$1.3b dairy internet sales

Sales on Fonterra's internet-based trading platform Global Dairy Trade have reached US$1 billion ($1.36 billion) over the 19 trading events since the system started in July 2008.

Fonterra said yesterday that the milestone reinforced Global Dairy Trade's establishment as the global market place that discovered a reliable and trusted market reference price for dairy products.

With the recent addition of anhydrous milk fat, and with skim milk powder starting early this year, Fonterra said its annual sales on the platform would exceed 400,000 tonnes of product.

Global Dairy Trade manager Paul Grave said it was common to have more than 100 bidders taking part in a trading event, which was a good level of liquidity in the relatively small dairy market, he said.

- NZPA