MEXICO- A report from the United States Department of Agriculture Foreign Agricultural Service (FAS) has predicted growth in Mexican pork and beef production in 2024 citing expected lower prices for cattle and swine feed.

The report showed that domestic beef production will be nearly 1% higher from 2023 to a record 2.24 million metric tons (MMT).

Less drought in central and northern Mexico during the current year and less elevated grain prices are expected to support herd development with impacts lasting through 2024.”

In addition, the report has highlighted that there will be a slight increase in beef demand amid the foreseen population growth and a growing demand for beef products.

The country’s tourism economy also continues to experience robust growth which, in turn, generates additional consumer demand in the hotel, restaurant, and institutional (HRI) sectors,” the report reiterated.

The report showed that in the forecast period, the country’s volume of beef imports for 2024 will be virtually unchanged from 2023, at 175,000 MT, while exports are seen to increase by 1% higher from 2023 to 415,000 MT.

Albeit a small portion of total supply, Mexico’s share of global beef exports continues to gradually increase. Between 2015 and 2022, Mexico has nearly doubled its amount of beef exports. The country’s main export markets are the US, Japan, Canada, and South Korea.”

Mexico’s main goal has been to diversify its meat exports to meet the demand for halal meat in North Africa, the Middle East, and Asia through cooperation among the Secretary of Agriculture and Rural Development (SADER) and halal certification bodies, according to the report.

Mexican cattle production is predicted to reach 8.7 million head, a 2% increase over the previous year indicating a constant trend of steady growth over the past decade.

Potential increased US demand for feeder cattle from a shrinking 2024 US herd is forecast to boost live exports.”

USDA sees potential growth in Mexican pork exports

USDA has also identified a potential rise in pork exports with countries such as the US, Japan, South Korea and Canada showing to remain stable destinations for Mexican pork in the forecast period.

“With those countries’ pork imports relatively stable, Mexican pork exporters may look to increase their share in other export markets in Asia such as Singapore, Philippines, and Vietnam, and countries in Latin America such as Guatemala and El Salvador,” it stated.

In the forecast period, the report noted that pork exports will rise by 2% in 2024 to 250,000 MT compared to the same period in the previous year.

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