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Mexican oil exports doubled (105%) in July

The value of Mexican oil exports increased 105% in July, at an annual rate, totaling 2,883 million dollars, informed Inegi.

This amount was made up of 2.483 million dollars of crude oil sales and 400 million dollars of exports of other petroleum products.

In general, the main sectors of the Mexican economy are manufacturing, oil and petrochemicals, tourism, agriculture, transportation and communications, construction, mining, and electric power.

The services sector represented 64.0% of GDP and 65.6% of the workforce in 2020, followed by the industrial sector, which accounted for 28.2% of GDP and 23.0% of the workforce, and the primary sector, which accounted for 3.6% of GDP and 11.0%. % of the active population.

In particular, in July 2021, the average price of the Mexican crude oil export mix stood at 68.30 dollars per barrel, a figure higher by 1.01 dollars compared to the previous month and 31.73 dollars compared to July a year earlier. .

Regarding the volume of crude oil exported, it stood at 1,173 million barrels per day in the reference month, higher than the 1,106 million barrels per day in June and the 1,050 million barrels per day in July 2020.

Oil exports

With seasonally adjusted figures, in July 2021 the trade balance registered a deficit of 2,549 million dollars, while in June the deficit was 1,096 million dollars.

The increase in the seasonally adjusted deficit between June and July was derived from a decrease in the balance of non-oil products, which went from a surplus of 726 million dollars in June to a deficit of 459 million dollars in July, and an expansion of the deficit in the balance of oil products, which went from 1,822 million dollars to 2,090 million dollars in the same comparison.

In the reference month, seasonally adjusted total exports reported a monthly increase of 1.47%, which was a reflection of growth of 1.35% in non-oil exports and 3.27% in oil companies.

Within non-oil exports, manufacturing presented a monthly advance of 1.88 percent.

In turn, this rate was the net result of a 4.23% rise in non-automotive manufacturing exports and a 3.04% drop in automotive exports.

On the contrary, in July 2021, total merchandise imports showed a seasonally adjusted monthly increase of 4.88 percent.

This figure was derived from increases of 4.51% in non-oil imports and 7.94% in oil imports.

By type of good, monthly increases of 0.33% were observed in imports of consumer goods (decrease of 0.61% in imports of non-oil consumer goods), an increase of 5.54% in those of intermediate-use goods (growth of 5.06% in non-oil intermediate use goods) and 5.76% in capital goods.

 

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