Energy trade between the U.S. and Mexico—the combined value of imports and exports—increased substantially in 2022 driven by commodity prices to reach a record high in real prices of $81.9 billion.
U.S. energy exports to Mexico reached a record high of $55.8 billion in 2022, up compared to a previous high of $45.4 billion in 2021, the U.S. Energy Information Administration (EIA) revealed June 28 in a statement on its website, citing U.S. Census Bureau data which has been collected since 1996.
“The U.S. imported more crude oil from Mexico and paid more per barrel in 2022 compared with 2021,” the EIA said.
U.S. oil imports from Mexico averaged 536,000 bbl/d in 2022, up 9% compared to 2021. The Brent spot oil price averaged $103/bbl in 2022 compared to $77/bbl in 2021. U.S. oil imports from Mexico reached $20.7 billion in 2022, up 47% compared to 2021, the EIA said. And in 2022, the U.S. didn’t export any oil to Mexico.
In terms of petroleum products, Mexico is the largest export market for U.S. producers. In 2022, nearly 20% of all U.S. petroleum products were exported to Mexico, according to the EIA.
U.S. petroleum product exports to Mexico averaged 1.7 MMbbl/d in 2022, up 33% compared to 2021.
“The value of U.S. petroleum product exports—the largest component of energy trade with Mexico on a value basis—increased by more than $10 billion to $44.2 billion in 2022 from $33.5 billion in 2021,” the EIA said.
In terms of natural gas, Mexico is an equally attractive piped-gas export market for U.S. producers. And in the future Mexico is looking to import even higher volumes of U.S. piped-gas to feed a number of planned liquefied natural gas export facilities.
U.S. gas exports to Mexico averaged 5.7 Bcf/d in 2022, down 4% compared to 2021 but due to higher gas prices the trade value only declined 1.5% in 2022 compared to 2021, the EIA said.
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