New Zealand dairy trade expands further in April

The eleventh month of the 2025/26 milk season recorded a significant increase in milk production, rising by 6.04%, or 88 million kilo of milk, compared with the same period last year. Year-to-date (YTD) production through April stands 5.61% higher, representing an increase of 419 million kilo of milk.Following a strong increase of 20.29% in March, dairy exports continued to grow in April, rising by 21.41%, or 365 million kilo of liquid milk equivalent (LME). New Zealand dairy exports April Product 2025 2026 ∆ ∆% WMP 107,852 144,428 36,576 33.91% SMP 33,932 45,438 11,506 33.91% BMP 2,958 1,164 -1,794 -60.65% Whey 1,049 1,682 633 60.34% Acid casein 2,839 3,153 314 11.06% Rennet Casein 1,491 1,209 -282 -18.91% Caseinates 3,017 2,762 -255 -8.45% WPI/WPC > 80% 1,574 2,063 489 31.07% Lactose 2,652 2,578 -74 -2.79% Infant Formula 9,670 7,153 -2,517 -26.03% Butter 19,873 25,243 5,370 27.02% AMF 17,785 17,862 77 0.43% Cheese 38,329 38,082 -247 -0.64% Milk 21,673 18,430 -3,243 -14.96% Condensed 2,158 1,469 -689 -31.93% Cream 20,330 22,531 2,201 10.83% Most product categories recorded growth. However, exports of buttermilk powder (BMP), rennet casein, caseinates, lactose, infant formula, cheese, liquid milk, and condensed milk declined compared with the previous year.The YTD April results present a different picture from the single-month April figures. While most products posted growth in April, cumulative exports through April show declines in BMP, acid casein, caseinates, infant formula, cheese, and liquid milk. As of April, total export volumes were up 7.89% year on year, equivalent to an increase of 613 million kilo of LME. New Zealand dairy exports YTD April Product 2025 2026 ∆ ∆% WMP 505,489 584,528 79,039 15.64% SMP 177,139 182,849 5,710 3.22% BMP 12,611 9,396 -3,215 -25.49% Whey 5,078 5,980 902 17.76% Acid casein 12,039 10,746 -1,293 -10.74% Rennet Casein 6,824 7,031 207 3.03% Caseinates 11,427 9,330 -2,097 -18.35% WPI/WPC > 80% 7,920 9,304 1,384 17.47% Lactose 9,532 9,594 62 0.65% Infant Formula 34,256 27,462 -6,794 -19.83% Butter 101,771 107,868 6,097 5.99% AMF 65,988 68,002 2,014 3.05% Cheese 155,026 149,725 -5,301 -3.42% Milk 75,535 61,887 -13,648 -18.07% Condensed 9,467 13,821 4,354 45.99% Cream 74,608 89,881 15,273 20.47% On the import side, YTD April imports increased across all major product categories except lactose. The largest increases in absolute terms were recorded for whey and cheese imports. Total New Zealand imports of the products listed above increased from 6.25% year on year in March to 12.42% year on year in April, equivalent to an additional 36 million kilo of LME. New Zealand dairy imports YTD April Product 2025 2026 ∆ ∆% Whey 0404.10 2,274 4,044 1,770 77.84% Cheese 0406 3,026 5,069 2,043 67.51% Lactose 1702.11 & 19 34,412 36,208 1,796 5.22% By the end of April, theoretical stocks had declined from 1.57 billion kilo of LME at the start of the season to 1.41 billion kilo of LME, a decrease of 10.07%.Despite this decline, stocks remain relatively high, representing 17.86% of New Zealand's milk production on a YTD April basis. The elevated stock level is primarily the result of increased milk production and higher import volumes.