U.S. Exports of Dairy Products
The value of U.S. exports this fiscal year through April 2004 is currently running 25 percent above the year to date level attained in 2003. As a result, the U.S. export value forecast for FY 2004 has been raised 10 percent to $1.1 billion. On a calendar year basis, year-to-date exports are currently up 38 percent over last year. There were significant gains in exports of milk powder likely due not only to sales under the Dairy Export Incentive Program and food aid programs, but also some commercial sales. In the first four months of 2003, the volume of U.S. milk powder exported surged by 71 percent to reach nearly 64,000 tons. At present with world market prices for NDM at over $2,000/ton, U.S. NDM is competitive in the export market. It is estimated that some 30,000 to 40,000 tons of NDM may have been already sold for delivery through to November 2004 and additional substantial sales may be pending. Exports of other dairy products (such as lactose and infant formula) and cheese have also experienced strong gains.