Agronometrics Shorts: Mexican Exports Poised to Reach a Record High, Paving the Way for a Banner Year
By
| 1 December 2023
Mexico is set to celebrate its most prosperous year ever in terms of exports, with the latest data revealing a 5.6% increase in value of shipments sent abroad in October compared to 2022. The national statistics agency, INEGI, reported that Mexican exports in October reached an impressive US $51.97 billion, propelling the cumulative total for 2023 to $493.51 billion. A significant driver of this export surge has been the robust performance of the agricultural sector, which experienced a remarkable 12.3% spike in exports, reaching $1.71 billion in October. This achievement has contributed to an overall improvement of 4.3% in Mexico’s agricultural exports, totaling $18.08 billion for the first ten months of the year. Avocado exports notably stood out, marking a 37.6% increase compared to October 2022. Citrus fruits and tomatoes also showed substantial growth, surging by 32.4% and 20.9%, respectively. However, exports of raw coffee beans and frozen shrimp declined by over 60% on an annual basis. Notably, over 83% of Mexico’s export income is derived from shipments to the United States, showcasing the importance of the North American market. The remaining 17% comes from exports sent to other nations, including Canada, China, Germany, and South Korea. As Mexico marks its best year in exports, the diverse contributions from agriculture, manufacturing, and strategic trade policies position the nation for continued economic success on the global stage. The agricultural sector has played a pivotal role in diversifying and strengthening the nation’s economic portfolio.
Source: USDA Market News via Agronometrics.
(Agronometrics users can view this chart with live updates here)
Source: USDA Market News via Agronometrics.
(Agronometrics users can view this chart with live updates here)
Berry Volumes by History in the US | From Mexico
Source: USDA Market News via Agronometrics.
(Agronometrics users can view this chart with live updates here)
Written by Sarah Ilyas
