Mining production in Mexico has shown a downward trend over the last two years.
In real terms, the country’s mining GDP fell from 4.1% in 2022 to 0.1% in 2023. The following year, it fell by 4.3%, according to Inegi data.
These figures are based on GDP calculated in constant pesos with purchasing power as of December 31, 2018. They comprise production in the mining, oil and gas sector.
Mining production trend
Mining continues to be a prominent pillar for the Mexican economy. The country has a privileged geology, rich in silver, gold, copper and other strategic minerals. This diversity of resources, coupled with a specialized labor force, drives the development of the sector.
Mexico occupies important positions in the world production of various minerals. In addition, its operating efficiency and low costs reinforce its competitiveness. In addition, a solid network of suppliers provides technical and logistical support to mining operations throughout the country.
Mexico’s mining GDP in constant prices, in billions of pesos, and its year-on-year variation are shown below:
- 2020: 893.6 (-0.4 percent).
- 2021: 916.5 (2.6 percent).
- 2022: 954.1 (4.1 percent).
- 2023: 955.4 (0.1 percent).
- 2024: 914.8 (-4.3 percent).
Pemex
In addition to crude oil and natural gas, the state-owned company Pemex markets a wide range of refined products in Mexico, including liquefied petroleum gas, gasoline, turbosine, diesel, fuel oil, asphalts, lubricants and petrochemicals.
Pemex is one of the few major crude oil producers worldwide that experiences significant domestic demand for its refined products.
In 2024, the volume of crude oil exports decreased 21.9% to 806,000 barrels per day in 2024.
During 2024, Pemex produced 912,100 barrels per day of petroleum products and sold 1,150,600 barrels per day of refined products in the domestic market.
Total exports of crude oil, natural gas, petroleum products, and petrochemical products averaged US$27.9 billion annually between 2020 and 2023, and were US$25.7 billion in 2024.