04 April 2023, 2:22 pm 1 minute
Reuters was the first to reveal that India’s milk product imports are rising and the country is planning to allow duty-free imports. Milk prices in the world’s biggest producer have risen at their fastest rate in a decade, reaching a record high due to lumpy skin disease in cows and a drawdown in market-ready cattle stock after the coronavirus pandemic slowed breeding. Additionally, Reuters reported that consumption of dairy products has been rising rapidly, despite the stagnation in milk supplies. A day later, a senior government official confirmed the Reuters report in a press conference.
Market Impact
Milk prices have already jumped more than 15% to 56 rupees ($0.68) a litre over the past year – the fastest rise in a decade – making it difficult for the government to bring retail inflation below the central bank’s target. India’s SMP imports are likely to hit an all-time high in the fiscal year that started April, surpassing record purchases in 2011-12, dairy industry officials said. In January, India’s milk and cream imports jumped 1,024% from the last year to $4.87 million, even with import taxes, as dairies increased purchases from France, Germany and Poland.
Article Tags
Type: Reuters Best
Sectors: Economy & Policy
Regions: Asia
Countries: India
Win Types: Speed
Story Types: Exclusive / Scoop
Media Types: Text
Customer Impact: Significant National Story