Mexico restricts petroleum products imports to curb fuel theft

 

The Mexican government recently took a bold decision to restrict the imports of petroleum and petrochemical products. The decision was taken in wake of ongoing fuel adulteration and theft across the country. These include jet fuel, diesel, gasoline and additives. 

Although Mexico contains huge reserves of crude petroleum, the country is a prominent importer of petroleum products. This is basically due to incompetence in refining petroleum products by the Mexican oil companies.

As per Mexico import data reports, the country’s overall imports totaled to be $40 billion in this financial year. 90% of Mexico's overall petroleum products imports came from the United States. Netherlands was the second major petroleum product exporter to Mexico with a share of over 3%. 

Also, Mexico had made a notable amount of crude petroleum products from Japan, China, Singapore, Malaysia, South Korea, Spain, Germany and Canada. Exxonmobil Mexico, Valero Marketing & Supply, Koch Supply & Trading Mexico, Tesoro Mexico Supply and Marketing were the top Mexican importers globally.

According to the Mexico import export data, around 6.1 billion worth of petroleum products were exported from Mexico. The United States was responsible for over 96% share in the Mexican petroleum products exports in the fiscal year 2023. Panama, Colombia, Guatemala, Costa Rica, Nicaragua, Dominican Republic, El Salvador and Peru are some of the most favoured destinations for Mexico's petroleum products exports. 

Navalmex Combustible, Lubricantes De America, Raloy Lubricantes, Exxonmobil Mexico and Ergon Mexico are the top petroleum products export companies from Mexico. On the other hand, Mexico ranked 15th leading crude petroleum around the world. Mexico export data shows that around $23 billion worth of exports were made during fiscal year 2023. 

Mexico's crude exports were mostly to Taiwan, Spain, India, South Korea and Spain. There was rapid growth in crude imports by Spain, South Korea and Taiwan. Whereas, Mexican crude petroleum products imports were quite minimal. Mexico’s crude imports were from Spain and Brazil.

Although, Mexican exports had propelled this year. Vehicles were the leading exports from Mexico having over 22% market share. Electronic devices were the top second most exported goods from Mexico with 19% market share. Whereas, there were noticeable amounts of exports of mineral oils, medical instruments, furniture, plastics, beverages, iron and steel articles from Mexico. 

Mexico customs data revealed the United States as the leading importer of Mexican goods. China, Canada, Germany, South Korea, and Spain were the most favoured destinations for Mexico's overall exports. Some of the top Mexican import export companies during fiscal year 2023 are notably Pemex Exploracion, Chrysler De Mexico, Audi Mexico and PCE Technology.

Petrochemical industry is always subject to change, so it is better to get up to date with the latest trends. Businesses can make profitable investments by opting for an impressive market research tool from the leading global import export data provider companies. 

Through these platforms, businesses can spot emerging market trends, price forecasts, demand, supply, and potential buyers/suppliers. It gives you useful insights into shipment records of top oil companies that will help you analyze crude petroleum products pricing, risk involved and various KPI factors.