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Chinese Dairy Imports Update – Feb ’18

  • February 28, 2018
  • by Belinda Przybylski
Executive Summary Chinese dairy import figures provided by GTIS were recently updated with values spanning through Jan ’18. Highlights from the updated report include:
  • Jan ’18 total Chinese dairy import volumes increased to a new monthly record high figure, finishing 44.6% above previous year volumes. Total Chinese dairy import volumes have finished higher on a YOY basis over eight consecutive months through Jan ’18.
  • Jan ’18 Chinese powder imports increased seasonally as importers looked to take advantage of lower tariff rates offered as part of the New Zealand – China Free Trade Agreement. Chinese whole milk powder and skim milk powder imports increased 27.7% and 41.7% YOY, respectively, throughout Jan ’18, each reaching new monthly record high figures.
  • Jan ’18 Chinese dairy imports excluding whole milk powder and skim milk powder also remained strong, finishing up 65.3% to a new monthly record high.
Additional Report Details According to GTIS, Jan ’18 total Chinese dairy import volumes increased 106.7% MOM and 44.6% YOY, finishing at a new monthly record high figure. Total Chinese dairy import volumes have finished higher on a YOY basis over eight consecutive months through Jan ’18. Chinese dairy import volumes originating from New Zealand accounted for nearly two thirds of all Chinese import volumes experienced throughout the month. Seasonal increases in total Chinese dairy import volumes are experienced throughout the early months of the year as importers look to take advantage of the lower tariff rates that are offered as part of the New Zealand – China Free Trade Agreement. The New Zealand – China Free Trade Agreement was entered into force in Oct ’08, allowing for a limited number of exports from New Zealand to China to receive a preferential tariff rate. For 2018, the quota allows for approximately 157,000 MT of milk powder to enter China at the preferential tariff rate of 0.8%, rather than the base tariff rate of 10.0%. In 2016, the quota allowed for approximately 150,000 MT of milk powder to enter China at a tariff rate of 1.7%. According to the agreement, quota volumes of milk powder increase each year by 5.0% through 2023, while tariff rates are linearly reduced on an annual basis from the base rate of 10.0% prior to the agreement, to tariff free in 2019. Jan ’18 Chinese import volumes of New Zealand whole milk powder (WMP) and skim milk powder (SMP) combined to account for 112% of the 2018 annual reduced-tariff milk powder volume quota. Jan ’18 total Chinese WMP and SMP import volumes increased 27.7% and 41.7% YOY, respectively, each reaching new monthly record high figures. Jan ’18 Chinese dairy imports excluding WMP and SMP also remained strong, finishing up 65.3% YOY to a new monthly record high. Jan ’18 Total Chinese Dairy Imports Increased to a New Monthly Record High Figure Jan ’18 Total Chinese Dairy Import Volumes Finished up 44.6% YOY Total Chinese Dairy Import Volumes Finished at a Record Seasonal High Jan ’18 Chinese WMP Import Volumes Finished up 27.7% YOY Chinese WMP Imports Finished at a Record Seasonal High Jan ’18 Chinese SMP Import Volumes Finished up 41.7% YOY Chinese SMP Imports Finished at a Record Seasonal High Jan ’18 Chinese Powder Imports From NZ Exceeded the 2018 Annual Reduced-Tariff Volumes Jan ’18 Chinese Dairy Imports Excluding WMP & SMP Finished up 65.3% YOY Chinese Dairy Imports Excluding WMP & SMP Finished at a Record Seasonal High New Zealand Accounted for Nearly Two Thirds of the Total Jan ’18 Chinese Dairy Imports Jan ’18 EU-28 Market Share of Total Chinese Dairy Imports Increased Most Significantly YOY
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