US-Mexico Energy Trade Drops 21% in 2024 as Crude Imports Decline

The value of energy trade between the U.S. and Mexico in 2024 dropped to its lowest level since 2020 amid falling fuel prices and reduced Mexican oil output, according to a recent report from the U.S. Energy Information Administration using data from the U.S. Census Bureau.

The total value of cross-border energy trade reached $57 billion in 2024, down 21% from nearly $72 billion a year earlier. The decline was largely driven by lower petroleum product prices, which account for most of the bilateral energy exchange, and by reduced crude oil production in Mexico.

U.S. energy exports to Mexico fell 13% year to year to $41 billion, while energy imports from Mexico dropped by 34% to $16 billion in inflation-adjusted terms. Most U.S. imports consist of crude oil, while refined product exports dominate the opposite flow, the report noted.

Crude oil imports from Mexico averaged 464,000 b/d in 2024, down 37% from 2023, reflecting weaker Mexican production and substitution by U.S. refiners. Combined with a modest drop in Brent crude prices, averaging $81/bbl 2024 versus $82/bbl in 2023, the value of U.S. crude oil imports from Mexico plunged by 40% year to year, the EIA highlighted.

The numbers reflect policy changes under the administration of Mexico’s President Claudia Sheinbaum, which has pledged to reduce crude exports to focus on supplying national demand. State-owned Pemex reported 1.374 million b/d of crude production in August, down 8% from the same month in 2024.

Through the first half of 2025, U.S. crude imports from Mexico have continued to slide, averaging 409,000 b/d, or 17% lower than the same period in 2024, EIA said.

In its report, EIA analyst Sean Hill attributed the decline more to waning output from Mexico’s mature oil fields than to the 10% tariff on Mexican energy exports introduced in March, since most crude shipments qualify for tariff exemptions under the USMCA trade pact.

On the export side, the U.S. sent $37 billion worth of petroleum products to Mexico in 2024, down 10% from 2023 due to lower fuel prices. Volumes remained stable at around 1.2 million b/d, with Mexico relying heavily on U.S. gasoline, diesel and propane to meet domestic demand amid ongoing refinery challenges.

Natural gas exports to Mexico averaged a record 6.4 Bcf/d in 2024, up 4% year to year, but lower prices pushed the trade value down 31% to $4.2 billion. Data from the first six months of 2025 showed exports rising further to 6.6 Bcf/d, according to the report.

In recent weeks, Pemex officials have reiterated plans to seek alternative energy sources to imported natural gas, which the Federal Electricity Commission uses for power generation.

Reporting by José Luis Adriano, jadriano@opisnet.com; Edited by Michael Kelly, mkelly@opisnet.com