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It's fixing to be another record year for U.S. dairy exports.
The U.S. Dairy Export Council (USDEC) is happy to report what will likely be another record year for U.S. dairy exports. The group is expecting $6.5 billion in export purchases this year, which would represent a 25% increase over 2012 earnings. If the estimate is met, 2013 will be the fourth consecutive record year for U.S. dairy exports.
USDEC says more than 15% of U.S. milk production is now intended for export, with reduced supply in other countries and favorable pricing stimulating much of the demand. At a USDEC membership meeting held in October, Rabobank global dairy strategist Tim Hunt said a global shortage of dairy would likely continue, meaning opportunity for further U.S. exports next year. Hunt mentioned China as a potential buyer looking to diversify its supply.