The Wisconsin-based Babcock Institute for International Dairy Research and Development released some statistics on U.S. dairy exports in February. The report said that while U.S. dairy exports flourished over the last few years, that export boom came to a “screeching halt” by the end of 2008. Exports had increased from US$1 billion to US$1.8 billion between 2003 and 2006 and then to US$3 billion in 2007. Dairy exports in 2008 will be close to US$4 billion. But with the global financial crisis and the melamine tragedy in China, it said, world demand for dairy products has dampened. The report goes on to say that New Zealand milk products are projected to increase 6 % to 8% for 2008–2009, leaving large supplies of dairy products to serve a shrinking world market. This has caused world prices to plummet with U.S. dairy exports following suit.