EU dairy exports increase, together with imports and stocks

In December 2025, overall EU dairy exports increased strongly, rising by 16.32%, equivalent to approximately 406 million kilo of liquid milk equivalent (LME). This represents robust year-on-year growth in total export volumes and underscores the competitive pricing position of the EU in global markets. December was the strongest month for dairy exports in 2025.Despite the overall increase, several product groups recorded negative performances. Exports of milk protein concentrate (MPC) and lactose declined, reflecting a less competitive market environment for these products. EU Exports December Product 2024 2025 ∆ ∆% SMP 52,883 68,119 15,236 28.81% WMP 15,122 19,015 3,893 25.74% Whey 59,285 64,609 5,324 8.98% Products of Natural milk constituents n.e.s. 7,464 9,010 1,546 20.71% WPC80/WPI's 4,853 7,925 3,072 63.30% Casein 6,352 6,454 102 1.61% Caseinates 1,943 2,139 196 10.09% MPC 2,747 2,440 -307 -11.18% Lactose 22,873 19,246 -3,627 -15.86% FFMP 28,743 39,616 10,873 37.83% I/F 37,660 39,964 2,304 6.12% Cheese 114,652 134,835 20,183 17.60% Butter 16,535 20,644 4,109 24.85% AMF 1,620 2,665 1,045 64.51% Cream 17,114 17,509 395 2.31% Yoghurt 24,662 27,196 2,534 10.27% Fermented milk 17,817 21,203 3,386 19.00% Condensed 24,976 25,669 693 2.77% Milk 57,972 73,970 15,998 27.60% By the end of December 2025, the year-to-date (YTD) export performance of the European Union showed a clear improvement compared with YTD November. Export volumes shifted from -0.56% in November to +1.68% in December, equivalent to an increase of 536 million kilo of LME compared with the same period last year. EU Exports YTD December Product YTD 2024 YTD 2025 ∆ ∆% SMP 716,189 799,586 83,397 11.64% WMP 208,569 176,882 -31,687 -15.19% Whey 741,760 754,664 12,904 1.74% Products of Natural milk constituents n.e.s. 105,494 98,950 -6,544 -6.20% WPC80/WPI's 55,607 55,702 95 0.17% Casein 58,835 69,401 10,566 17.96% Caseinates 25,863 22,399 -3,464 -13.39% MPC 26,327 27,907 1,580 6.00% Lactose 263,400 239,232 -24,168 -9.18% FFMP 390,224 415,208 24,984 6.40% I/F 481,262 469,480 -11,782 -2.45% Cheese 1,386,065 1,422,574 36,509 2.63% Butter 241,136 244,923 3,787 1.57% AMF 26,706 24,549 -2,157 -8.08% Cream 265,461 231,827 -33,634 -12.67% Yoghurt 329,649 357,728 28,079 8.52% Fermented milk 211,291 237,374 26,083 12.34% Condensed 319,330 290,903 -28,427 -8.90% Milk 907,726 1,019,569 111,843 12.32% A key driver of this improvement has been the competitive price levels of several EU dairy commodities. However, persistently high butterfat prices earlier in the year reduced the competitiveness of European exports of butter-related products on the global market. As a result, buyers increasingly turned to alternative suppliers offering more favorable price levels.In December 2025, import volumes increased sharply, rising by +63.32%, equivalent to 174 million kilo of LME. The most significant growth was recorded in milk imports, which increased to 174,490 tons compared with 46,967 tons in December 2024. This marks a notable acceleration compared with November 2025, when imports rose by 49.85%, or 155 million kilo of LME. EU Imports December Product 2024 2025 ∆ ∆% SMP 3,323 3,066 -257 -7.73% WMP 456 37 -419 -91.89% Whey 3,513 3,984 471 13.41% WPC80/WPI's 2,518 2,261 -257 -10.21% Casein 513 669 156 30.41% Caseinates 44 83 39 88.64% MPC 809 1,217 408 50.43% Lactose 3,058 5,932 2,874 93.98% I/F 335 230 -105 -31.34% Cheese 15,190 16,549 1,359 8.95% Butter 1,326 1,432 106 7.99% AMF 1,472 1,805 333 22.62% Cream 2,420 3,397 977 40.37% Conc. Liq whey 2,084 3,260 1,176 56.43% Yoghurt 761 909 148 19.45% Fermented 1,832 4,242 2,410 131.55% Condensed 5,323 7,291 1,968 36.97% Milk 46,967 174,490 127,523 271.52% Almost all product categories contributed to the increase in imports, except for SMP, WMP, WPC80/WPI, and infant formula.On a YTD basis, import growth strengthened to 11.57% in December, representing an increase of approximately 440 million kilo of LME compared with the same period last year. EU Imports YTD December Product YTD 2024 YTD 2025 ∆ ∆% SMP 41,000 45,613 4,613 11.25% WMP 15,486 17,290 1,804 11.65% Whey 45,723 46,999 1,276 2.79% WPC80/WPI's 35,601 39,920 4,319 12.13% Casein 11,590 9,635 -1,955 -16.87% Caseinates 671 1,135 464 69.15% MPC 16,111 14,994 -1,117 -6.93% Lactose 45,571 35,451 -10,120 -22.21% I/F 3,910 4,256 346 8.85% Cheese 186,936 198,533 11,597 6.20% Butter 12,962 32,885 19,923 153.70% AMF 22,818 36,179 13,361 58.55% Cream 26,324 48,540 22,216 84.39% Conc. Liq whey 28,029 32,393 4,364 15.57% Yoghurt 12,015 12,177 162 1.35% Fermented 32,507 38,890 6,383 19.64% Condensed 42,661 58,100 15,439 36.19% Milk 759,685 782,095 22,410 2.95% Estimated theoretical stocks in LME within the European Union currently stand at approximately 3 billion kilo. This represents an increase of 35.58% since the beginning of the year and corresponds to 2.19% of YTD December milk production. The significant rise in stock levels is primarily attributable to increased milk production, while export growth did not keep pace with the expansion in supply. At the same time, imports have risen strongly, further contributing to the accumulation of stocks.