On July 21, 2022, the United States Department of Agriculture (USDA) released the US and Global Dairy Trade Report for the first Half of 2022. The main contents are as follows:

(1) Since the end of 2021, the global milk supply has tightened, driving the dairy processed goods’price higher. Among the major dairy exporters, only Argentina saw a year-on-year increase in milk production (+1%), while Australia (-6%), the European Union (-1%), New Zealand (-6%) and the United States (-1%) all declined till May 2022;
(2) China's whole milk powder production is expected to increase by 4% to 1.05 million tons in 2022.