By Kinsey Grant / The Street
Mexican imports of U.S. soybean meal dropped 15 percent, chicken 11 percent and corn 6 percent in the first four months of 2017 amid friction between the two neighboring countries over NAFTA.
Soybean meal exports decreased for the first time in four years and chicken exports marked the biggest decline since 2003. Mexico is U.S. farmers’ largest export market for soybean meal, chicken and corn.
The decreasing figures illustrate Mexico’s move to reduce its reliance on the U.S. for commodities as President Trump looks to renegotiate NAFTA. This comes as U.S. farmers deal with low commodity prices and excess supply.
Raul Urteaga Trani, head of international affairs for Mexico’s Secretariat of Agriculture, led a group of Mexican business leaders to South America to explore trade of soybeans, corn and wheat.
“We have to send a signal to policymakers in Washington, and emphasize that we are not sitting still,” Trani said.