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Mexicos Agrifood Trade 29 Year High

Mexico City – The value of Mexico’s agrifood exports in the first five months of the year was the highest in 29 years, the Ministry of Agriculture and Rural Development reported earlier this week.

Agrifood products destined for foreign shores brought in US $18.7 billion from January through May, and imports were just under $14.5 billion for a surplus of $4.23 billion, the fourth-highest in 27 years.

Of the $33.2 billion agrifood trade with foreign countries, 56.4% was money entering the economy: more than earnings from petroleum exports or foreign tourism.

The biggest exports were beer at nearly $2.2 billion, avocados at $1.3 billion; tequila and mezcal, $1.1 billion; tomatoes, $1.1 billion; and peppers, $817 million.

More than 55% of imports were concentrated in four groups: cereals, at 21%; oil seeds and oleaginous fruits at 15%; meat at 14%, and dairy and other products of animal origin at 6 percent.

Vegetables, fruits and beverages were the biggest sellers from January to May. Export of the latter grew 30.8% in annual terms.

For all trade, Mexico’s top trading partner was the United States, which purchased 75% of exports at a value of $361 billion in 2019, according to the Observatory of Economic Complexity (OEC).

Sources: Secretariat of Agriculture and Rural DevelopmentMexico News Daily

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