Tuesday, June 25, 2024

Mexico’s agricultural trade surplus up 8% in first half of year

Mexico registered an agri-food trade surplus of US $5.3 billion in the first six months of 2023, led by exports of beer, tequila, avocados, tomatoes and berries.

The country exported US $27.5 billion of agri-food produce from January to June, a 5.38% increase from the same period in 2022 – the highest figure registered in 31 years.

Modelo beer
Beer topped the list in export revenue, bringing in US $2.97 billion. (James Kern/Unsplash)

Meanwhile, agri-food imports totaled US $22.2 billion, according to figures from the Agriculture and Rural Development Ministry (Sader). The resulting trade surplus showed a year-on-year increase of US $402 million, or 8.19%. It is the ninth consecutive year that Mexico has registered a trade surplus in the agri-food sector.

The total surplus was made up of US $1.3 billion in the agricultural and fishing sector and  US $4 billion in the agro-industrial sector, which produces processed foodstuffs and other agricultural products.

Nearly half of all agri-food export revenue in 2023 came from just six products: beer, tequila, berries, tomatoes, avocados and beef.

Beer and tequila maintained their place as Mexico’s leading agri-food exports, generating US $2.97 billion and US $2.35 billion, respectively.

Mexico’s berry industry, which topped the list of exports in January and February, slipped to fifth in the mid-year rankings. (silviacozzi/Depositphotos)

Avocados – sometimes dubbed “green gold” due to their high retail prices and relatively low production costs – generated US $1.6 billion, following a 12-month period in which Mexico exported a record 1.13 million tonnes of the fruit to the United States.

Avocado export volumes showed an annual increase of 48.8%, according to an analysis by the Agricultural Markets Consulting Group (GCMA). However, there was a 52% drop in the price of the fruit, threatening its place as Mexico’s top unprocessed agricultural export by revenue.

Tomatoes came a close fourth in the agri-food ranking with US $1.5 billion of exports, according to Sader, while strawberries and raspberries came fifth with US $1.28 billion, despite originally topping the ranking in the first two months of this year.

Exports which registered the highest growth were soybean oil (163%), live cattle (52.8%), butter, fat and cocoa oil (47.6%), coffee, tea and yerba maté (39.3%) and pasta (35%).

With reports from T21 and El Universal

Have something to say? Paid Subscribers get all access to make & read comments.
An overhead view of buildings in Jaguar Park in Tulum

Government says construction on Jaguar Park in Tulum will be done in 2 months

Construction is 92% complete, despite delayed environmental permits for a luxury hotel the military is building in the park.
The flags of Canada and Mexico

Canada opens 3 new visa application centers in Mexico

Now that most Mexicans need a visa to enter Canada, there is more demand than ever for Canadian visa services.
People shelter from the rain under umbrellas and ponchos in Mexico City

Heavy rain is in the forecast across Mexico this week

While meteorologists warn of flooding in low areas, reservoir levels in Tamaulipas and Nuevo León have gotten a much-needed boost.