China: Dairy and Products Annual

FAS China (Post) forecasts China’s raw milk production in 2024 to remain high. However, declining raw milk prices have caused financial losses for a large number of raw milk producers and slowed the growth in production that the market experienced in previous years. Post forecasts both whole milk powder (WMP) and skim milk powder (SMP) imports to decline due to the large domestic production of raw milk and WMP. SMP imports will remain sensitive to international market prices. Post forecasts butter imports in 2024 to stay at a similar level to 2023. Higher market demand for imported fluid milk and cheese could modestly raise imports as consumers seek for high quality and affordable prices.