New Zealand’s dairy exports and imports expand in December

The sixth month of the 2025/26 milk season recorded a notable increase in milk production, rising by 2.45%, or approximately 65 million kilo. This follows a similar 2.40% gain in November. Year-to-date through December, production is up 1.85%, equivalent to an additional 398 million kilo.Export performance was mixed across product categories. Most products posted year-on-year increases, although butter milk powder (BMP), whey, acid casein, infant formula (I/F), and condensed milk all declined. Cheese exports strengthened significantly, suggesting renewed upward momentum. After growing by 5.96% in October and slowing to 2.19% in November, December exports accelerated sharply, rising 10.03%.Overall, December dairy exports rose by 5.62%, or 124 million kilo in liquid milk equivalent (LME), reversing the decline seen in November, when exports fell by 7.96%, or roughly 173 million kilo LME. New Zealand exports December Product Dec. '24 Dec. '25 ∆ ∆% WMP 150,692 159,747 9,055 6.01% SMP 52,532 52,551 19 0.04% BMP 3,796 2,548 -1,248 -32.88% Whey 1,065 986 -79 -7.42% Acid casein 3,059 2,595 -464 -15.17% Rennet Casein 822 1,812 990 120.44% Caseinates 2,081 3,180 1,099 52.81% WPI/WPC > 80% 2,110 2,230 120 5.69% Lactose 1,682 2,925 1,243 73.90% Infant Formula 9,070 5,776 -3,294 -36.32% Butter 32,487 37,299 4,812 14.81% AMF 17,797 17,858 61 0.34% Cheese 37,399 41,149 3,750 10.03% Milk 19,372 24,520 5,148 26.57% Condensed 2,124 1,332 -792 -37.29% Cream 15,583 20,548 4,965 31.86% Year-to-date results through December broadly reflect the patterns observed in December alone. Milk powder categories continue to experience downward pressure, while fat-based products have shown strong upward momentum. As of December, year-to-date export volumes stand at +0.35%, representing an increase of approximately 72 million kilo LME. This indicates modest but steady growth despite weakness in several powder segments. New Zealand exports Year To Date December 2025 Product YTD Dec. '24 YTD Dec. '25 ∆ ∆% WMP 1,372,812 1,335,497 -37,315 -2.72% SMP 441,341 412,430 -28,911 -6.55% BMP 40,655 31,327 -9,328 -22.94% Whey 17,628 12,774 -4,854 -27.54% Acid casein 38,140 38,402 262 0.69% Rennet Casein 15,284 20,545 5,261 34.42% Caseinates 31,177 35,774 4,597 14.74% WPI/WPC > 80% 26,135 22,887 -3,248 -12.43% Lactose 25,779 30,862 5,083 19.72% Infant Formula 95,708 96,080 372 0.39% Butter 257,664 283,606 25,942 10.07% AMF 169,662 189,240 19,578 11.54% Cheese 374,304 420,300 45,996 12.29% Milk 240,072 235,139 -4,933 -2.05% Condensed 18,632 13,821 -4,811 -25.82% Cream 185,747 214,807 29,060 15.64% On the import side, December volumes increased across all product categories, with particularly strong gains in cheese and lactose. Annual imports of these products rose from 2.61% growth in November to 3.99% in December, equivalent to an increase of 35 million kilo LME. New Zealand imports Year to date December 2025 Product YTD Dec. '24 YTD Dec. '25 ∆ ∆% Whey 0404.10 8,888 9,746 858 9.65% Cheese 0406 9,432 11,203 1,771 18.78% Lactose 1702.11 & 19 100,641 103,295 2,654 2.64% Year-to-date through December, theoretical stocks have risen substantially, from 1.21 billion kilo LME at the start of the year to 1.57 billion kilo LME. This represents an increase of 29.94% since the beginning of the year. Stocks now amount to 9.14% of New Zealand’s year-to-date milk production through December 2025, which is relatively high and partly reflects both increased milk output and higher import volumes.