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Rising global supplies driven by US
Wednesday, 21 July 2021
By Chris Gooderham
Global milk supplies* in May were 26 million litres per day higher than May last year, up 3.3%. This is the largest year-on-year increase we’ve recorded since November 2017. Over the last five years, global milk supplies have, on average, risen by 0.8% per year. The latest increase is therefore well ahead of the normal increase we would expect to see. However, it should be noted that May 2019 and 2020 were both somewhat depressed, making the year-on-year comparisons more stark.
In percentage terms, New Zealand (up 7.6%) and the United States (up 4.6%) have recorded the biggest gains. May is a relatively low production month for New Zealand so the percentage rise equates to an extra 2 million litres per day. For the US, it is a more significant 12 million litres per day of extra milk. The estimated increase for the EU is put at 2.3%, equivalent to an extra 9 million litres per day.
* Global milk supplies cover volumes from the main milk exporting regions; Argentina, Australia, EU, New Zealand, United States and the UK
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