That Chinese data was for all import countries too, and based on the way A2M has grown during the overall market decline in China, it's possible that NZ performed better than other countries.
Agree about some potential unevenness in the data also due to GB label change over. Given that all companies have been going through this process over the past 18 months.
The EU market share is very large, it'll be interesting to see if NZ can capture any of that during the current trade tensions between China and EU. They are negotiating over EV tariffs as we speak.
I haven't followed these things as closely as others, but Chinese domestic dairy supply has obviously increased in recent years. I wonder if it's gotten to the point where they could absorb lower dairy volumes from EU for instance, or whether it would be mean a significant increase in demand for NZ dairy.
(20min delay)