Agri-Food Trade Surplus Reaches US$2.97 Billion in 1Q24

Mexico's agri-food trade balance recorded a surplus of US$2.9 billion in 1Q24, marking a 47.4% increase compared to the same period last year. The rise is attributed to a 6.05% increase in exports and a slowdown in import growth, according to Banxico.

Agri-food exports amounted to US$14.2 billion in the first three months of 2024. Vegetables, beverages, and fruits were the primary export categories, making up 63% of the total exports, with shares of 23%, 21%, and 19%, respectively. The highest-value exports during this period were beer, which accounted for US$1.5 billion, tequila and mezcal with US$944 million, avocados with US$962 million, fresh or refrigerated tomatoes with US$927 million, and fresh strawberries and raspberries with US$855 million. 

The products with the highest growth value include frozen orange juice at 76.3%, followed by coffee, tea, and mate preparations at 52.1%. Other significant increases included chocolate and cocoa preparations, guavas, mangoes, and mangosteens, and bovine livestock. This represents a significant boost in the sector’s performance. On the import side, agri-food purchases totaled US$11.2 billion, a 1.2% decrease from the same period last year. 

The total value of Mexico's agri-food trade with the world surpassed US$25 billion during the January-March period, resulting in increased revenue for domestic producers, job creation, and foreign exchange inflows. The agricultural and fishing sectors saw a 6.34% rise in exports, reaching US$6.6 billion, while imports fell by 10.5% to US$5.1 billion. This led to a positive trade balance of US$1.5 billion, a substantial 207.2% increase against 1Q23.

In agro-industrial products, exports grew by 5.7% to US$7.5 billion, while imports amounted to US$6 billion. This sector recorded a surplus of US$1.4 billion, though it represents a 3.7% decline compared to the previous year.