Mexico’s Agri-Food Trade Surplus Grows 11.15% in 1H24

In the first half of 2024, Mexico’s agri-food trade balance registered a surplus of US$5.7 billion, marking an 11.15% increase compared to the same period in 2023. This growth, amounting to US$577 million, is attributed to the continued strength of the country’s agricultural and agro-industrial exports, according to the Ministry of Agriculture and Rural Development (SADER).

During this period, agricultural and agro-industrial exports reached US$28.6 billion, a 4.4% increase compared to 1H23. Meanwhile, imports in these sectors grew at a slower pace, totaling US$22.8 billion, a 2.9% rise from the previous year. Within the agri-food sector, the agricultural and fishing trade balance showed a surplus of US$2.6 billion, a significant 126.3% increase compared to 1H23. This was driven by a 6.5% rise in exports, which totaled US$12.9 billion, and a 6.3% decline in imports.

The agro-industrial trade balance also recorded a surplus, amounting to US$3.07 billion, with exports reaching US$15.6 billion and imports totaling US$12.54 billion. Meanwhile, vegetables, beverages, and fruits were the leading export categories, accounting for 62% of total exports, with each contributing 22%, 22%, and 18%, respectively. The fastest-growing exports during this period included frozen orange juice, fresh or dried grapes and raisins, coffee, tea, and yerba mate preparations, bovine livestock, and chocolate and other cocoa-based preparations. 

The highest export values were observed in beer with US$3.4 billion, tequila and mezcal with US$2.1 billion, avocados with US$1.5 billion, fresh or refrigerated tomatoes with US$1.5 billion, fresh strawberries and raspberries with US$1.2 billion, and bakery products with US$1.1 billion.