恆天然 中國9月乳品進口大幅下滑

According to figures just published by Fonterra, the New Zealand dairy exporter, China's imports of dairy products fell 12.6 per cent in September, year on year (see first chart). This was the first time imports fell this year. Meanwhile, Fonterra adds, China's whole milk powder imports dropped by 50 per cent in September.

根據新西蘭奶製品出口商恆天然(Fonterra)剛剛發佈的數據，中國9月乳品進口同比下滑12.6%。這是今年首次下滑。同時，恆天然補充稱，中國9月全脂奶粉進口下滑50%。

China buys roughly two-thirds of world trade in dry whole milk powder and over a third of global shipments of fresh milk. Its imports are usually high because consumers distrust domestic producers after multiple health scandals.

中國佔全球全脂奶粉銷量的約三分之二，佔全球鮮奶銷量的三分之一。中國的進口量通常很高，因爲在多起食品安全醜聞之後，消費者不信賴國內廠商。

But the nation's buyers are importing less after stocking up heavily to take advantage of falling dairy prices (see second chart), which have been declining, in part, because the European Union will lift output quotas next year.

然而，在利用乳品價格下滑大量囤積後，中國買家減少了進口。全球乳品價格一直下滑，部分原因是歐盟(EU)明年將取消產量配額。

Worryingly for dairy groups and their investors, this sudden drop in Chinese purchases could cause the prices of milk, cheese and butter to sour further.

令乳品集團及其投資者感到擔憂的是，中國購買量的突然下滑可能會導致牛奶、奶酪和黃油的價格繼續下滑。