Mexico’s Agri-Food Exports Hit $37 Billion Record in 2024

Mexico’s agricultural sector continues to thrive, with the trade surplus growing by 6.7% to $7.082 billion in the first eight months of 2024.

This impressive growth showcases the sector’s resilience and importance to the national economy. The Bank of Mexico’s data, analyzed by the Agricultural Markets Consultants Group (GCMA), reveals a record-breaking performance.

Agri-food exports reached an all-time high of $37.026 billion, marking a 5.3% increase compared to the previous year. Imports also grew by 5.0%, totaling $29.944 billion during the same period.

These figures highlight the sector’s robust trade dynamics and its significant contribution to Mexico’s economic landscape. August 2024 alone saw agrifood exports valued at $4.063 billion, a 1.7% increase from August 2023.

Imports for the month stood at $3.857 billion, up 3.5% year over year. This resulted in a trade surplus of $206 million for August, further solidifying the sector’s positive performance.

Juan Carlos Anaya, GCMA’s Director General, emphasized the importance of maintaining this momentum. He stressed the need for the new administration to promote exports to other countries while nurturing existing trade partnerships.

Anaya also highlighted the crucial role of strengthening agricultural authorities and ensuring a successful TMEC review in 2026.

The Growing Importance of Mexico’s Agri-Food Sector

The agri-food sector now accounts for 9% of Mexico’s total exports, making it the third-largest foreign exchange generator.

Anaya projects that exports will reach $55 billion by the end of the year, underscoring the sector’s continued growth and importance to the Mexican economy.

Beer remains the top exported product, with sales of $4.779 billion, showing a 17.5% increase from 2023. Tequila follows in second place at $2.864 billion, despite an 8.8% decrease.

Beef products rank third with $2.447 billion, reflecting a robust 16.5% growth. Avocados claim the fourth spot with $2.380 billion in exports, a 16.0% increase.

Berries and tomatoes round out the top six, with $2.249 billion and $2.213 billion in exports, respectively. The horticultural subsector stands out, representing 47% of total agricultural exports.

Anaya noted that Mexico is self-sufficient in producing fruits, vegetables, sugar, coffee, and beef. However, he acknowledged that the country faces food security challenges in some areas.

Mexico produces less than 75% of its needs in products like corn (50%), wheat (35%), rice (20%), and pork (52%). The agricultural sector’s outstanding performance demonstrates its resilience and potential for growth.

As Mexico continues to strengthen its position in the global food market, the sector’s success will play a crucial role in the country’s economic development and food security strategies.