Mexican Agriculture Sector Faces Losses in Late 2023 Due to Currency Exchange
Fresh Avocado
Arturo Munoz
Published Jan 6, 2024
The Mexican economy is gaining international investor confidence, but its agribusiness faces a dual reality. While export volumes to major markets like the United States (US), China, and Europe are growing, the Mexican peso has significantly devalued in recent years. The USD/Mexican peso exchange rate dropped from an average of 20-21 pesos per dollar in 2021 to 16.5-18 pesos per dollar by the end of 2023. This devaluation has led to substantial losses for certain industries, such as avocado exporters to the US, facing over USD 2 billion dollars in losses, and key products like tomatoes, cucumbers, and bell peppers reporting losses of nearly USD 4.5 billion in 2023 compared to previous seasons.
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