Fonterra reports rise in dairy exports to China
Chinese imports for the 12 months to February rose 6%, versus a 1% gain in the year to January. Low Chinese imports and the Russian import ban are among the principal factors cited by many dairy co-ops for the ongoing sector price deflation.
“Our feeling is the extreme excess we saw a year or so ago in stockpiles in China has been coming out. If that is true you’d expect import demand would start matching domestic demand again,” Bank of New Zealand economist Doug Steel told Reuters.
