India's milk imports soar as disease hits local cattle stock | Reuters News Agency

India’s milk imports soar as disease hits local cattle stock

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
Eikon_4.6.23_india milk
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