Mexican beef, pork production forecast to increase in 2024 – GAIN
Beef imports to remain flat, pork imports to recover
Mexico’s beef and pork production in 2024 is forecast to increase due to stronger producer returns from lower feed prices, as well as increased domestic and international demand, according to a recent US Department of Agriculture (USDA) Global Agricultural Information Network (GAIN) report.
Beef imports are forecast to remain flat due to sufficient stocks, while pork imports are forecast to recover after falling in 2023.
Exports are forecast to increase due to higher production and global demand in 2024, albeit modestly.
In 2023, less elevated grain prices, a record-level appreciation of the Mexican peso, and generally favourable weather conditions in livestock production areas are forecast to spur Mexico’s beef and pork production.
Producer input costs are expected to decline along with the stronger peso. Nevertheless, the strong peso will likely offset any export increases stemming from higher production, as well as increase competition from imports in 2023.
As inflation in Mexico moderates, pork and beef consumption is forecast to increase slightly in both 2023 and 2024.