Executive Summary Chinese dairy import figures provided by IHS Markit were recently updated with values spanning through Oct ’20. Highlights from the updated report include:

• Chinese dairy import volumes increased on a YOY basis for the 23^rd time in the past 25 months during Oct ’20, finishing up 32.5% and reaching a record high seasonal level.
• Chinese whole milk powder import volumes increased to a seven year high seasonal level during Oct ’20 while Chinese skim milk powder import volumes reached a record high seasonal level. Chinese dairy imports excluding SMP and WMP remained at a record high seasonal level for the fifth consecutive month.
• The market share of Chinese dairy imports originating from within the United States increased most significantly from the previous year throughout Oct ’20, while the market share of Chinese dairy imports originating from within New Zealand finished most significantly below previous year levels.

Additional Report Details According to IHS Markit, Oct ’20 total Chinese dairy import volumes remained higher on a YOY basis for the 23^rd time in the past 25 months, finishing up 32.5% and reaching a record high seasonal level for the month of October. The YOY increase in Chinese dairy import volumes was the largest experienced throughout the past 33 months on a percentage basis. 2019 annual Chinese dairy import volumes increased 13.7% on a YOY basis, reaching a record high level, while 2020 YTD import volumes have increased by an additional 10.9% throughout the first ten months of the calendar year. Chinese whole milk powder (WMP) import volumes increased 23.9% on a YOY basis throughout Oct ’20, reaching a seven year seasonal high level, while Chinese skim milk powder (SMP) import volumes increased 28.6% YOY, reaching a record high seasonal level. Chinese dairy imports excluding SMP and WMP increased 35.0% YOY, also reaching a record high seasonal level. The YOY increase in Chinese dairy imports excluding SMP and WMP was the 15^th experienced throughout the past 16 months. Chinese dairy imports excluding SMP and WMP have reached a record high seasonal level over five consecutive months through Oct ’20. The market share of Chinese dairy import volumes originating from within the United States increased most significantly on a YOY basis throughout the month of October, while the market share of imports originating from within New Zealand finished most significantly below previous year levels. The U.S. market share of Chinese dairy import volumes increased to 11.0%, up from the 7.6% market share experienced during October of 2019. The U.S. market share of Chinese dairy import volumes has increased on a YOY basis over 12 consecutive months through Oct ’20. Oct ’20 Total Chinese Dairy Imports Declined Slightly From the Previous Month Oct ’20 Chinese Dairy Import Volumes Declined 0.7% MOM but Remained up 32.5% YOY Oct ’20 Total Chinese Dairy Imports Reached a Record High Seasonal Level Oct ’20 Chinese WMP Import Volumes Increased 53.3% MOM and 23.9% YOY Oct ’20 Chinese WMP Import Volumes Reached a Seven Year Seasonal High Level Oct ’20 Chinese SMP Import Volumes Declined 30.5% MOM but Remained up 28.6% YOY Oct ’20 Chinese SMP Imports Reached a Record High Seasonal Level Oct ’20 Chinese Dairy Imports Excluding WMP & SMP Down 1.8% MOM but up 35.0% YOY Oct ’20 Chinese Dairy ‘Other’ Imports Reached a Record High Seasonal Level The EU-28 Accounted for Over 40% of All Oct ’20 Chinese Dairy Import Volumes The Oct ’20 New Zealand Share of Chinese Dairy Imports Finished Lower YOY The Oct ’20 U.S. Share of Total Chinese Dairy Imports Increased Most Significantly YOY Chinese Dairy Imports From the EU-28 up the Most Over the Past 12 Months