2025 May Board Book

International

Even with one less day in February to move product, US cheese exports marked yet another gain in volume. With 99 million pounds shipped, February exports topped prior year levels by 4%. Accounting for last year’s extra day, average daily shipments increased by more than 7% year-over-year. What’s notable in the month’s data, however, is the slump in shipments to Mexico. Volume to the region dropped to 33million pounds in February, up 5 million pounds from January levels but still 9% (3 million pounds) shy of last February. Sales into what we’ll call a major cheese export battleground region jumped up by double-digit levels. Sales into South Korea rose to 14 million pounds, a 45% gain from the prior year—the most since March 2024. Exports to Japan, however, softened some, falling to 7 million pounds, a 30% decline from the year before. Volume into Australia also ticked up to 7 million pounds, up 21% from 2024 levels. US NDM+SMP sales fell year-over-year for the fifth consecutive month, with sales totaling 107 million pounds, down 28% from 2024. Volume to Mexico took a hit, but a drop in sales to Southeast Asia delivered a bigger blow, with 24 million pounds shipped, down 54% (-29 million pounds) from 2024. Source: Ever.Ag Trade Trends (April 3, 2025)