2023 May Board Book

International

Despite US cheese prices losing their competitive edge, cheese exports held relatively steady in February, totaling 72.5 million pounds, down just 1% versus prior-year levels. Still, that was the lowest monthly volume since early 2022. Year-to-date exports reached 147.5 million pounds, 7% above the same period last year. Sales to Mexico rose 11% year-over-year while exports to South Korea declined 12% versus 2022. On the other side of the trade equation, US cheese imports remained strong in February at 28.4 million pounds, up 16% year-over-year. The US remained a net butterfat importer in February. Exports totaled 7.6 million pounds for the month, slightly higher than December and January, but 32% lower than February 2022 levels. Canada was still the primary buyer, with volumes totaling 3.9 million pounds, a 16% decline year-over-year. US butter imports, meanwhile, reached 8.7 million pounds, increasing 58% versus the year prior. US NDM/SMP exports were weak in February, at 139.0 million pounds, down 8% on the month and relatively even with the previous year. Still, year-to-date volumes totaled 289.4 million pounds, rising 7% versus the same period last year. Sales to Mexico jumped to 77.5 million pounds, a 43% increase year-over-year. But shipments to the China and the Philippines slowed, down 47% and 28%, respectively, compared to the year prior. Source: Ever.Ag Trade Trends (April 5, 2023)