Pemex Improves Jan-April Trade Balance 10%

Mexico's state oil company Pemex posted a trade balance of US$5.4bn from January to April 2004, up 10% from the same period last year, the company said in a statement Thursday.

Export revenues from crude, oil derivatives, petrochemicals and natural gas for the four-month period were US$6.9bn, while the company's import costs for oil derivatives, petrochemicals and natural gas over the same period totaled US$1.5bn, which is a decrease of 7.4% over the same year-ago period.

Maya heavy crude, Istmo light crude and Olmeca extra-light crude exports to the Americas, Europe and the Far East averaged 1.9 million barrels a day (b/d), which resulted in revenues of US$6.2bn, up 9.6% year on year for the four-month lapse.

The average export price for Mexican crude was US$27.50 a barrel, which led to revenues of US$597mn more than in the same period in 2003. Oil derivates imports totaled US$997.5mn, down 11% year on year, while export revenues totaled US$651mn. Gasoline imports decreased 8.4%, averaging 81,600b/d, the statement said.

Petrochemical exports totaled US$68.5mn, up 48% from January to April in 2003, while money spent on petrochemical imports decreased by 21.6%, totaling US$11.6mn for the period.

Due to Mexico's increased demand for natural gas, an average volume of 670.2 million cubic feet were imported from January to April of this year, representing a total cost of US$462.5mn.

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