Monday, May 20, 2024

Mexico’s agricultural exports off to a booming start in 2024

Mexico’s agricultural exports increased almost 9% in the first two months of 2024, helping the country to register a record-high agricultural trade surplus.

Citing data from the Bank of Mexico, the Ministry of Agriculture and Rural Development (SADER) reported Sunday that agricultural and agro-industrial exports were worth US $9.06 billion in January and February, an increase of 8.85% compared to the first two months of 2023 — Mexico’s best ever year for ag exports.

Avocado processing plant
An avocado packer sorts produce destined for export in Michoacán. (Cuartoscuro)

Agricultural imports increased by a modest 2.3% to reach $7.57 billion in the first two months of 2024.

Mexico thus recorded an agricultural trade surplus of $1.49 billion in January and February, a record for the period. The surplus increased 60.95% compared to the first two months of 2023, SADER said.

What were Mexico’s top agricultural/agro-industrial exports? 

Un chingo de cerveza, por favor.” (A shitload of beer, please.)

That is apparently the order the rest of the world placed with Mexico as Mexican beer exports were worth just over $1 billion in the first two months of the year, a 33.8% increase compared to the same period of 2023.

Mexican-grown tomatoes were also in high demand abroad. They brought in revenue of $630 million in the first two months of the year, making the fruit Mexico’s second highest-earning agricultural export, according to SADER.

Rounding out Mexico’s top 5 agricultural exports in January and February were tequila and mezcal ($621 million); avocados ($594 million); and fresh strawberries and raspberries ($531 million).

The majority of Mexico’s agricultural and agro-industrial exports go to the United States, but Mexican products also reach many other countries around the world, including markets in Asia and Europe.

Tomatoes in crates on a truck
Tomatoes were Mexico’s second-highest-earning agricultural exports in January and February. (Cuartoscuro)

Which agricultural products recorded the strongest export growth?

SADER said that exports of chocolate and other products containing cacao increased 71.7% in annual terms in the first two months of the year, while the value of tea, coffee and yerba mate shipments rose 64.5%.

The agricultural products that recorded the next highest export growth were orange juice (62.4%); guavas, mangos and mangosteens (48.6%): grapes and raisins (38%); and cattle (35.9%).

Mexico News Daily 

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