2023 September Board Book

International

US total cheese exports showed improvement in June, reaching 79 million pounds, up 8% month-over-month. Still, outbound shipments declined 19% year-over-year, and first half sales dipped 7% below prior-year levels. Exports of American-type cheese — which includes cheddar — decreased 37% year-over-year in June, while shipments of other types declined 12%. Total exports to South Korea softened significantly for the month, dropping roughly 67%, or more than 10 million pounds on the year. Shipments to Mexico, on the other hand, rose nearly 11% compared to 2022. Still-high prices continued to cut into butter exports in June. Outbound shipments for the month reached 5 million pounds, down 18% from May and -60% year-over-year. Meanwhile, imports decreased to 6 million pounds, down 45% on the month and -23% versus last year, though the US remains a net butter importer. Outbound shipments of NDM/SMP totaled 152 million pounds in June, down 13% month over-month, but up 2% on the year. That brought year-to-date shipments down 1% compared to last year’s levels. Exports to Mexico were robust, rising 47% year-over-year. But shipments to China and Southeast Asia tumbled 80% and 15%, respectively, versus 2022. Source: Ever.Ag Trade Trends (August 8, 2023)