World Grain - July 2024 - 18

COUNTRY FOCUS
KEY FACTS
FOCUS ON
MEXICO
New leadership brings hope for end
to trade dispute with the US
by Susan Reidy
Having free trade agreements with more than 40 countries, Mexico
is a major participant in international agricultural trade and could
see that role grow more under the leadership of president elect
Claudia Sheinbaum.
Sheinbaum, who will take office on Oct. 1, has said she will
focus on growing the nation's agri-food surplus with the idea of
increasing agricultural exports. US trade associations and analysts
are hopeful she could bring an end to an ongoing trade dispute with
the United States over genetically modified corn that started under
current president Andrés Manuel López Obrador.
Crop production is the most important part of Mexico's agriculture
industry, accounting for 50% of output. Key crops include
corn, sugar cane, sorghum, wheat, vegetables, fruits, beans, barley
and coffee. Mexico has a large land mass with a diverse range of
climates.
It is the third largest agricultural producer in Latin America with
60.8 million acres of arable land. Corn is by far the largest crop
grown, with an estimated production of 25 million tonnes in 202425,
an increase of 7% year-over-year. Production also is expected
to increase for wheat and sorghum.
However, Mexico is facing increasing challenges
and degraded natural resources,
according to the International Trade
Administration (ITA). Rural people
face inadequate investment, poor
infrastructure, limited access to
technical assistance and markets.
Mexico
struggles with high
rural poverty and wide social
and economic disparities, the
ITA said. One in four Mexicans
live in rural areas but
they represent about two-thirds
of the extremely poor.
Trade is a significant part of
the agriculture industry, with exports
of $46.6 billion and imports of
$41.4 billion in 2022, according to the
18
Capital: Mexico City
Population: 130,739,927
Religions: Roman Catholic 78%, Protestant/
evangelical Christian 11.2%, other 0.002%, unaffiliated
(includes atheism) 10.6% (2020 est.).
Location: North America, bordering the Caribbean
Sea and the Gulf of Mexico, between Belize
and the United States and bordering the
North Pacific Ocean, between Guatemala and
the United States.
Government: Federal presidential republic.
Chief of state/head of government: President
Andrés Manuel López Obrador (since Dec. 1,
2018).
Economy: Mexico is among the 15 largest
economies in the world and the second-largest
economy in Latin America. The country has solid
macroeconomic institutions, is open to trade,
and has a diversified manufacturing base connected
to global value chains. Over the last
three decades, Mexico has underperformed in
terms of growth, inclusion, and poverty reduction
compared to similar countries. Its economic
growth averaged just above 2% a year between
1980 and 2022, limiting progress in convergence
relative to high-income economies. The Mexican
economy grew by 3.2% in 2023, the second consecutive
year of growth exceeding 3%, a moderation
after the post-pandemic rebound. The
official multidimensional poverty rate fell from
43.9% in 2020 to 36.3% in 2022, lifting 8.8 million
Mexicans out of poverty, although extreme
poverty has decreased more slowly. The economy
has recovered its employment and Gross
Domestic Product (GDP) to pre-pandemic levels.
Mexico's stable macroeconomic framework, the
US dynamism, and solid manufacturing base will
support economic growth. To accelerate sustainable
economic growth and poverty reduction
over the medium term, Mexico needs to address
structural constraints such as limited access to finance,
insecurity, informality, regulatory burdens,
and infrastructure bottlenecks.
GDP per capita: $20,300 (2022); inflation: 7.9%
(2022 est.); unemployment: 3.26% (2022 est.).
Currency: Mexican peso (MXN); 17.57 Mexican
pesos equal 1 US dollar (June 5, 2024).
Exports: $626.298 billion (2022): cars, computers,
vehicle parts/accessories, crude petroleum,
trucks (2022).
Imports: $668.59 billion (2022 est.): refined petroleum,
vehicle parts/accessories, machine
parts, integrated circuits, natural gas (2022).
Agriculture: 4.1% of GDP (2022) and 12.64% of
the labor force (2022).
Internet: Code: .mx ; 98.8 million (2021 est.) users.
Source
: CIA World Factbook/World Bank/OECD
July 2024 / World Grain / World-Grain.com
http://www.World-Grain.com

World Grain - July 2024

Table of Contents for the Digital Edition of World Grain - July 2024

World Grain - July 2024 - Intro
World Grain - July 2024 - 1
World Grain - July 2024 - 2
World Grain - July 2024 - 3
World Grain - July 2024 - 4
World Grain - July 2024 - 5
World Grain - July 2024 - 6
World Grain - July 2024 - 7
World Grain - July 2024 - 8
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https://digital.world-grain.com/sosland/wg/world-grain-july-2024
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https://digital.world-grain.com/sosland/wg/world-grain-april-2024
https://digital.world-grain.com/sosland/wg/world-grain-march-2024
https://digital.world-grain.com/sosland/wg/world-grain-february-2024
https://digital.world-grain.com/sosland/wg/world-grain-january-2024
https://digital.world-grain.com/sosland/wg/world-grain-december-2023
https://digital.world-grain.com/sosland/wg/world-grain-november-2023
https://digital.world-grain.com/sosland/wg/world-grain-october-2023
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https://digital.world-grain.com/sosland/wg/world-grain-december-2022
https://digital.world-grain.com/sosland/wg/world-grain-november-2022
https://digital.world-grain.com/sosland/wg/world-grain-october-2022
https://digital.world-grain.com/sosland/wg/world-grain-september-2022
https://digital.world-grain.com/sosland/wg/world-grain-august-2022
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https://digital.world-grain.com/sosland/wg/world-grain-april-2022
https://digital.world-grain.com/sosland/wg/world-grain-march-2022
https://digital.world-grain.com/sosland/wg/world-grain-february-2022
https://digital.world-grain.com/sosland/wg/world-grain-january-2022
https://digital.world-grain.com/sosland/wg/world-grain-december-2021
https://digital.world-grain.com/sosland/wg/-world-grain-november-2021
https://digital.world-grain.com/sosland/wg/world-grain-october-2021
https://digital.world-grain.com/sosland/wg/world-grain-september-2021
https://digital.world-grain.com/sosland/wg/world-grain-august-2021
https://digital.world-grain.com/sosland/wg/world-grain-july-2021
https://digital.world-grain.com/sosland/wg/world-grain-june-2021
https://digital.world-grain.com/sosland/wg/world-grain-may-2021
https://digital.world-grain.com/sosland/wg/world-grain-april-2021
https://digital.world-grain.com/sosland/wg/world-grain-march-2021
https://digital.world-grain.com/sosland/wg/world-grain-february-2021
https://digital.world-grain.com/sosland/wg/2021_01_01
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https://www.nxtbook.com/sosland/wg/2014_03_01
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http://digital.world-grain.com/sosland/wg/2010_03_01
http://digital.world-grain.com/sosland/wg/2010_02_01
http://digital.world-grain.com/sosland/wg/2010_01_01
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