Every year since 2015, the value of US energy exports to Mexico has exceeded the value of energy imports from Mexico. In 2019, the value of selected energy imports—crude oil, petroleum products, and natural gas—fell to $13 billion, and the value of energy exports remained nearly equal to the 2018 value of $34 billion, the US Energy Information Administration (EIA) reported Nov. 4.
In 2019, energy trade accounted for 13% of the value for all US exports to Mexico and 4% of all US imports from Mexico, based on the latest annual Standard International Trade Classification (SITC) data from the US Census Bureau. The value of US petroleum products—now the largest component of energy trade with Mexico on a value basis—has increased to nearly $30 billion in 2019 from $7 billion in 2009, slightly less than its record high value in 2018.
Crude oil accounts for most of the value of US energy imports from Mexico. US crude oil imports from Mexico averaged 599,000 b/d in 2019. Mexico is the US’ second-largest import source behind Canada. The value of US crude oil imports from Mexico fell to $12 billion in 2019 from $14 billion in 2018.
Petroleum products, such as finished motor gasoline and distillate fuel oil, account for most of the value of US energy exports to Mexico. In 2019, Mexico received 1.2 million b/d of petroleum products from the US, valued at more than $29 billion. US gasoline exports now supply more than half of Mexico’s gasoline consumption.
Natural gas trade is dominated by pipeline shipments between the US and Mexico. US natural gas exports to Mexico averaged 5.5 bcfd in 2019, 93% of which was sent through pipelines. The remaining portion was either shipped as liquefied natural gas (LNG), or, even more rarely, delivered by truck.
In late 2019, the US, Canada, and Mexico signed a trade agreement (USMCA) that went into effect July 1, 2020. According to a report from the International Trade Commission, the USMCA will likely have little effect on US-Mexico energy trade.
