The import of mineral fuels, oils, and distillation products to Mexico stood at 50.356 Billion US Dollars in 2023. Analyzing the year-on-year variations, the trend shows fluctuations with significant dips in 2015, 2016, 2019, and 2020, contrasted by substantial rises in 2017, 2018, and 2021. The compound annual growth rate (CAGR) over the recent five-year period stands at 2.16%, indicating a consistent growth trajectory. Forecasts project a CAGR of 2.57% from 2024 to 2028, foreseeing an overall growth of 13.53% within this period.
Future trends to watch include:
- Global oil supply and demand dynamics impacting import volumes and costs.
- Mexico's energy policy changes affecting import reliance.
- Technological advancements and shifts towards renewable energy potentially reducing the import of traditional mineral fuels.