Executive Summary Chinese dairy import figures provided by IHS Markit were recently updated with values spanning through Sep ‘19. Highlights from the updated report include:

• Sep ’19 Chinese dairy import volumes increased on a YOY basis for the 11^th time in the past 12 months, finishing up 24.6% to a record high seasonal level for the month of September.
• Sep ’19 Chinese whole milk powder increased 18.8% YOY, reaching the third highest seasonal level on record, while Sep ’19 Chinese skim milk powder imports increased 30.3% YOY, finishing at the second highest seasonal level on record. Sep ’19 Chinese dairy imports excluding whole milk powder and skim milk powder increased 24.5% YOY, reaching a record high seasonal level.
• Sep ’19 Chinese dairy imports originating from within New Zealand and the EU-28 gained market share from the previous year, while the U.S. market share finished most significantly below previous year levels.

Additional Report Details According to IHS Markit, Sep ‘19 total Chinese dairy import volumes declined seasonally to a three month low level but remained higher on a YOY basis for the 11^th time in the past 12 months, finishing up 24.6% to a record high seasonal level for the month of September. 2019 YTD Chinese dairy import volumes have increased 12.9% on a YOY basis throughout the first three quarters of the calendar year and are on pace to reach a record high annual level. Sep ’19 Chinese whole milk powder (WMP) and skim milk powder (SMP) import volumes each finished above previous year levels, increasing by 18.8% and 30.3%, respectively. Chinese WMP import volumes reached the third highest seasonal level on record while Chinese SMP import volumes finished at the second highest seasonal level on record. The YOY increase in Chinese WMP import volumes was the 11^th experienced throughout the past 12 months while Chinese SMP import volumes have increased on a YOY basis over 13 consecutive months through Sep ’19. Sep ’19 Chinese dairy imports excluding WMP and SMP increased 24.5% YOY throughout the month, reaching a record high seasonal level. The YOY increase in Chinese dairy imports excluding WMP and SMP was the third experienced in a row. Chinese dairy import volumes originating from within New Zealand increased most significantly on a YOY basis throughout the month, followed by imports originating from within the EU-28, while imports originating from within the United States remained significantly below previous year volumes. Chinese dairy import volumes originating from within the EU-28 accounted for over 45% of all Chinese import volumes experienced throughout Sep ’19, while the U.S. market share was reduced to 6.2%, down from the 12.2% market share experienced during September of 2018. Sep ’19 Total Chinese Dairy Import Volumes Declined Seasonally to a Three Month Low Level Sep ’19 Chinese Dairy Import Volumes Declined 8.5% MOM but Remained up 24.6% YOY Sep ’19 Total Chinese Dairy Imports Reached a Record High Seasonal Level Sep ’19 Chinese WMP Import Volumes Declined 39.8% MOM but Remained up 18.8% YOY Sep ’19 Chinese WMP Imports Reached the Third Highest Seasonal Level on Record Sep ’19 Chinese SMP Import Volumes Declined 8.3% MOM but Remained up 30.3% YOY Sep ’19 Chinese SMP Imports Reached the Second Highest Seasonal Level on Record Sep ’19 Chinese Dairy Imports Excluding WMP & SMP Down 0.7% MOM but up 24.5% YOY Sep ’19 Chinese Dairy ‘Other’ Imports Reached a Record High Seasonal Level The EU-28 Accounted for Over 45% of All Sep ’19 Chinese Imports Sep ’19 U.S. Share of Total Chinese Dairy Imports Declined Significantly YOY Sep ’19 NZ & EU-28 Shares of Total Chinese Dairy Imports Increased Most Significantly YOY