New Zealand milk supply slowing down
The 2017 milk supply forecast of 21.17 million metric tons is two percent below the previous year and over three percent below peak production of 2014 before the current milk price downturn began.
However, export volumes remain quite resilient as more milk is channeled into higher margin products, such as ultra-high temperature (UHT) liquid milk exports.
In 2017, total dairy exports are forecast at 3 million metric tons, 1.3% below the total for 2016. ■