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

• Dec ’19 Chinese dairy import volumes increased on a YOY basis for the 14^th time in the past 15 months, finishing up 19.8% to a record high seasonal level for the month of December.
• Dec ’19 Chinese whole milk powder and skim milk powder imports increased 64.6% and 29.2% on a YOY basis, respectively, each reaching six year high seasonal levels. Dec ’19 Chinese dairy imports excluding whole milk powder and skim milk powder increased 4.9% YOY, reaching a record high seasonal level.
• Dec ’19 Chinese dairy imports originating from within New Zealand and the U.S. gained market share from the previous year, while Chinese dairy imports originating from within Belarus and the EU-28 finished most significantly below previous year volumes.

Additional Report Details According to IHS Markit, Dec ‘19 total Chinese dairy import volumes declined seasonally from the ten month high level experienced throughout the previous month but remained higher on a YOY basis for the 14^th time in the past 15 months, finishing up 19.8% to a record high seasonal level for the month of December. Chinese dairy import volumes have reached record high seasonal levels over six consecutive months through December. 2019 annual Chinese dairy import volumes increased 13.7% on a YOY basis, reaching a record high level. Dec ’19 Chinese whole milk powder (WMP) import volumes increased 64.6% on a YOY basis, finishing higher YOY for the 14^th time in the past 15 months and reaching a six year high seasonal level. Chinese skim milk powder (SMP) import volumes increased 29.2% on a YOY basis throughout Dec ’19, also reaching a six year high seasonal level. The YOY increase in Chinese SMP import volumes was the first experienced throughout the past three months. Dec ’19 Chinese dairy imports excluding WMP and SMP increased 4.9% YOY throughout the month, reaching a record high seasonal level for the sixth 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 Belarus and the EU-28 finished significantly below previous year volumes. Chinese dairy import volumes originating from within New Zealand accounted for 44% of all Chinese import volumes experienced throughout Dec ’19. The U.S. market share increased to 10.8%, up from the 8.5% market share experienced during December of 2018 but remaining significantly below the three year average seasonal market share of 15.3%. Dec ’19 Total Chinese Dairy Import Volumes Declined Slightly From the Previous Month Dec ’19 Chinese Dairy Import Volumes Declined 4.7% MOM but Finished up 19.8% YOY Dec ’19 Total Chinese Dairy Imports Reached a Record High Seasonal Level Dec ’19 Chinese WMP Import Volumes Increased 4.1% MOM and 64.6% YOY Dec ’19 Chinese WMP Imports Reached a Six Year High Seasonal Level Dec ’19 Chinese SMP Import Volumes Increased 1.5% MOM and 29.2% YOY Dec ’19 Chinese SMP Imports Reached a Six Year High Seasonal Level Dec ’19 Chinese Dairy Imports Excluding WMP & SMP Down 9.4% MOM but up 4.9% YOY Dec ’19 Chinese Dairy ‘Other’ Imports Reached a Record High Seasonal Level New Zealand Accounted for 44% of All Dec ’19 Chinese Dairy Import Volumes Dec ’19 New Zealand & U.S. Shares of Total Chinese Dairy Imports Finished Higher YOY Dec ’19 New Zealand Share of Total Chinese Dairy Imports Increased Most Significantly YOY Chinese Dairy Imports From NZ and the EU-28 up Most Significantly Over the Past 12 Months