In its latest ‘Today in Energy’ report, the US Energy Information Administration (EIA) has announced that the US’ export value to Mexico was more than twice its import value in 2016.
In 2015 and 2016, the value of US energy exports to Mexico, including growing volumes of both petroleum products and natural gas, exceeded the value of US energy imports from Mexico as volumes of Mexican crude oil sold in the US continued to decline.
Last year, the value of US energy exports to Mexico was US$20.2 billion, while the value of US energy imports from that country was US$8.7 billion.
Monthly trends in volumes through 2016 showed increasing US petroleum product and natural gas exports to Mexico, with a generally declining trend in US crude oil imports from Mexico.
Mexico is second only to Canada in energy trade with the United States. Based on the latest data from the US Census Bureau, energy accounted for approximatelyt 9% of all US exports to Mexico and 3% of all US imports from Mexico in 2016.
Crude oil makes up most of the energy imports from Mexico, averaging 688 000 bpd in 2015 and 588 000 bpd in the first 11 months of 2016. Meanwhile, petroleum products account for most of the value of energy exports from the US to Mexico. In the first 11 months of 2016, petroleum product exports rose in both volume (averaging 849 000 bpd) and value relative to the first 11 months of 2015. Changes in Mexico’s utilisation of petroleum refineries have created a widening gap between its domestic supply and demand, and US gasoline exports now make up more than half of Mexico’s gasoline consumption.
Compared with petroleum product exports, 2016 petroleum product imports from Mexico to the US were relatively small, accounting for about 87 000 bpd and valued at US$0.9 billion through November 2016.
Read the article online at: https://www.hydrocarbonengineering.com/petrochemicals/10022017/eia-us-energy-trade-with-mexico/