Growth in UK cheese exports as price inflation eases
Rising prices bumped up the value of exports by 26%, but had a noticeable impact on cheese shipments to markets outside of the EU. With the exception of Asia, export volumes to non-EU markets fell from year earlier levels.
Although average cheese prices rose continuously throughout 2017, the rate of inflation slowed in the second half of the year. This appears to have supported increased sales, particularly within the EU.
It is noticeable that export volumes dropped off significantly in the second half of 2016, when cheese prices were rising quickly, increasing the six-month average price by 26%.
Sales to the EU rose quickly however once the pace of price inflation slowed, but it took until the second half of the year to see growth in volumes exported to non-EU countries. ■