Agri-Food Trade Balance Shows Surplus From January to July

Mexico’s agri-food balance presented a trade surplus of US$5.14 billion between January and July 2022. According to the Ministry of Agriculture and Rural Development (SADER), this represented an increase of 1.12 percent compared to the same period in 2021. 

Banxico reported that agri-food sales abroad broke records with the highest numbers seen throughout the past 30 years, adding up to US$29.96 billion during the first seven months of 2022, an increase of 14.78 percent over last year’s US$26.10 billion sales. On the other hand, SADER highlighted that the US and Canada remain Mexico’s main trading partners, reaching 54.7 percent of this period’s global sales.

Focusing solely on the US, from January to June of this year, agri-food trade between the two countries increased 16 percent compared to last year’s period, adding up to US$37.63 billion. “The value of national exports of agri-food products increased 18 percent while imports increased 13 percent, resulting in a surplus balance of US$10.1 billion. This entails an increase of 24 percent over the surplus recorded during the same period in 2021,” explained SADER.

The agriculture and fishing industries presented a positive balance of US$986 million, with exports of US$13.25 billion and purchases of US$12.26 billion. SADER claimed that agricultural and agro-industrial imports reached US$24.82 billion in the first 7 months of the year, with 57 percent of them being concentrated in four groups: cereals with 21 percent, oilseeds and oleaginous fruits with 16 percent, meat with 14 percent, as well as dairy products, eggs and honey with 7 percent. Even though imports grew compared to July 2021, they remained below the level of exports, keeping the agri-food trade balance surplus, according to the ministry.

Regarding exports, SADER pointed out that beverages, at 23 percent, as well as fruit and vegetables at 19 percent represented the main exportation groups abroad, accounting for 61 percent of all marketed products. Foreign sales of wheat and morcajo wheat increased by 184.47 percent, followed by unroasted and decaf coffee with 77.50 percent, frozen beef with 50.60 percent, coffee, tea or yerba mate preparations with 48.30 percent and sugar with 48.10 percent.

Agri-food products with the highest export values were beer, with US$3.47 billion, tequila and mezcal, with US$2.49 billion, avocado, with US$2.11 billion, fresh and refrigerated tomato, with US$1.52 billion, and bakery products, with US$1.235 billion.