Mexico’s agricultural and agro-industrial exports increased more than 7% annually in the first five months of 2024 to reach a record high of over US $24 billion.
The federal Ministry of Agriculture and Rural Development (SADER) reported Sunday that agricultural and agro-industrial exports generated revenue of $24.33 billion between January and May, a 7.22% increase compared to the same period of last year.
Mexico’s main export market is the United States, but Mexican agricultural/agro-industrial products are shipped worldwide.
A $4.5 billion thirst for Mexican beer and spirits
Beer — considered an agro-industrial export — was the top agricultural export between January and May, bringing in revenue of just under $2.84 billion, or 11.7% of the total. Mexico is the world’s leading exporter of beer.
Generating the second highest amount of agricultural/agro-industrial export revenue in the five-month period were tequila and mezcal, Mexico’s famous agave-derived spirit siblings. Exports of the two spirits were worth $1.73 billion between January and May, SADER said.
Beer, tequila and mezcal together generated export revenue of $4.57 billion in the first five months of the year.
Ranking third to fifth for export revenue between January and May were:
- Avocados: $1.53 billion
- Tomatoes: $1.49 billion
- Strawberries and raspberries: $1.2 billion
SADER said that shipments of vegetables brought in 22% of overall agricultural/agro-industrial revenue. Beverages — alcoholic and non-alcoholic — accounted for the same percentage. Fruit exports generated 18% of the total export revenue.
The remainder of the revenue came from a range of products including meat, coffee and tobacco (cigarettes and cigars).
Ag exports more lucrative than tourism and oil
SADER highlighted that agricultural and agro-industrial exports brought in more foreign currency revenue than both international tourism and “the sale of petroleum products” in the first five months of the year.
International visitors spent just under $15 billion in Mexico between January and May, the federal Tourism Ministry reported Sunday, while oil exports were worth $12.73 billion in the same period, according to national statistics agency INEGI.
Mexico records ag trade surplus of nearly $5 billion
SADER said that Mexico imported agricultural and agro-industrial products worth $19.44 billion in the first five months of 2024, a 4.04% increase compared to the same period of last year.
Mexico thus recorded a $4.89 billion agricultural trade surplus between January and May, a 22.06% annual increase.
Ag exports have been on the rise for 15 years
In 2023, the value of Mexico’s agricultural and agro-industrial exports hit a record high of almost $52 billion, a 3.9% increase compared to 2022. Exports increased for a 14th consecutive year, even as drought affected a large portion of Mexico’s territory.
The data for the first five months of 2024 shows that agricultural/agro-industrial exports are increasing for a 15th consecutive year. Based on the average monthly revenue between January and May, exports will total just under $58.4 billion this year, a figure that would represent a 12.6% increase compared to 2023.
Mexico News Daily
