Mexico City (Platts)--26Mar2009

Mexico's February oil sales revenue plunged 56.4% year on year to $1.66
billion, the National Statistics Institute, or Inegi, reported Wednesday.
Despite the oil sales plunge, the country's trade deficit fell more than
half to $491 million in February 2009, compared with $1.081 billion in
February 2008.
Total exports were $16.12 billion, 29.6% down on February 2008.
Despite both exports and imports tumbling in almost equal measure, the
deficit narrowed as Mexico's weaker currency made exports more profitable and
imports more expensive.
Oil exports in February 2009 were $1.66 billion, of which crude accounted
for $1.333 billion. State oil company Pemex said Mexico earned $3.327 billion
from crude exports in February 2008.
The average export price of Mexican crude in February was $37.88/barrel,
25 cents more than in January but $43.52/b less than in February 2008, Pemex
said.
In February 2009, Mexico exported 1.257 million b/d of crude, down from
1.366 million b/d in the previous month and 1.429 million b/d in February
2008.
Imports of petroleum products (gasoline, diesel and LPG) also fell
sharply in February 2009, to $1.348 billion, a 53.6% year-on-year drop, Inegi
reported.
Pemex reported last week that Mexico imported 272,000 b/d of gasoline in
February 2009, down from 339,000 b/d in February 2008.
--Ronald Buchanan, newsdesk@platts.com