Year-over-year (YOY) U.S. dairy exports modestly improved in August, with gains in several major product categories. Milk solids equivalent (MSE) volume rose 1.7%. The August increase puts year-to-date (YTD) volume into positive territory for the first time in 2024, albeit at only +0.1%. That essentially flat YTD result epitomizes the month-by-month performance tally: Over the first eight months of 2024, YOY MSE volume increased four times and decreased four times.
YOY U.S. export value increased 10% to $708 million in August—the biggest rise of the year, as commodity prices climbed and the United States’ portfolio favored cheese and proteins.
Speaking of cheese, global cheese demand continues to surge, with total world cheese trade from all major suppliers up for 10 straight months through July. The United States continues to be one of the biggest beneficiaries of that trend, despite the steep rise in U.S. prices this past spring and a second pricing surge that started in mid-July. YOY U.S. cheese volume jumped 15% (+5,579 MT) in August, with widespread gains across geographies (for a deeper dive on cheese, see below).