Mexico: Market for Processed Petroleum Oils and Distillates 2025

Market Size for Processed Petroleum Oils and Distillates in Mexico

In 2022, the Mexican market for processed petroleum oils and distillates increased by 43% to $X, rising for the second year in a row after two years of decline. Overall, consumption, however, continues to indicate a slight downturn. Processed petroleum oils and distillates consumption peaked at $X in 2012; however, from 2013 to 2022, consumption failed to regain momentum.

Production of Processed Petroleum Oils and Distillates in Mexico

In value terms, processed petroleum oils and distillates production reduced modestly to $X in 2022 estimated in export price. In general, production showed a abrupt downturn. The growth pace was the most rapid in 2021 with an increase of 5.4%. Over the period under review, production attained the peak level at $X in 2013; however, from 2014 to 2022, production failed to regain momentum.

Exports of Processed Petroleum Oils and Distillates

Exports from Mexico

For the third consecutive year, Mexico recorded growth in shipments abroad of processed petroleum oils and distillates, which increased by 78% to X tons in 2022. In general, exports enjoyed a prominent increase. As a result, the exports attained the peak and are likely to continue growth in the immediate term.

In value terms, processed petroleum oils and distillates exports surged to $X in 2022. Overall, exports continue to indicate a moderate expansion. The most prominent rate of growth was recorded in 2021 when exports increased by 145%. Over the period under review, the exports reached the maximum in 2022 and are expected to retain growth in the immediate term.

Exports by Country

The United States (X tons) was the main destination for processed petroleum oils and distillates exports from Mexico, with a 98% share of total exports. It was followed by Singapore (X tons), with a 1.3% share of total exports. The third position in this ranking was taken by Brazil (X tons), with a 0.2% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to the United States totaled +18.2%. Exports to the other major destinations recorded the following average annual rates of exports growth: Singapore (+8.0% per year) and Brazil (-7.2% per year).

In value terms, the United States ($X) remains the key foreign market for processed petroleum oils and distillates exports from Mexico, comprising 97% of total exports. The second position in the ranking was taken by Singapore ($X), with a 1.4% share of total exports. It was followed by Brazil, with a 0.4% share.

From 2012 to 2022, the average annual growth rate of value to the United States amounted to +9.9%. Exports to the other major destinations recorded the following average annual rates of exports growth: Singapore (+3.6% per year) and Brazil (-12.5% per year).

Export Prices by Country

The average export price for processed petroleum oils and distillates stood at $X per ton in 2022, standing approx. at the previous year. Over the period under review, the export price, however, showed a abrupt downturn. The most prominent rate of growth was recorded in 2017 when the average export price increased by 55%. Over the period under review, the average export prices reached the peak figure at $X per ton in 2014; however, from 2015 to 2022, the export prices stood at a somewhat lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Canada ($X per ton), while the average price for exports to the United States ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Canada (+18.9%), while the prices for the other major destinations experienced mixed trend patterns.

Imports of Processed Petroleum Oils and Distillates

Imports into Mexico

In 2022, the amount of processed petroleum oils and distillates imported into Mexico skyrocketed to X tons, growing by 69% on 2021 figures. Overall, imports enjoyed resilient growth. As a result, imports attained the peak and are likely to continue growth in the immediate term.

In value terms, processed petroleum oils and distillates imports soared to $X in 2022. Over the period under review, imports posted a resilient expansion. As a result, imports reached the peak and are likely to continue growth in the immediate term.

Imports by Country

In 2022, the United States (X tons) was the main supplier of processed petroleum oils and distillates to Mexico, with a 92% share of total imports. Moreover, processed petroleum oils and distillates imports from the United States exceeded the figures recorded by the second-largest supplier, the Netherlands (X tons), more than tenfold.

From 2012 to 2022, the average annual growth rate of volume from the United States stood at +17.8%.

In value terms, the United States ($X) constituted the largest supplier of processed petroleum oils and distillates to Mexico, comprising 89% of total imports. The second position in the ranking was held by the Netherlands ($X), with a 4.3% share of total imports.

From 2012 to 2022, the average annual rate of growth in terms of value from the United States amounted to +7.6%.

Import Prices by Country

In 2022, the average import price for processed petroleum oils and distillates amounted to $X per ton, standing approx. at the previous year. In general, the import price showed a deep downturn. The most prominent rate of growth was recorded in 2018 when the average import price increased by 18% against the previous year. The import price peaked at $X per ton in 2012; however, from 2013 to 2022, import prices failed to regain momentum.

Average prices varied somewhat amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was the Netherlands ($X per ton), while the price for the United States totaled $X per ton.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the Netherlands (-6.9%).

Source: IndexBox Platform

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