EIA: U.S.-Mexico Energy Trade Drops 21% to $57B Last Year

SECAUCUS, NJ (DTN) – The value of the U.S.-Mexico energy trade fell to an estimated $57 billion in 2024, down 21% from the prior year and the lowest since 2020, the Energy Information Administration reported Friday (10/3).

The drop was primarily driven by a combination of lower global fuel prices and reduced petroleum output from Mexico. This affected the refined products which make up the largest share of cross-border energy transactions, the EIA said.

Using data sourced from the Census Bureau, the agency said much of the 2024 value constituted U.S. refined petroleum product exports totaling $37 billion.

The inflation-adjusted value of all U.S. energy exports to Mexico fell by 13% last year, settling at $41 billion. While it marked a second straight annual decline, the drop was less severe than the 24% decrease between 2022 and 2023, signaling a moderation in the decline.

The inflation-adjusted value of U.S. energy imports from Mexico, meanwhile, plunged by 34% to $16 billion.  This was primarily caused by lower crude oil imports, which accounted for 75% of all U.S. energy imports from Mexico during the year.

U.S. crude oil imports from Mexico averaged 464,000 bpd last year, a 37% decrease from the prior, bringing the value of those purchases down 40% from 2023.

The volume of U.S. petroleum product exports to Mexico remained essentially flat at 1.2 million bpd in 2024, decreasing by $4 billion in value to $37 billion.

U.S. natural gas exports to Mexico, primarily via pipeline, increased by 4% to an average of 6.4 bcfd, contributing to the record total U.S. global exports of 21 bcfd. But lower natural gas prices brought the value of the gas trade with Mexico down 31% to $4.2 billion.

Gas shipments to Mexico have continued to accelerate this year, reaching 6.6 bcfd in the first six months, the EIA noted. This increase was attributed to planned North American LNG expansion projects that will utilize U.S.-sourced gas.