Browse Data and Analysis

Milk production for 2025 in Australia is forecast to increase by 1.1 percent to 8.8 million metric tons (MMT) after strong growth of 2.7 percent for 2024 at an estimated 8.7 MMT from previous years of declining production.

In 2023, Portuguese imports of agriculture, fish and forest products from the United States reached $294 million, two percent higher than previous year.

Australia is experiencing a cost-of-living crisis due to rising inflation. Consumer behavior and societal trends are driving shifts in shopping habits. Meanwhile, sustainability, waste reduction, food integrity, and healthy eating are key factors influencing product choices.

Milk production in Australia for 2024 is estimated to increase, for the first time since 2020, by 3.3 percent to 8.75 million metric tons (MMT). Industry confidence is elevated by high milk prices for dairy farmers over recent years and, also lower feed and fertilizer prices and broadly good seasonal conditions in 2024.

In 2023, Portugal imported $293 million worth of agricultural, fish, and forestry products from the United States. Outside the European Union Member States, the United States was the third main origin of Portuguese agricultural and related imports.

Australia’s food, beverage, and grocery sectors, contribute to a third of all business activity in the manufacturing landscape.

Milk production for 2024 in Australia is forecast to increase by 0.6 percent to 8.50 million metric tons (MMT) after stabilizing in 2023 at an estimated 8.45 MMT from previous years of declining production. The forecast is amid an El Niño weather pattern in late 2023, likely to continue into 2024.

Although Australia is experiencing rising inflation, supermarket and grocery store incomes are benefitting by largely passing the price increases on to customers. Profit margins in supermarkets and grocery stores rose by 4.2 percent in 2022.

Milk production in Australia in 2023 is forecast to decrease by three percent to 8.2 million metric tons (MMT). This is despite generally very good production conditions for 2023, particularly with record milk prices and easing grain and fertilizer prices.

Australia has proven to be an appealing and profitable market for U.S. companies for many years. Apart from an extremely strict quarantine regime, it offers few barriers to entry, a familiar legal and corporate framework, and a sophisticated and straightforward business culture.

Milk production in 2023 in Australia is forecast to decline by another two percent to 8.4 million metric tons (MMT), after an estimated six percent fall in 2022 to 8.55 MMT. This decline is expected despite a big increase in farm gate milk prices for 2022/23 to far exceed the previous record, and overall good seasonal production conditions for dairy farmers leading into the forecast year.

U.S. exporters can find ample opportunities in the Iberian Peninsula. Spain is the third-largest European Union (EU) destination for U.S. agricultural products, with Portugal ranking 11th. In 2021, the United States exported $1.6 billion of agricultural products to Spain, or 15 percent of total U.S. agricultural exports to the EU. The United States held a 4 percent market share of Spain’s agricultural imports and 2 percent market share in Portugal, behind other EU member states as a group and Brazil.