China: Dairy and Products Semi-annual

Post increased its estimate of raw milk production in 2024 due to a larger dairy cow inventory. Imports of fluid milk, whole milk powder (WMP), and skimmed milk powder (SMP) are estimated to all decline in 2024 due to higher domestic milk production. Cheese and butter imports are estimated to decline moderately because of economic headwinds that continue influencing consumption. Post estimates whey and whey product imports in 2024 to decline as demand shrinks in both food use and feed use owing to declining birth rates and a lower piglet inventory.