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

• Chinese dairy import volumes increased on a YOY basis for the 19^th time in the past 21 months during Jun ’20, finishing up 23.0% and reaching a record high seasonal level.
• Chinese skim milk powder and whole milk powder import volumes declined 6.0% and 6.5%, respectively, on a YOY basis throughout Jun ’20 however Chinese dairy imports excluding whole milk powder and skim milk powder increased 38.6% on a YOY basis throughout the month of June, reaching a record high seasonal level.
• The market share of Chinese dairy imports originating from within the U.S. increased most significantly from the previous year throughout Jun ’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, Jun ’20 total Chinese dairy import volumes remained higher on a YOY basis for the 19^th time in the past 21 months, finishing up 23.0% and reaching a record high seasonal level for the month of June. The YOY increase in total Chinese dairy import volumes was the largest experienced throughout the past nine 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 4.9% throughout the first half of the calendar year. Chinese skim milk powder (SMP) and whole milk powder (WMP) import volumes declined by 6.0% and 6.5%, respectively, on a YOY basis throughout Jun ’20 however Chinese dairy imports excluding SMP and WMP increased 38.6% YOY, reaching a record high seasonal level. The YOY increase in Chinese dairy imports excluding SMP and WMP was the 11^th experienced throughout the past 12 months and the largest experienced throughout the past 29 months on a percentage basis. Despite declining on a YOY basis, Jun ’20 Chinese SMP import volumes remained at the second highest seasonal level on record. 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 June, 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 11.3%, up from the 5.7% market share experienced during June of 2019. Jun ’20 Total Chinese Dairy Import Volumes Increased to a Five Month High Level Jun ’20 Chinese Dairy Import Volumes Increased 13.4% MOM and 23.0% YOY Jun ’20 Total Chinese Dairy Imports Reached a Record High Seasonal Level Jun ’20 Chinese WMP Import Volumes Declined 13.3% MOM and 6.5% YOY Jun ’20 Chinese WMP Imports Finished 1.3% Below the Three Year Average Seasonal Level Jun ’20 Chinese SMP Import Volumes Increased 18.9% MOM but Declined 6.0% YOY Jun ’20 Chinese SMP Imports Remained at the Second Highest Seasonal Level on Record Jun ’20 Chinese Dairy Imports Excluding WMP & SMP Increased 20.7% MOM and 38.6% YOY Jun ’20 Chinese Dairy ‘Other’ Imports Reached a Record High Seasonal Level NZ & the EU-28 Combined to Account for 76% of All Jun ’20 Chinese Dairy Import Volumes The Jun ’20 New Zealand Share of Total Chinese Dairy Imports Finished Lower YOY The Jun ’20 U.S. Share of Total Chinese Dairy Imports Increased Most Significantly YOY Chinese Dairy Imports From New Zealand Remain up the Most Over the Past 12 Months