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FAS/Mexico expects slower growth in the vegetable oil and oil meal sectors in marketing year (MY) 2023/24 compared to recent years, given potential declines in consumer purchasing power, a forecast slowdown in Mexico’s economy, and persistent inflation.

Mexico’s sugar production is forecast at 6.25 million metric tons raw value (MMT-RV) in marketing year 2023/24 (October-September), an increase of nearly 3 percent compared to MY 2022/23 based on lower fertilizer costs and a return to average weather conditions.

Sugar production in 2023/24 is forecast at 7.05 million tons, three percent above the 2022/23 estimate. The marginal increase is due to expectations for a recovery in cane area harvested compared to the flood-damaged 2022/23 crop.

On March 19, 2023, Mexico’s Federal Commission for the Protection against Sanitary Risks (COFEPRIS) announced the annual import quota for two types of the agrochemical glyphosate.

As of March 2023, Pakistani authorities still ban genetically engineered (GE) oilseed imports. While they have made some progress in developing a system to allow for GE oilseed imports, uncertainty regarding when that system will be operative clouds the outlook for oilseed imports.

Mexico’s food processing industry is the third-largest in the Americas behind the United States and Brazil and is among the top 15 worldwide.

FAS Mexico forecasts for marketing year (MY) 2023/24 reductions in production, consumption, and trade due to low domestic and global demand for textiles and Government of Mexico (GOM) refusal to approve new genetically engineered (GE) seeds.