恒天然 中国9月乳品进口大幅下滑

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.

根据新西兰奶制品出口商恒天然(Fonterra)刚刚发布的数据，中国9月乳品进口同比下滑12.6%。这是今年首次下滑。同时，恒天然补充称，中国9月全脂奶粉进口下滑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.

中国占全球全脂奶粉销量的约三分之二，占全球鲜奶销量的三分之一。中国的进口量通常很高，因为在多起食品安全丑闻之后，消费者不信赖国内厂商。

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，在利用乳品价格下滑大量囤积后，中国买家减少了进口。全球乳品价格一直下滑，部分原因是欧盟(EU)明年将取消产量配额。

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.

令乳品集团及其投资者感到担忧的是，中国购买量的突然下滑可能会导致牛奶、奶酪和黄油的价格继续下滑。