New Zealand dairy exports recover in March amid a higher milk output

March, the ninth month of the 2025/26 milk season, recorded a significant increase in milk production of 9.76%, equivalent to an additional 172 million kilo of milk. This follows a rise of 6.01%, or 112 million kilo, in February 2026. Year-to-date (YTD) March production is up 5.50%, or 331 million kilos.After two months of decline, most products recorded growth in March. However, whey, acid casein, cheese, milk, and condensed milk all declined. Total exports in March increased by 20.29%, or 381 million kilo in liquid milk equivalent (LME), compared to 2025. This marks a recovery from February, when exports fell by 0.70%, or 14 million kilo LME. New Zealand dairy exports - March (tons) Product 2025 2026 ∆ ∆% WMP 122,849 162,140 39,291 31.98% SMP 39,752 50,342 10,590 26.64% BMP 2,804 3,197 393 14.02% Whey 2,010 1,778 -232 -11.54% Acid casein 2,461 2,280 -181 -7.35% Rennet Casein 1,390 2,035 645 46.40% Caseinates 2,129 2,253 124 5.82% WPI/WPC > 80% 2,200 2,438 238 10.82% Lactose 1,874 2,371 497 26.52% Infant Formula 7,232 8,241 1,009 13.95% Butter 25,987 28,241 2,254 8.67% AMF 16,799 18,164 1,365 8.13% Cheese 40,184 34,482 -5,702 -14.19% Milk 20,635 17,862 -2,773 -13.44% Condensed 1,961 1,259 -702 -35.80% Cream 19,211 22,386 3,175 16.53% The cumulative results through March reflect a notable contrast with monthly developments. While March showed broad-based growth, YTD figures indicate continued declines in several product categories, including skimmed milk powder (SMP), buttermilk powder (BMP), acid casein, caseinates, infant formula (I/F), cheese, and liquid milk. As of March, total export volumes YTD increased by 3.55%, equivalent to 215 million kilo LME. New Zealand dairy exports - YTD March (tons) Product 2025 2026 ∆ ∆% WMP 397,637 435,854 38,217 9.61% SMP 143,207 137,194 -6,013 -4.20% BMP 9,653 8,232 -1,421 -14.72% Whey 4,029 4,298 269 6.68% Acid casein 9,200 7,593 -1,607 -17.47% Rennet Casein 5,333 5,822 489 9.17% Caseinates 8,410 6,568 -1,842 -21.90% WPI/WPC > 80% 6,346 6,931 585 9.22% Lactose 6,880 7,016 136 1.98% Infant Formula 24,586 20,309 -4,277 -17.40% Butter 81,898 82,625 727 0.89% AMF 48,203 50,140 1,937 4.02% Cheese 116,697 111,643 -5,054 -4.33% Milk 53,862 43,457 -10,405 -19.32% Condensed 7,309 13,821 6,512 89.10% Cream 54,278 67,350 13,072 24.08% Imports increased on a YTD basis for all products except lactose, with particularly strong growth in absolute volumes of whey and cheese. Total imports of these products rose by 6.25% YTD March, equivalent to an increase of 15 million kilo LME, down from 10.01% in February. New Zealand dairy imports - YTD March (tons) Product 2025 2026 ∆ ∆% Whey 0404.10 1,484 3,077 1,593 107.35% Cheese 0406 2,438 3,422 984 40.36% Lactose 1702.11 & 19 27,580 27,338 -242 -0.88% By the end of March, theoretical stocks had increased from 1.57 billion kilo LME at the start of the year to 1.70 billion kilo LME, representing a rise of 9.34%. This corresponds to 26.76% of New Zealand’s milk production YTD March 2026. Stock levels are relatively high, primarily driven by increased milk production and higher import volumes, combined with weaker export performance.