Executive Summary U.S. dairy export figures provided by USDA were recently updated with values spanning through Apr ’18. Highlights from the updated report include:

• U.S. butterfat export volumes increased 162.0% YOY, finishing higher for the 12^th time in the past 13 months. U.S. butterfat export volumes reached a three and a half year high overall, slightly offsetting import volumes which reached the second largest figure experienced throughout the past two years during Apr ’18.
• U.S. cheese export volumes increased on a YOY basis for the 18^th time in the past 19 months, finishing up 22.3%, while U.S. dry whey export volumes increased 7.6% YOY, finishing higher for the 20^th time in the past 22 months. U.S. whey protein concentrate and nonfat dry milk/skim milk powder export volumes each increased to new monthly record highs, finishing up 87.0% and 36.2% on a YOY basis, respectively, throughout the month.
• Net dairy trade on a percentage of total U.S. milk-solids production basis reached a new monthly record high figure during Apr ’18, finishing 38.9% higher YOY. Export volumes on a percentage of milk-solids production basis finished at a monthly record high while import volumes remained near recently experienced three and a half year low levels.

Additional Report Details Butter – Export Volumes Reach a Three and a Half Year High, Finish up 162.0% YOY Apr ’18 U.S. export volumes of butterfat remained higher on a YOY basis for the 12^th time in the past 13 months, finishing up 162.0%. U.S. butterfat export volumes finished at a four year seasonal high for the month of April and a three and a half year high overall. U.S. butterfat export volumes destined to Mexico, Honduras and Canada increased most significantly on a YOY basis throughout the month, while butterfat export volumes destined to Peru and South Korea finished most significantly lower YOY. Butterfat exports destined to Mexico reached a 21 year seasonal high for the month of April. The YOY increase in butterfat exports destined to Mexico accounted for over two thirds of the total YOY increase in export volumes experienced throughout the month. ’16-’17 annual butterfat export volumes finished up 28.0% YOY while ’17-’18 YTD figures are up an additional 52.4% throughout the first seven months of the production season. Butterfat export volumes exceeded import volumes for the second consecutive month during Apr ’18, despite import volumes finishing at the second largest figure experienced throughout the past two years. Cheese – Export Volumes Increase YOY for the 18^th Time in the Past 19 Months, Finish up 22.3% Apr ’18 U.S. cheese export volumes finished higher on a YOY basis for the 18^th time in the past 19 months, finishing up 22.3% to a four year seasonal high for the month of April. Cheddar cheese export volumes increased 61.2% YOY, finishing higher for the 15^th consecutive, while other-than-cheddar cheese export volumes increased 17.4% throughout the month. Apr ’18 YOY gains in cheese export volumes were led by product destined to Japan, followed by volumes destined to South Korea, Mexico and China. Cheese export volumes destined to Saudi Arabia finished most significantly lower on a YOY basis throughout the month. ’16-’17 annual cheese export volumes finished up 20.5% YOY to a three year high while ’17-’18 YTD figures are up an additional 10.8% throughout the first seven months of the production season. Dry Whey – Export Volumes Increase YOY for the 20^th Time in the Past 22 Months, Finish up 7.6% Apr ’18 U.S. dry whey export volumes increased 7.6% YOY, finishing higher for the 20^th time in the past 22 months. Apr ’18 dry whey export volumes reached a four year seasonal high for the month of April, finishing 15.7% above three year average seasonal figures. Apr ’18 YOY increases in dry whey export volumes were led by product destined to Malaysia, followed by volumes destined to Indonesia and Vietnam, while dry whey export volumes destined to Canada, the Philippines and China finished most significantly lower YOY. ’16-’17 annual dry whey export volumes finished up 22.2% YOY to a three year high while ’17-’18 YTD figures are up an additional 15.4% throughout the first seven months of the production season. WPC – Exports Increase to a New Monthly Record High, Finish up 87.0% YOY Apr ’18 whey protein concentrate (WPC) export volumes increased 87.0% YOY, finishing higher for the seventh consecutive month and reaching a new monthly record high. Apr ’18 WPC export volumes finished 79.7% above three year average seasonal figures for the month of April. ’16-’17 annual WPC export volumes finished up 5.4% YOY, reaching a record annual high level for the second consecutive year, while ’17-’18 YTD figures are up an additional 26.5% throughout the first seven months of the production season. NFDM/SMP – Exports Increase to a New Monthly Record High, Finish up 36.2% YOY Apr ’18 U.S. export volumes of nonfat dry milk (NFDM) and skim milk powder (SMP) increased 36.2% YOY, finishing higher for the sixth consecutive month. Apr ’18 NFDM/SMP export volumes reached a new monthly record high figure, finishing 42.6% above three year average seasonal figures for the month of April. U.S. NFDM/SMP prices remained below international averages prices for the 40^th consecutive month during Apr ’18, trading at a 14.3% discount to average Oceania and EU-28 prices throughout the month. Apr ’18 YOY increases in NFDM/SMP export volumes were led by product destined to Mexico, followed by volumes destined to Indonesia and Vietnam. Export volumes destined to Japan, Peru and China declined most significantly on a YOY basis throughout the month. ’16-’17 annual NFDM/SMP exports finished up 11.8% YOY to a record annual high while ’17-’18 YTD figures are up an additional 11.6% throughout the first seven months of the production season. U.S. butterfat, cheese, dry whey and NFDM/SMP export volumes as a percentage of production all finished higher than the previous year during Apr ’18. Apr ’18 NFDM/SMP export volumes finished most significantly higher on a percentage of production basis throughout the month. Overall, U.S. dairy export volumes were equivalent to 18.8% of total U.S. milk-solids production during Apr ’18 while dairy import volumes were equivalent to 3.1% of total U.S. milk-solids production. Apr ’18 net dairy trade finished 38.9% higher YOY, increasing for the sixth consecutive month and reaching a new monthly record high. Apr ’18 U.S. dairy exports as a percentage of milk-solids production increased 28.8% YOY, finishing higher for the sixth consecutive month and reaching a new monthly record high overall. ’16-’17 annual dairy exports as a percentage of milk-solids production rebounded by 8.1% from the four year low experienced during the previous year, despite declining by 5.3% over the final third of the production season. ’17-’18 YTD dairy exports as a percentage of milk-solids are up an additional 9.9% throughout the first seven months of the production season. Apr ’18 U.S. dairy imports as a percentage of milk-solids production declined 6.1% YOY, finishing lower for the 11^th time in the past 12 months and remaining near recently experienced three and a half year low levels. ’16-’17 annual dairy imports as a percentage of milk-solids production finished 6.8% below the eight year high experienced during the previous year and are down an additional 11.0% throughout the first seven months of the ’17-’18 production season. Net trade of U.S. NFDM/SMP continued to outpace that of butter, cheese and dry whey as import volumes remain minimal. Net cheese trade volumes exceeded dry whey net trade volumes throughout the month while the U.S. finished as a slight net exporter of butter for the second consecutive month.