According to GTIS, Nov ’15 total Chinese dairy import volumes increased 32.7% MOM on a daily average basis and 37.4% YOY to a new ten month high. Total Chinese dairy import volumes have increased YOY for four consecutive months and finished at the second highest level on record for the month of November but remain significantly below the peak levels experienced in early 2014. Total Chinese dairy import volumes typically decline to seasonal lows throughout the late summer months prior to increasing again throughout the winter months. Nov ’15 Chinese whole milk powder (WMP) imports increased 145.7% MOM on a daily average basis and 7.9% YOY while Nov ’15 Chinese skim milk powder (SMP) imports increased 54.4% MOM on a daily average basis but remained 12.3% lower YOY. Nov ’15 Chinese dairy imports excluding WMP and SMP increased 16.5% MOM on a daily average basis and 59.6% YOY, finishing higher than the previous year for the seventh consecutive month. Despite strengthening import volumes, total Chinese dairy imports remain 21.7% below Nov ’13 levels and 36.7% below peak levels experienced in Jan ’14. Nov ’15 Total Chinese Dairy Import Volumes Remain Below Highs Experienced in Early 2014 Nov ’15 Total Chinese Dairy Import Volumes Finished up 32.7% MOM and 37.4% YOY Chinese Dairy Import Volumes Were the Second Largest on Record for the Month of Nov Nov ’15 Chinese WMP Import Volumes Finished up 145.7% MOM and 7.9% YOY Nov ’15 Chinese WMP Imports Remained Significantly Below 2013 Levels Nov ’15 Chinese SMP Import Volumes Finished up 54.4% MOM but Down 12.3% YOY Nov ’15 Chinese SMP Imports Declined to a Three Year Low for the Month of November Nov ’15 Chinese Dairy Imports Excluding WMP & SMP up 16.5% MOM but up 59.6% YOY Nov ’15 Chinese Dairy Imports Excluding WMP & SMP Finished at a Record November High New Zealand Accounted Over a Third of Total Nov ’15 Chinese Dairy Import Volumes