Against all odds, they predict a good year for Mexican liquor exports

Published 2024년 4월 9일

Tridge summary

The Mexican alcoholic beverage industry, particularly focusing on tequila exports, is optimistic about experiencing growth in 2024, driven by the anticipated recovery of its largest market, the United States. Despite facing challenges such as a weaker dollar, droughts impacting crop yields, and potential political uncertainties due to presidential elections in both countries, the industry remains hopeful following a slight increase in sales abroad in 2023. Efforts are also underway to address the issue of high taxation, which affects beverage pricing and fuels the growth of the informal market, indicating a proactive approach towards overcoming obstacles and capitalizing on future opportunities.

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Original content

The Mexican alcoholic beverage industry expects 2024 to be positive in export growth, driven by the recovery of the US market, which is the largest buyer of tequila. Maribel Quiroga, president of the Commission for the Wine and Spirits Industry (CIVyL), assured that despite several factors against it, such as a weaker dollar against the Mexican peso, the droughts that affect agave and sugar cane crops , as well as the uncertainty that the presidential elections may cause in the United States and Mexico, will be a year of greater growth, since in 2023 it slowed down compared to previous years. But there is still no clear estimate of sales abroad for 2024, because the first quarter is just closing. "We have to see above all the component of how tequila exports are behaving compared to last year, that is going to be very important," he said at a conference. According to data from the Ministry of Economy, national sales of liquor and spirits abroad reached 4,422 million dollars in ...

Source: Expansion