Fonterra said that sales on its online trading platform Global Dairy Trade hit $US1 billion mark during the nineteen trading events since its launch in July 2008.

Fonterra added that online annual sales would exceed 400 thousand tones of product, driven by the recent addition of milk powder.

Paul Grave, manager of Global Dairy Trade said that over 250 bidders from 56 countries got registered to participate in the trading events.

Kelvin Wickham, MD of Global Trade wants more sellers to take part in the auction.

Commenting on the issue, said, “Having other sellers participating would give an added level of liquidity and therefore, credibility.”

Kelvin Wickham also added that the market-based pricing being offered by the platform would facilitate the creation of the future markets for diary products.