Tequila distiller Becle reported a 9.6% year over year improvement in revenues in 3Q. That was 4% points better than analysts had expected according to S&P Global Market Intelligence and resulted in EBITDA that was 20% better than expectations.

The growth for the maker of Jose Cuervo tequila comes amid a resurgence of tequila exports from Mexico. Panjiva’s data shows that there was an 18.6% year over year surge in 3Q of Mexican exports of tequila. The U.S. accounted for 70.2% of the total, with rest-of-world shipments growing slightly faster than average at a 20.3% rate.

Chart segments Mexican tequila exports by destination on a monthly and three-month average basis.  Source: Panjiva

 Exports of Jose Cuervo outperformed the industry average with a 25.4% expansion in 3Q. The growth ahead of revenues may indicate a build up of inventories in expectation of a strong finish to the year, though that may prove high risk if its competitors can rebuild their market share.

Exports associated with Bacardi’s Patron brand increased by 9.1%, while Beam Suntory’s Tequila Sauza dropped by 5.1%. The fastest growth though has been experienced by Diageo’s DeLeon and Don Julio brands with surged 96.0% higher and now represented 55% the value of Jose Cuervo exports. 

Chart segments Mexican tequila exports by shipper on a three-month total basis.  Source: Panjiva