Mexican Institute for Competitiveness
Coverage of Mexican Institute for Competitiveness in the Nexus archive.
- For the first time in 36 years Pemex is importing more than it exports
Pemex is importing more petroleum products than it exports for the first time in 36 years, with imports at 507,227 barrels per day versus exports of 431,801 barrels. The company recorded a $1.6 billion monthly spending gap on fuel imports compared to oil sales revenue, and its crude oil exports have declined 35% year-to-date. Production of crude oil hit a decades-low of 1.36 million barrels per day in May, exacerbating financial losses.
- US, Canada, Mexico begin bumpy negotiations to renew North American trade pact
The US, Canada, and Mexico are beginning complex negotiations to renew the USMCA trade pact, which replaced NAFTA in 2020. The process faces challenges as the US seeks changes that could disrupt supply chains and raise car prices, while President Donald Trump threatens to withdraw from the agreement. The pact, requiring renewal every six years, is unlikely to be extended unchanged beyond the July 1 deadline.