Mexico has hit its highest levels in six months, according to a new report from the Mexican government.
The government said on Friday that imports of agricultural commodities reached their highest level since the government began keeping statistics in 1992, which it said was due to “a dramatic rise in food prices.”
The government attributed the rise in prices to the ongoing economic crisis, the U.S. election and Mexico’s political turmoil.
Mexican farmers have struggled in recent years to compete with the cost of imports from China, which has become increasingly dominant in the global market.
Mexico’s economy is expected to shrink for the fourth straight year, and President Enrique Pena Nieto has promised to slash tariffs on Chinese imports to shore up his fragile domestic economy.
The data came a day after President Pena said that exports of fruits and vegetables reached a record high in December, up 18.4 percent year-on-year.
The increase was partly due to a surge in production in the Uyuni region, which accounts for more than 80 percent of Mexico’s fruit and vegetable exports.
In the Uruzgan region, the region with the highest share of the world’s fruit exports, imports of vegetables reached their largest level since 2000, up 29.4 per cent year-over-year, while the exports of rice and corn also jumped sharply, according the government.
The government attributed this to the country’s recent election results, which resulted in the consolidation of the ruling Institutional Revolutionary Party (PRI) in a second consecutive term.
The Mexican economy, the countrys largest, has been in the grip of a deep recession since 2006.
Inflation has been soaring, unemployment is high and the peso is down nearly 25 percent in the past year.
The economy has grown at a slower pace than expected during the recession, but analysts say the pesos are a vital measure of the country s prospects for economic recovery.