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

• Chinese dairy import volumes increased on a YOY basis for the 24^th time in the past 26 months during Nov ’20, finishing up 12.6% and reaching a record high seasonal level.
• Chinese whole milk powder import volumes declined on a YOY basis throughout Nov ’20 but remained at the third highest seasonal level on record, while Chinese skim milk powder import volumes reached the second highest seasonal level, finishing higher on a YOY basis. Chinese dairy imports excluding SMP and WMP remained at a record high seasonal level for the sixth consecutive month.
• The market share of Chinese dairy imports originating from within the United States increased most significantly from the previous year throughout Nov ’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, Nov ’20 total Chinese dairy import volumes remained higher on a YOY basis for the 24^th time in the past 26 months, finishing up 12.6% and reaching a record high seasonal level for the month of November. 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 11.1% heading into the final month of the calendar year. Chinese whole milk powder (WMP) import volumes declined 28.3% on a YOY basis throughout Nov ’20 but remained at the third highest seasonal level on record, however Chinese skim milk powder (SMP) import volumes increased 16.0% YOY, reaching the second highest seasonal level on record. Chinese dairy imports excluding SMP and WMP increased 28.9% YOY, reaching a record high seasonal level for the sixth consecutive month. The YOY increase in Chinese dairy imports excluding SMP and WMP was the 16^th experienced throughout the past 17 months. 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 November, 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 12.5%, up from the 8.0% market share experienced during November of 2019. The U.S. market share of Chinese dairy import volumes has increased on a YOY basis over 13 consecutive months through Nov ’20. Nov ’20 Total Chinese Dairy Imports Increased Seasonally to a Ten Month High Level Nov ’20 Chinese Dairy Import Volumes Increased 14.4% MOM and 12.6% YOY Nov ’20 Total Chinese Dairy Imports Reached a Record High Seasonal Level Nov ’20 Chinese WMP Import Volumes Increased 26.2% MOM but Finished Down 28.3% YOY Nov ’20 Chinese WMP Imports Remained at the Third Highest Seasonal Level on Record Nov ’20 Chinese SMP Import Volumes Increased 19.6% MOM and 16.0% YOY Nov ’20 Chinese SMP Imports Reached the Second Highest Seasonal Level on Record Nov ’20 Chinese Dairy Imports Excluding WMP & SMP Increased 11.3% MOM and 28.9% YOY Nov ’20 Chinese Dairy ‘Other’ Imports Reached a Record High Seasonal Level NZ and the EU-28 Accounted for Nearly Three Quarters of All Nov ’20 Chinese Dairy Imports The Nov ’20 New Zealand Share of Chinese Dairy Imports Finished Lower YOY The Nov ’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