NEW YORK, July 15 (Reuters) - The value of crude oil and fuel trade between the United States and Mexico fell nearly 15% to $66.5 billion in 2023, despite an increased trade volume, the U.S. Energy Information Administration (EIA) said on Monday.
Lower fuel prices last year more than offset the increase in energy trade volume between the two countries, the EIA said.
WHY IT'S IMPORTANT
Mexico was the largest export market for U.S. petroleum products in 2023, including gasoline, diesel fuel and propane.
CONTEXT
Global crude oil prices slipped in 2023 amid geopolitical turmoil and demand concerns, with the Brent crude oil spot price averaging $82.41 a barrel compared with $100.94 a barrel in 2022.
BY THE NUMBERS
U.S. crude oil imports from Mexico averaged 733,000 barrels per day in 2023, 15% more than in 2022, but the value of imports shrank 4% due to lower crude oil prices.
U.S. petroleum product exports to Mexico averaged 1.2 million barrels a day in 2023, up 1% from 2022. However, the value of exports dropped 9% when adjusted for inflation.
U.S. natural gas exports to Mexico averaged 6.2 billion cubic feet per day in 2023, 8% more than in 2022. Due to lower fuel prices, the trade value fell by 52% from 2022.
(Reporting by Nicole Jao; Editing by Richard Chang)
