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

• Nov ’19 Chinese dairy import volumes increased on a YOY basis for the 13^th time in the past 14 months, finishing up 13.5% to a record high seasonal level for the month of November.
• Nov ’19 Chinese whole milk powder increased 56.0% YOY, reaching a six year high seasonal level, however Nov ’19 Chinese skim milk powder imports declined 17.7% YOY, finishing lower on a YOY basis for the second consecutive month. Nov ’19 Chinese dairy imports excluding whole milk powder and skim milk powder increased 8.2% YOY, reaching a record high seasonal level.
• Nov ’19 Chinese dairy imports originating from within New Zealand gained market share from the previous year, while the EU-28 market share finished most significantly below previous year levels.

Additional Report Details According to IHS Markit, Nov ‘19 total Chinese dairy import volumes increased seasonally to a ten month high level while remaining higher on a YOY basis for the 13^th time in the past 14 months, finishing up 13.5% to a record high seasonal level for the month of November. 2019 YTD Chinese dairy import volumes have increased 13.2% on a YOY basis heading into the final month of the calendar year and have already reached a record high annual level. Nov ’19 Chinese whole milk powder (WMP) import volumes increased 56.0% on a YOY basis, finishing higher YOY for the 13^th time in the past 14 months and reaching a six year high seasonal level. Chinese skim milk powder (SMP) import volumes finished lower on a YOY basis for the second consecutive month, however, down 17.7% but remaining at the second highest seasonal level on record. Nov ’19 Chinese dairy imports excluding WMP and SMP increased 8.2% YOY throughout the month, reaching a record high seasonal level for the fifth consecutive month. Chinese dairy import volumes originating from within New Zealand increased most significantly on a YOY basis throughout the month, followed by volumes originating from within the U.S., while imports originating from within the EU-28 finished significantly below previous year volumes. Chinese dairy import volumes originating from within New Zealand accounted for over 45% of all Chinese import volumes experienced throughout Nov ’19. The U.S. market share increased to 8.0%, up from the 6.6% market share experienced during November of 2018 but remaining significantly below the three year average seasonal market share of 13.4%. Nov ’19 Total Chinese Dairy Import Volumes Increased Seasonally to a Ten Month High Level Nov ’19 Chinese Dairy Import Volumes Increased 34.6% MOM and 13.5% YOY Nov ’19 Total Chinese Dairy Imports Reached a Record High Seasonal Level Nov ’19 Chinese WMP Import Volumes Increased 117.9% MOM and 56.0% YOY Nov ’19 Chinese WMP Imports Reached a Six Year High Seasonal Level Nov ’19 Chinese SMP Import Volumes Increased 32.6% MOM but Finished Down 17.7% YOY Nov ’19 Chinese SMP Imports Remained at the Second Highest Seasonal Level on Record Nov ’19 Chinese Dairy Imports Excluding WMP & SMP Increased 16.6% MOM and 8.2% YOY Nov ’19 Chinese Dairy ‘Other’ Imports Reached a Record High Seasonal Level New Zealand Accounted for Nearly Half of All Nov ’19 Chinese Imports Nov ’19 New Zealand & U.S. Shares of Total Chinese Dairy Imports Finished Higher YOY Nov ’19 EU-28 Share of Total Chinese Dairy Imports Declined Most Significantly YOY Chinese Dairy Imports From NZ and the EU-28 up Most Significantly Over the Past 12 Months