News

Dairy exports up while domestic consumption falls

Dairy sales in 2022 have been a mixture of good news and bad news.  National Milk Producers Federation says overseas demand for U.S. dairy products is continuing at a blistering pace, as the U.S. dairy industry achieved another record export volume in June by shipping 19.6 percent, of its total milk solids production to foreign countries. The U.S. also set a new record for the dairy trade balance, or exports minus imports, of 16.2 percent in terms of milk solids production. 

NMPF says domestic dairy product prices have softened in the past few months but remain at historically high levels. They say high dairy product wholesale prices continue to drive rapid retail price inflation, which is taking a toll on domestic consumption at both retail and food service.   The dairy group says the retail price index for all dairy products was almost 15 percent higher in July than a year earlier. 

NMPF says total food and beverage price inflation was up by 10.5 percent and overall inflation by 8.5 percent.