2024 May Board Book

International

US cheese exports to Mexico totaled 37 million pounds in February, up nearly 66% year-over-year and the highest volume for the month on record. That helped offset a dip in sales to South Korea, which declined to 10 million pounds, down 9% from prior-year levels. Healthy volumes across the southern border helped bolster total US outbound shipments to 96 million pounds, up 13% month over-month and +32% on the year to the largest monthly volume since June 2022. Year-to-date, total US cheese sales stand at 180 million pounds, a 22% gain versus the same period last year. Imports of cheese into the States also rose to 36 million pounds, up 17% from January and +28% versus 2023. Exports of NDM/SMP showed signs of improvement in February, reaching 149 million pounds, 15% higher on the month and +8% from the previous year. That took year-to-date shipments to 278 million pounds, down 4% versus 2023 (compared to -14% in January). Sales to Mexico and China eased to 67 million and 2 million pounds for the month, respectively, down 13% and -71% year-over-year. But exports to Southeast Asia rose to 43 million pounds, 48% higher, and shipments to South America increased to 10 million pounds, a gain of 66% from the same period last year.

Source: Ever.Ag Trade Trends (April 4, 2024)