According to Agriculture Ministry data, the value of Mexico’s agrifood exports in the first five months of the year was the highest in 29 years. Agrifood products destined for foreign shores brought in US $18.7 billion from January through May. 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. This exceeds the 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.
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). Canada was second in 2019 with 4.4% at $21.3 billion, followed by China, Germany and Taiwan.