Mexico’s oil exports plummet 47.1% in March

Mexico’s oil exports plummeted 47.1% in March, at an annual rate, totaling $ 1,239.5 million, the Inegi reported.

This amount was made up of $ 1,021 million from crude oil sales and $ 218 million from exports of other oil products.

In that month, the average price of the Mexican mix of export crude oil stood at $ 29.12 per barrel, a figure lower by $ 19.43 compared to the previous month and $ 29.79 compared to March 2019.

Regarding the volume of crude oil exported, it was located in the reference month at 1,131 million barrels per day, higher than the 1,093 million barrels per day in February, but lower than the 1,150 million barrels per day in March of a year earlier. .

With seasonally adjusted figures, in March of this year total merchandise exports reported a 3.87% monthly drop, which was the result of 3.04% decreases in non-oil exports and 21.70% in oil exports.

External sales structure

The structure of the value of merchandise exports during the first three months of 2020 was as follows: manufactured goods 88.5%, petroleum products 4.9%, agricultural goods 5% and non-oil extractive products 1.6 percent.

Oil exports

In the first quarter of 2020, the value of total exports totaled $ 108.686 million, which meant an annual increase of 0.6 percent. This rate was derived from the combination of a 2.3% growth in non-oil exports and a 23.5% drop in oil exports.

In the January-March period of the current year, the value of total imports was 104.8 billion dollars, an amount 4.6% lower than that observed in the same period of 2019. Inside, non-oil imports fell at an annual rate 4%, while the oil companies did so at 9.9 percent.