It is equivalent to more than the sum of the last seven years, according to data from the Ministry of Economy.
Mexico broke a record in its sugar imports in 2023, with a total of US$ 448 million, which is equivalent to more than the sum of the last seven years, according to data from the Ministry of Economy.
In 2022, Mexican imports of this sweetener were only US$18 million. Another historical maximum was reached in the first quarter of 2024, when these sugar purchases from abroad totaled US$ 229 million, compared to US$ 6 million in the same period of the previous year.
According to the United States Department of Commerce (USDA), the higher levels of sugar imports are due to the increase in domestic prices of this basic product, lower production and the appreciation of the exchange rate.
For a full year, the previous record was recorded in 2009, when external purchases were US$325 million.
In terms of volume, the USDA projects that sugar imports to Mexico will rise from 283,000 tons in the 2022-2023 season (ends on September 31 of last year) to 510,000 tons in the 2023-2024 cycle.
On April 5, the Mexican government announced an agreement to temporarily allow the import of sugar free of tariffs and valid until August 31, 2024 for the Maquiladora and Manufacturing Export Industry (IMMEX) program.
Entities that want to import sugar must be companies certified with the IMMEX program and have imported those specific goods in the last 18 months.
Entities authorized to import sugar, even if they have benefited from the “Sugar Reexport Program” of the United States, may import a maximum volume equivalent to the amount necessary to cover the installed productive capacity of the indicated entity.
The agreement was issued due to lower production in the 2022/23 campaign and lower estimated production in the 2023/24 campaign. However, industry sources do not expect a significant impact, as few companies meet the requirements.
According to USDA projections, Mexican sugar production will be 4,880,000 tons in the 2023-2024 commercial year, a year-on-year drop of 11.8%.
