The December issue of the FAO Dairy Market Review highlights the emerging trends and outlook. It indicates that international dairy prices are rebounding slowly, but remain below their pre-pandemic levels. Considering the overall dairy product price movements from January to November, only cheese quotations registered an increase, reflecting persistent and robust import demand from Asia and internal demand in Europe. Despite COVID-19-related market disruptions, world milk production is rising, mostly in Asia, but also in Europe and North America. In the meantime, international trade in butter, cheese and whole milk powder could expand, but skim milk powder trade (SMP) may contract.