Export data for the Co-operative in December confirms a new record for a single month's volume, with more than 300,000 MT shipped to its global markets. December's volume was approximately 10% higher than Fonterra's previous record month in December 2014.

Fonterra Managing Director for Global Ingredients, Kelvin Wickham said the new record reflected the ongoing successful performance of Fonterra's direct-to-customer ingredients, consumer and foodservice sales despite the tough global market environment.

Wickham said the new benchmark would be difficult to surpass as reduced milk volumes began to impact on the Co-operative's production levels. Fonterra is forecasting a year-on-year reduction of milk volumes by at least 6% this season as farmers responded to the low milk price environment and dry conditions impacted parts of New Zealand. Since August 2015, Fonterra has reduced the amount of whole milk powder it expects to offer on the GlobalDairyTrade (GDT) platform over the next 12 months by 146,000 metric tonnes in response to a change in product mix away from base milk powders and continued successful contracting and demand through other sales channels. 

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