Agri-Food Exports Reach US$33.3 billion in 1H24

In the first seven months of 2024, Mexico's agri-food exports totaled US$33.3 billion, reflecting a continued upward trend and resulting in a trade surplus of US$6.4 billion. This surplus represents a 9.38% increase compared to the same period in 2023, according to the Ministry of Agriculture and Rural Development (SADER).

Between January and July, agri-food exports rose by 5.54%, while imports increased by 4.67%, totaling US$26.9 billion. The federal agency noted that the surplus in the agricultural and agro-industrial balance remains significant, representing the third highest one in the last 30 years.

The agricultural and fishing balance recorded a surplus of US$2.7 billion, a rise of US$1.6 billion (140.59%) compared to January-July 2023, with exports reaching US$14.8 billion. Conversely, the agro-industrial sector reported a surplus of US$3.7 billion, down by US$1 billion from the previous year, with external sales amounting to US$18.5 billion.

Key export groups included beverages, vegetables, and fruits, which together accounted for 61% of total exports, with contributions of 23%, 20%, and 18%, respectively. Notably, the highest growth in exports was seen in frozen orange juice, which increased by 80.85%. This was followed by cattle exports, which rose by 58.74%, and coffee, tea, and yerba mate preparations, which saw a 50.59% increase compared to the same period last year.

In terms of export value, beer led the category with US$4.2 billion, followed by tequila and mezcal at US$2.5 billion, avocados at US$2.1 billion, fresh or refrigerated tomatoes at US$2 billion, and baked goods at US$1.6 billion.