Impact of the Coronavirus crisis on the European dairy sector

Источник: The DairyNews
All key indicators for the dairy sector are in a strong downward spiral. For example, the Global Dairy Trade index dropped as much as 3.9 percent this week, after a steady decline in recent weeks. Further significant price decreases are also being seen on the Italian spot milk market. These prices have shrunk by almost 7 percent as compared to February. Following the same trend, the rates for milk-product futures on the European Energy Exchange (EEX) have dropped significantly. Contracts for May went down 5.7 percent to 3,300 euros/tonne.

In light of these trying times, individual dairy-market stakeholders are already taking action to limit the fallout of the Coronavirus crisis. For example, Mila, an alpine-milk dairy in South Tyrol, recently asked their producers to voluntarily reduce their production volumes to adapt milk supply to this crisis situation. 

It has become clear over the past few days that during crises, everyone needs to act in concert in order to deal with the arising issues effectively. It is not enough for individual regions to react or for different regions or institutions to implement measures that are all very different from each other. The measures must be aimed at everyone and must enjoy broad support – that is the only way to bring the Coronavirus crisis under control. In Europe, our lives are already so closely intertwined that it is impossible for individual action to produce meaningful results. Thanks to these close links – and this is a good thing – we also have the overarching institutions of the EU, which are in a position to make anti-crisis action in the dairy sector a reality.

30.01.2024
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