Global Milk Production Update – Feb ’17
Combined milk production within the major dairy exporting regions of New Zealand, the EU-28, the U.S., Australia and Argentina remained lower on a YOY basis during Dec ’16, declining by 2.0%. The aforementioned regions combined to account for over 90% of global butter, cheese, whole milk powder and nonfat dry milk export volumes throughout 2016.
Combined milk production within the major dairy exporting regions has declined on a YOY basis over seven consecutive months through December, however the Dec ’16 YOY decline was the smallest experienced throughout the past four months on a percentage basis. Production increased by 2.0% throughout the 12 month period prior to the most recent YOY declines, driven higher by a 3.8% YOY increase in EU-28 milk production experienced throughout the first year within the post-quota production environment.
Of the top five exporting regions, the U.S. was the only region to experience a YOY increase in milk production during Dec ’16 as production volumes finished up 2.2%. Declines on a percentage basis were led by Argentina (-19.3%), followed by Australia (-4.1%), the EU-28 (-3.0%) and New Zealand (-2.7%). The EU-28 produces significantly more milk than the other dairy exporting regions, accounting for nearly half of the combined production within the five exporting regions throughout the month.
Excluding the U.S., milk production within the major dairy exporting regions declined by 3.9% throughout the month of December. The YOY decline in production within the EU-28, New Zealand, Australia and Argentina was the seventh experienced in a row but the smallest experienced throughout the past four months.
Combined milk production within the major dairy exporting regions has declined on a YOY basis over seven consecutive months through December, however the Dec ’16 YOY decline was the smallest experienced throughout the past four months on a percentage basis. Production increased by 2.0% throughout the 12 month period prior to the most recent YOY declines, driven higher by a 3.8% YOY increase in EU-28 milk production experienced throughout the first year within the post-quota production environment.
Of the top five exporting regions, the U.S. was the only region to experience a YOY increase in milk production during Dec ’16 as production volumes finished up 2.2%. Declines on a percentage basis were led by Argentina (-19.3%), followed by Australia (-4.1%), the EU-28 (-3.0%) and New Zealand (-2.7%). The EU-28 produces significantly more milk than the other dairy exporting regions, accounting for nearly half of the combined production within the five exporting regions throughout the month.
Excluding the U.S., milk production within the major dairy exporting regions declined by 3.9% throughout the month of December. The YOY decline in production within the EU-28, New Zealand, Australia and Argentina was the seventh experienced in a row but the smallest experienced throughout the past four months.