EU dairy trade gains momentum in February amid growing stocks

In February 2026, overall EU dairy exports increased significantly, rising by +6.30%, equivalent to approximately +129 million kilo of liquid milk equivalent (LME). This represents strong growth compared with January figures, which showed an increase of +2.92%, or +74 million kilo LME.Only four commodity categories recorded a decline in export volumes during February: whole milk powder (WMP), cream, yoghurt, and condensed milk. EU dairy exports - February Product 2025 2026 ∆ ∆% SMP 57,288 66,357 9,069 15.83% WMP 15,866 12,409 -3,457 -21.79% Whey 53,020 55,744 2,724 5.14% Products of Natural milk constituents n.e.s. 8,122 8,869 747 9.20% WPC80/WPI's 4,595 4,667 72 1.57% Casein 3,974 4,800 826 20.79% Caseinates 1,753 1,836 83 4.73% MPC N.P. Lactose 17,308 18,049 741 4.28% FFMP N.P. I/F N.P. Cheese 107,694 110,261 2,567 2.38% Butter 16,540 21,874 5,334 32.25% AMF 1,742 2,325 583 33.47% Cream 19,434 19,132 -302 -1.55% Yoghurt 27,363 20,630 -6,733 -24.61% Fermented milk 16,693 19,256 2,563 15.35% Condensed 25,418 22,876 -2,542 -10.00% Milk 53,961 62,749 8,788 16.29% At the time of writing, data for milk protein concentrate (MPC), fat-filled milk powder (FFMP), and infant formula (I/F) had not yet been published. The analysis will be updated once these figures become available.By the end of February 2026, the EU’s YTD export performance showed a clear improvement compared with January. Export volumes shifted from -2.92% in January to +4.68%, equivalent to approximately 197 million kilo LME compared with the same period last year. EU dairy exports - YTD February Product 2025 2026 ∆ ∆% SMP 119,666 134,249 14,583 12.19% WMP 31,944 28,874 -3,070 -9.61% Whey 111,175 113,376 2,201 1.98% Products of Natural milk constituents n.e.s. 16,509 17,196 687 4.16% WPC80/WPI's 8,854 9,336 482 5.44% Casein 8,254 9,373 1,119 13.56% Caseinates 2,825 3,180 355 12.57% MPC N.P. Lactose 38,616 38,183 -433 -1.12% FFMP N.P. I/F N.P. Cheese 218,026 220,335 2,309 1.06% Butter 33,875 43,614 9,739 28.75% AMF 3,768 3,961 193 5.12% Cream 40,249 34,584 -5,665 -14.07% Yoghurt 53,421 50,125 -3,296 -6.17% Fermented milk 33,875 38,584 4,709 13.90% Condensed 48,785 46,415 -2,370 -4.86% Milk 106,394 135,267 28,873 27.14% A key driver behind this improvement has been the competitive pricing of several EU dairy commodities. However, persistently high butterfat prices earlier in the year reduced the competitiveness of EU exports in this segment, as international buyers increasingly turned to alternative suppliers offering more favourable price levels.In February 2026, import volumes declined by -5.14%, corresponding to a decrease of approximately 17 million kilo LME. The most pronounced reductions were observed in WMP, whey protein concentrate 80%, and whey protein isolate (WPC80/WPI), and caseinates. EU dairy imports - February Product 2025 2026 ∆ ∆% SMP 2,661 3,334 673 25.29% WMP 2,208 664 -1,544 -69.93% Whey 4,401 4,351 -50 -1.14% WPC80/WPI's 3,146 1,839 -1,307 -41.54% Casein 463 744 281 60.69% Caseinates 123 51 -72 -58.54% MPC N.P. Lactose 5,065 4,639 -426 -8.41% I/F N.P. Cheese 15,211 15,568 357 2.35% Butter 1,742 1,474 -268 -15.38% AMF 2,553 2,379 -174 -6.82% Cream 2,877 2,062 -815 -28.33% Conc. Liq whey 2,277 2,653 376 16.51% Yoghurt 771 991 220 28.53% Fermented 1,415 1,414 -1 -0.07% Condensed 3,478 4,612 1,134 32.60% Milk 59,865 62,433 2,568 4.29% On a YTD basis, import volumes weakened further, reaching -7.07%, which represents a decline of approximately 48 million kilo LME compared with the same period last year. EU dairy imports - YTD February Product 2025 2026 ∆ ∆% SMP 5,565 5,505 -60 -1.08% WMP 4,524 1,007 -3,517 -77.74% Whey 8,234 8,392 158 1.92% WPC80/WPI's 6,361 4,253 -2,108 -33.14% Casein 1,092 1,311 219 20.05% Caseinates 252 72 -180 -71.43% MPC N.P. Lactose 9,516 7,796 -1,720 -18.07% I/F N.P. Cheese 30,440 32,749 2,309 7.59% Butter 3,019 4,614 1,595 52.83% AMF 4,820 7,226 2,406 49.92% Cream 5,935 4,294 -1,641 -27.65% Conc. Liq whey 4,175 4,969 794 19.02% Yoghurt 1,572 1,806 234 14.89% Fermented 32,507 2,887 -29,620 -91.12% Condensed 7,104 8,706 1,602 22.55% Milk 124,439 121,068 -3,371 -2.71% At present, estimated theoretical stocks within the EU amount to approximately 3.4 billion kilo LME. This represents an increase of 14% since the beginning of the year. The rise in stock levels is primarily driven by increased milk production, while export growth has not kept pace. At the same time, imports have declined significantly, further contributing to stock accumulation.