Mexican Hass Avocado Prices Jump 34% Overnight
The Mexican Ministry of Economy reported a 34 percent increase in avocado prices on Tuesday amid threats to close the U.S. border. This increase occurred in the city of Michoacan—responsible for more than 90 percent of the country’s avocado production. This is the biggest one-day spike in prices in a decade, Bloomberg reported.
Avocados have consistently remained one of the most popular foods in our country—the U.S. alone accounts for 77 percent of global avocado purchases. While California supplies a fair percentage of our nation’s avocados, Mexico is the leading producer by far, providing Americans with 75-80 percent of the share.
Yesterday, President Trump acknowledged closing the border would have a negative impact on the US economy—but insisted the decision would be worth it to protect the nation's security. The New York Times reported many republican lawmakers, economists, and businesspeople warned that closing the Mexican border would devastate important industries depending on Mexico for goods as well as American farmers and automakers.