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New Zealand's dairy exports to China reached a record NZ$4.8 billion in the first quarter of 2026, driven by strong demand for whole milk powder and infant formula.
According to Statistics NZ, dairy exports to China grew 18% year-on-year, accounting for 42% of total NZ dairy export revenue. Whole milk powder shipments alone totaled NZ$2.9 billion.
The surge comes as Chinese consumers increasingly favour premium imported dairy products, with NZ's "grass-fed" and "clean green" brand positioning resonating strongly in Tier 1 and Tier 2 cities.
Fonterra CEO noted that while volume growth is welcome, the company continues to pivot toward higher-value specialty nutrition products to build resilience against commodity price cycles.
2026年第一季度，新西兰对华乳制品出口创下48亿纽元的历史新高，受全脂奶粉和婴儿配方奶粉强劲需求推动。
根据新西兰统计局数据，对华乳制品出口同比增长18%，占新西兰乳制品出口总收入的42%。仅全脂奶粉出货量就达29亿纽元。
这一增长发生在中国消费者日益青睐高端进口乳制品之际，新西兰"草饲"和"纯净绿色"品牌定位在一线和二线城市引起强烈共鸣。
恒天然CEO指出，虽然销量增长值得欢迎，但公司将继续向高附加值专业营养产品转型，以增强抵御商品价格周期的能力。
Source: Statistics New Zealand / Fonterra
Comment:
This record quarter confirms that China remains the indispensable market for NZ dairy — and that the premium positioning strategy is working.
The 18% year-on-year growth is particularly impressive given the competitive pressures from EU producers and China's domestic capacity expansion.
However, export concentration risk remains the elephant in the room. With 42% of dairy exports going to a single market, NZ must continue diversifying while deepening its premium positioning in China.
Fonterra's pivot toward specialty nutrition — infant formula, medical nutrition, sports nutrition — is strategically sound and should be accelerated.
We see continued strong demand from China in 2026, supported by the expanding middle class and growing health consciousness among Chinese consumers.
本季度创纪录的数据证实中国仍然是新西兰乳制品不可或缺的市场——并且高端定位策略正在奏效。
考虑到来自欧盟生产商和中国国内产能扩张的竞争压力，18%的同比增长尤为令人印象深刻。
然而，出口集中风险仍然是不可忽视的问题。42%的乳制品出口流向单一市场，新西兰必须在深化在中国高端定位的同时继续多元化。
恒天然向专业营养品——婴儿配方奶粉、医疗营养、运动营养——的转型在战略上是合理的，应加快推进。
我们预计2026年中国需求持续强劲，受中产阶级扩大和中国消费者健康意识增强的支撑。