Tuesday, November 28, 2023

Mexico’s agrifood exports highest in 29 years between January and May

The value of Mexico’s agrifood exports in the first five months of the year was the highest in 29 years, the Agriculture Ministry said.

Agrifood products destined for foreign shores brought in US $18.7 billion from January through May, and imports were just under $14.5 billion for a surplus of $4.23 billion, the fourth highest in 27 years.

Of the $33.2 billion agrifood trade with foreign countries, 56.4% was money entering the economy: more than earnings from petroleum exports or foreign tourism.

The biggest exports were beer at nearly $2.2 billion, avocados at $1.3 billion; tequila and mezcal, $1.1 billion; tomatoes, $1.1 billion; and peppers, $817 million.

More than 55% of imports were concentrated in four groups: cereals, at 21%; oil seeds and oleaginous fruits at 15%; meat at 14%, and dairy and other products of animal origin at 6%.

Primary agricultural and fish products alone, discounting agroindustrial produce, registered a surplus of $1.8 billion, with exports of more than $9 billion. For the month of May, those exports grew 17.5% in annual terms.

Vegetables, fruits and beverages were the biggest sellers from January to May. Export of the latter grew 30.8% in annual terms.

In terms of specific products, flower exports rocketed 94% annually, natural honey 83.2%, tobacco 60.7% and citrus 57.5%.

Agroindustrial trade alone left a surplus of $2.4 billion. Among those products, the largest annual increases were in meat and poultry offal at 156.4%, soybean oil 75.4%, and soups, stews or broths 55%.

For all trade, Mexico’s top trading partner was the United States, which purchased 75% of exports at a value of $361 billion in 2019, according to the Observatory of Economic Complexity (OEC).

Canada was second in 2019 with 4.4% at $21.3 billion, followed by China, Germany and Taiwan.

Mexico News Daily

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