk, accounting for a 41% share of its total exports. The United Arab Emirates and Sri Lanka followed distantly, with a combined 9.5%-share of the New Zealand’s export volume. In 2020, Chinese purchases grew by +2.2% y-o-y. The average export price for powdered milk from New Zealand jumped by +4.8% compared to the figures of the previous year.
Powdered Milk Exports from New Zealand
In 2020, the volume of powdered milk exported from New Zealand stood at 1.9M tonnes, flattening at the year before. In value terms, powdered milk exports expanded slightly by +3.5% y-o-y to $5.8B (IndexBox estimates) in 2020.
China (781K tonnes) was the main destination for powdered milk exports from New Zealand, with a 41% share of total exports. Moreover, powdered milk exports to China exceeded the volume sent to the second major destination, the United Arab Emirates (93K tonnes), eightfold. Sri Lanka (87K tonnes) ranked third in terms of total exports with a 4.6% share.
In 2020, Chinese purchases rose by +2.2% y-o-y. Exports to the other major destinations recorded the following average annual rates of exports growth: the United Arab Emirates (-1.6% per year) and Sri Lanka (+1.3% per year).
In value terms, China ($2.3B) remains the key foreign market for powdered milk exports from New Zealand, comprising 40% of total exports. The second position in the ranking was occupied by the United Arab Emirates ($287M), with a 4.9% share of total exports. It was followed by Sri Lanka, with a 4.7% share.
The average export price for powdered milk from New Zealand stood at $3,094 per tonne in 2020, picking up by +4.8% against the previous year. Average prices varied noticeably for the major export markets. In 2020, the countries with the highest prices were Malaysia ($3,478 per tonne) and Australia ($3,427 per tonne), while the average price for exports to Singapore ($2,904 per tonne) and Indonesia ($2,968 per tonne) were amongst the lowest. In 2020, the most notable rate of growth in terms of prices was recorded for supplies to Thailand, while the prices for the other major destinations experienced more modest paces of growth.
Source: IndexBox Platform