Mexico’s agricultural exports are off to a strong start in 2024, reaching $9.06 billion in the first two months, a 9% increase compared to the same period in 2023. The United States remains the primary destination for these exports, accounting for nearly 90% with a value of US $8.1 billion. Top exported products include beer, tomatoes, tequila, and fresh fruits.
There’s also been a surge in exports of certain goods, with chocolate, coffee, and frozen orange juice experiencing significant growth (over 60%). This positive trend is expected to continue throughout the year, with projections suggesting a 5% increase in total agricultural exports to the U.S. reaching $47.2 billion by the end of fiscal year 2024 (September 30th).
It’s important to note that Mexico also imports agricultural products, with the U.S. supplying about 70% of these imports. While corn, soybeans, and pork are the main imports from the U.S., Mexico diversifies its sources by obtaining produce from other countries like Canada, China, and South American nations.
While China remains the largest market for U.S. agricultural exports overall, Mexico is expected to become a close second, surpassing Canada for the first time. This signifies the growing importance of the U.S.-Mexico agricultural trade relationship.