Exports reach record $65B in October 2024.
PEMEX's crude oil export transactions help exports to reach a record mark of $65 billion, the exports in other sectors such as automotive and appliances also contributed in this record breaking October, reaching $527 in 2024.
Imports of intermediate goods keep rising
As supply chain uncertainty issues grow, the value of Mexican imports are expected to continue their upward momentum, with particularly strong growth in sectors tied to manufacturing and assembly.
PEMEX strategy or preempt?
This surge likely reflects heightened global crude demand, strategic efforts to preempt potential U.S. tariffs under President Trump’s proposed tax hikes on Mexican exports, and efforts to capitalize on favorable market conditions. Despite the volume increase, average prices per barrel remained stable around $70, indicating steady market demand.
These developments highlight PEMEX's agility in responding to geopolitical and market pressures but also underline challenges ahead. U.S. tariff threats could impact future revenues, necessitating diversification of export destinations and stronger trade partnerships.
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