Beer Leads the Charge in Early 2024

Mexico’s Agricultural Exports Thrive: Beer Leads the Charge in Early 2024

Robust Growth in Exports

Mexico’s agricultural exports have witnessed a remarkable surge in the first two months of 2024. According to the Ministry of Agriculture and Rural Development (SADER) and the Bank of Mexico, the country recorded an impressive $9.06 billion in agricultural exports during this period, reflecting a 9% year-over-year increase compared to the same period in 2023. The United States remains Mexico’s primary export destination, accounting for nearly 90% of its agricultural exports, valued at approximately $8.1 billion.

Top Exports: Beer, Tomatoes, and More

Among the leading agricultural and beverage exports from Mexico to the U.S. in January and February were beer ($1.06 billion), tomatoes ($630 million), tequila ($621 million), avocados ($594 million), strawberries and raspberries ($531 million), and peppers ($427 million). These diverse products showcase Mexico’s rich agricultural heritage and thriving industries.

Remarkable Increases in Niche Exports

Certain niche exports also experienced substantial growth during the first two months of 2024. Chocolate exports soared by 72%, coffee and tea by 64%, frozen orange juice by 62%, guava, mango, and mangosteens by 49%, grapes by 38%, and cattle by 36%. These figures highlight Mexico’s versatility in catering to diverse global markets.

Forecasted Growth and Diversification

According to the U.S. Department of Agriculture (USDA), Mexico’s exports to the U.S. are expected to surpass $47.2 billion in fiscal year 2024, a 5% increase from the previous fiscal year. This positive outlook underscores the strong trade relationship between the two nations and the resilience of Mexico’s agricultural sector.

Imports Sustain Domestic Demand

While exports flourish, Mexico’s agricultural imports also play a crucial role in meeting domestic demand. During January and February, the country imported $7.5 billion worth of agricultural products, a 2.3% increase compared to the same period in 2023. The U.S. supplies approximately 70% of Mexico’s agricultural imports, with Canada, Brazil, Chile, China, Spain, the Netherlands, Peru, Guatemala, and France contributing to the remainder.

As Mexico’s agricultural exports continue to thrive, the country’s beer industry has emerged as a standout performer, leading the charge in the early months of 2024. With a diverse range of products and strong trade partnerships, Mexico’s agricultural sector remains poised for sustained growth and economic prosperity.

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