Fonterra is still assessing losses from the Japanese and Christchurch earthquakes.
But the dairy co-operative is not expecting those to be significant or long-lasting.
Fonterra closed its Tokyo office after the earthquake in Japan on 11 March and set up an operational base in Osaka.
It exports mainly cheese and dairy protein to Japan.
Chief executive Andrew Ferrier says there will be some loss of inventory, but despite the scale of the disaster there, the disruption to the trade will be relatively low.
Fonterra's Plains milk powder plant was damaged in Christchurch.