News: Markets

Germany: FIRST-HALF EXPORTS RISE, BUTTER EXCEPTED

German SMP exports were up 38% to 94,400t in the first half of 2017, with the Philippines the largest buyer (14,840t, +45%), followed by China (14,736t). SMP exports to EU countries were down 8% to 113,000t. German exports of condensed milk increased by 16% in the first half of 2017, attributed to orders from Libya up fivefold to about 20,000t. Exports of milk drinks were up 3.4% and cheese exports were up 1%. Cheese exports to third countries were up 22%, driven by sales doubling to South Korea (9,500t), now the most important third-country destination for German cheese. Japanese orders rose by a third to around 9,000t while Chile, the new number four customer, more than doubled its imports to around 6,300t. Switzerland imported 8,800t of German cheese (+17%) and the USA bought 6,200t (+20%). Butter exports totalled 68,000t, down 10% from a year earlier, attributed to the sharp rise in butter prices and a simultaneous decline in German butter production (-6.6%).