Mexico recorded $9.06 billion in agricultural exports during the first two months of the year, according to the country’s Ministry of Agriculture and Rural Development (SADER) and the Bank of Mexico.
The total represents a 9% year-over-year increase from the same period in 2023. The U.S. accounts for almost 90% of Mexico’s export marketplace, importing about $8.1 billion during the first two months of 2024, followed by Canada and China.
Top agricultural and beverage exports from Mexico in January and February included beer ($1.06 billion), tomatoes ($630 million) tequila ($621 million), avocados ($594 million), strawberries and raspberries ($531 million), and peppers ($427 million).
Mexican exports that saw the largest increases overall during the first two months of 2024 included chocolate (72%), coffee and tea (64%), frozen orange juice (62%), guava, mango and mangosteens (49%), grapes (38%), and cattle (36%).
Exports from Mexico to the U.S. are expected to top $47.2 billion in fiscal year 2024, which is 5% higher than fiscal year 2023, according to the U.S. Department of Agriculture (USDA). Fiscal year 2024 began on Oct. 1, 2023, and will end Sept. 30.
SADER also reported that Mexico imported a total of $7.5 billion in agricultural products in January and February, increasing by 2.3% over the same period in 2023.
The U.S. supplies Mexico with about 70% of the country’s agricultural imports. Along with the U.S., Mexico also imports agricultural products from Canada, Brazil, Chile, China, Spain, the Netherlands, Peru, Guatemala and France.
Top U.S. agricultural exports into Mexico during the first two months of 2024 include corn ($918 million), soybeans ($516 million) and pork ($334 million).
According to the USDA, China is forecast to remain the largest market for U.S. agricultural exports at $28.7 billion in fiscal year 2024. U.S. exports to Mexico are forecast to rise by $500 million to a record $28.4 billion, while exports to Canada are forecast to increase $300 million to $28 billion in the fiscal year.
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