CORRECTED-UPDATE 1-Fonterra says China dairy imports jump in March as lockdowns ease

(Corrects headline and story throughout to say import, export data are global dairy figures and not Fonterra data)

May 29 (Reuters) - New Zealand’s Fonterra said on Friday China’s global dairy import volumes climbed 10.1% in March after two consecutive months of declines, as the world’s second-largest economy reopens after coronavirus-induced lockdowns.

The jump in China dairy imports, however, may not be sustained as inventory levels are rebuilt.

New Zealand also reported a 13.6% drop in dairy exports, dragged down by lower demand from Thailand, China and Saudi Arabia, according to global dairy data from Fonterra.

Fonterra’s New Zealand milk collection for April fell 2.6% due to prolonged drought conditions. Australia’s milk production rose 7.1% in March, helped by favorable weather, data released by the company showed.

Dairy companies including Fonterra and its smaller peer Synlait Milk have cut the price they pay farmers for milk for the upcoming season as virus-driven restrictions hammer demand. (Reporting by A K Pranav in Bengaluru; Editing by Aditya Soni)