This part of the World Dairy Situation contains brief topical issues of the dairy world. The opinions expressed here are opinions of the authors and are not necessarily shared by the National Committees of the respective countries or IDF. The world market for dairy products was characterized by contrasting trends in the period 2002 to mid-2004, covered by this report. During most of 2002, there was oversupply, especially of milk powder, and prices were accordingly depressed. However, following reduced or constrained production in the Southern Hemisphere, as a result of drought (Australia) and economic adjustments (Argentina), prices began to strengthen towards the end of 2002 and rose further in 2003. Although prices rose substantially in US-dollarterms, appreciation of many exporting countries' currencies negated these increases in local-currency terms. For importing countries, low international prices in 2002 led to greater use of domestic-protection measures, ranging from increased tariffs to more stringent import-certification requirements.
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