Mexico: To face drought, the Ministry of Economy announces import quota for black beans

Published Apr 27, 2021

Tridge summary

Due to a drought impacting national black bean production, the Mexican Ministry of Economy has approved an import quota of 70,000 tons, exempting tariffs for entries from countries without a free trade agreement. This decision aims to combat significant price hikes seen in beans, with the National Consumer Price Index showing a 29.7% increase between 2019 and 2020. The drought has affected bean harvests and inventory levels, leading to higher consumer prices for beans, lentils, and other staples like corn tortillas, eggs, potatoes, lemons, oranges, chicken, and pork.

Disclaimer:The above summary was generated by Tridge's proprietary AI model for informational purposes.

Original content

In the midst of the drought that affects the national production of black beans, the Ministry of Economy opened an import quota to allow the entry, duty-free, of this legume. In the Official Gazette of the Federation it was published that the import quota of 70 thousand tons of black beans may be imported from countries with which Mexico does not have a free trade agreement, with the benefit that no tariffs will be paid. The Ministry of Economy stated that beans registered price increases, as reported by Inegi in the National Producer Price Index; for example, from 2019 to 2020 the price increased 20.4%. While in the National Consumer Price Index the increase "was higher at 29.7 percent." Inflation soars to 6.05%, its highest level since 2017 According to the agency "wholesale prices in the different supply centers of the country have reacted to the trends in producer and consumer prices and during 2020, beans were one of the products that increased the most in price" . According ...

Source: Informador