Refined fuels: Mexico's largest import from the US, and why it is falling

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Mexico Trade Corridor · Product brief · HS 2710

Gasoline and diesel are the largest goods Mexico buys from the United States. This brief sets out the numbers from both sides, the permits and taxes that apply, and where importers need working capital.

Published October 23, 2026 · Facts as of October 23, 2026 · 10 min read · Trade data: UN Comtrade, 2020 to 2025 · Rules as of October 23, 2026

Facts as of October 23, 2026. This page states the facts as they stood on that date. Tariffs, rules and figures may have changed since publication. Tariffs and trade policy change often, so we review these pages every month and update them.

#1

Mexico's No. 1 import from the US in 2025, ranked by value as reported by Mexico (UN Comtrade, 4-digit HS codes). It is also No. 20 among exports to the US. The US figure is shown beside it because the two countries count the same trade differently.

US$23.1bnMexico's imports from the US, 2025, as reported by Mexico

US$27.5bnThe same flow, 2025, as reported by the US

+49.1%Change 2020 to 2025, Mexico data

US$4.4bnMexico's exports to the US in the same code, 2025, Mexico data

What is it?

HS 2710 covers refined petroleum oils, such as gasoline, diesel and other fuels made from crude oil. Mexico reported US$23.1 billion of these imports from the US in 2025. US data shows US$27.5 billion ¹.

Why does it matter?

Refined fuels are Mexico's largest import from the US. Mexico took 54% of US gasoline exports in 2025 ^1,2. Pemex refineries are running harder, so import volumes and values fell in 2025 ^3,4.

How does it work?

US refiners and traders sell to Pemex or to private importers that hold a permit from Mexico's energy ministry, SENER. Fuel moves by tanker, rail and truck. The importer pays excise tax (IEPS) and VAT before it can resell ^5,7,8,10.

In this brief

1. How big is the refined fuels trade between the US and Mexico?
2. Which fuels cross the border?
3. Who buys the fuel, and what is changing?
4. How does fuel get from the US to Mexico?
5. Which rules and taxes apply?
6. Where do fuel importers need cash, and how is it financed?
7. What should fuel traders watch next?

01How big is the refined fuels trade between the US and Mexico?

Mexico reported US$23.1 billion of refined fuel imports from the US in 2025. US data shows US$27.5 billion of exports to Mexico for the same year ¹. Refined fuels were 9.3% of Mexico's US$249.9 billion of reported imports from the US ¹.

The value peaked in 2022 at US$39.5 billion, as reported by Mexico. It fell 41.4% from 2022 to 2025, and 21.5% from 2024 to 2025 ¹. It is still 49.1% above the 2020 level ¹.

Prices explain much of the fall from 2022 to 2024. US data shows the tonnage shipped to Mexico rose from 53.0 million to 54.5 million metric tons in those years, while the average value fell from US$0.748 to US$0.617 per kilogram ¹. In 2025 volumes fell too. Pemex imports of refined fuels averaged 414,000 barrels a day (b/d) from January to October 2025, down 22% from 534,000 b/d a year earlier. Its diesel imports fell 42% to 83,000 b/d ³. Bloomberg reported that US fuel exports to Mexico fell to their lowest level in 16 years in 2025 ⁴.

The two countries count the trade differently. For 2025 the US figure is US$4.3 billion higher than Mexico's ¹. Our data gap explainer sets out why. Trade also runs north: Mexico reported US$4.4 billion of HS 2710 exports to the US in 2025, almost all in the line for diesel and heavier oils ¹.

Chart

Refined fuels trade, both directions, both sides of the data

• Mexico to US, Mexico data
• Mexico to US, US data
• US to Mexico, Mexico data
• US to Mexico, US data

US$ billion. Solid lines: as reported by Mexico. Dashed lines: as reported by the US. Source: UN Comtrade, 2020 to 2025.

02Which fuels cross the border?

Gasoline leads. The line for light oils, which includes gasoline, was US$14.1 billion in 2025, or 60.8% of Mexico's refined fuel imports from the US ¹. The line for heavier oils, which includes diesel, was US$9.1 billion, or 39.2% ¹. In Mexico's data the two lines add up to the 4-digit total.

In volume, the US Energy Information Administration (EIA) puts US gasoline exports to Mexico at about 486,000 b/d in 2025. That was 54% of all US gasoline exports of 902,000 b/d ². Distillate, mainly diesel, was about 220,000 b/d, or 17% of US distillate exports ². Mexico has taken more than half of US gasoline exports in every year since 1993 except three ².

Chart

The refined fuel lines Mexico imports from the US

US$ billion and share of the 4-digit total, 2025, as reported by Mexico. Source: UN Comtrade.

Mexico took about 486,000 barrels a day of US gasoline in 2025, 54% of all US gasoline exports.

03Who buys the fuel, and what is changing?

Pemex, the state oil company, is both the largest refiner and an importer. Private companies can also import fuel if they hold an import permit from SENER ^6,7.

Pemex is refining more at home. The Olmeca refinery at Dos Bocas, Tabasco, has a capacity of 340,000 b/d. In October 2025 it produced 70,000 b/d of gasoline and 81,000 b/d of diesel ³. SENER targets a refinery utilization rate of 80% by 2030, up from about 56% ³. Higher runs at Pemex refineries cut demand for US fuel in 2025 ^3,4.

US sellers felt the change. OPIS reports that US distillate exports to Mexico fell more than 18%, from 98.21 million barrels in 2024 to 80.15 million barrels in 2025 ⁵. Natural gas and LPG, Mexico's third-largest import from the US, have their own brief: natural gas and LPG.

04How does fuel get from the US to Mexico?

Fuel from refineries on the US Gulf Coast usually travels by tanker to ports on Mexico's east coast. Fuel from the US West Coast moves mostly by tanker truck and rail, with some by pipeline and tanker ⁵. Our guide to border crossings covers the rail lines and ports.

At the border the importer completes import clearance through a customs broker, under the correct HS 2710 tariff line. Our guide to customs brokers and the pedimento explains the declaration. Since October 4, 2025, permit holders must also report the origin and destination of the fuel to SENER ⁸.

1. US refineryA refiner or trader on the Gulf Coast or West Coast sells gasoline or diesel to Pemex or a private permit holder.
2. PaperworkThe seller issues a commercial invoice and a bill of lading. The importer must hold a SENER import permit.
3. Tanker, rail or truckGulf Coast fuel usually travels by tanker. West Coast fuel moves mostly by truck and rail.
4. Mexican customsA customs broker files the entry under HS 2710. The importer pays IEPS and VAT, and reports origin and destination to SENER.
5. Terminal and stationsThe fuel goes to a storage terminal, then to service stations and industry. The importer is paid on its sale terms.

05Which rules and taxes apply?

Three things decide whether a fuel cargo can enter and what it costs: the permit, the customs entry point and the excise tax.

The Hydrocarbons Sector Law was published in Mexico's official gazette (DOF) on March 18, 2025, and its regulation took effect on October 4, 2025 ^6,8. Importers of petroleum products need a SENER permit ⁷. A decree of October 23, 2023 limits imports of 68 hydrocarbon products to designated customs points and requires proof that the importer needs them ⁹.

The excise tax, IEPS, is reduced by a subsidy that the finance ministry (SHCP) sets each week. For October 17 to 23, 2026, the tax payable on regular (Magna) gasoline was MXN 2.7149 per liter after a subsidy of MXN 3.9852. On premium gasoline it was MXN 1.9128. On diesel it was zero, with total support of MXN 9.7167 per liter ¹⁰. Our guide to landed cost covers import VAT and fees.

The government is pursuing huachicol fiscal: fuel declared under other tariff codes, such as lubricants or petrochemicals, to avoid IEPS ^11,12. In March 2025 the Navy seized about 10 million liters of diesel declared as petrochemicals at Tampico ¹². Mexico's finance minister said in May 2025 that public finances lose about MXN 70 billion a year to this practice ¹¹. A private estimate by the consultancy PETROIntelligence put 2024 losses at MXN 177.17 billion ¹³. The two figures use different methods. All rules here are as of October 23, 2026. The live list is on our corridor watch page.

Rules in force

As of October 23, 2026. Live list: corridor watch.

Measure	What it does	Since	Status
SENER import permit	Required to import petroleum products under the Hydrocarbons Sector Law, published in the DOF 6,7	Mar 18, 2025	In force
Hydrocarbons Sector Law regulation	Permit holders report the origin and destination of fuel to SENER 8	Oct 4, 2025	In force
Restricted list of 68 hydrocarbon products	Entry only through designated customs points, with proof of need 9	Oct 23, 2023	In force
IEPS weekly subsidy	SHCP sets the excise payable each week. Oct 17 to 23, 2026: Magna MXN 2.7149 per liter, diesel zero 10. Confirm the legal instrument	Weekly	Changes weekly
Mexico import duty on US fuel	Treatment of HS 2710 under USMCA to be confirmed against Mexico's tariff schedule	n/a	Under monthly review

06Where do fuel importers need cash, and how is it financed?

A tanker cargo is a large single purchase. As general practice, the importer pays the seller soon after loading, then pays IEPS and VAT at customs, then holds the fuel in a terminal until stations and industrial buyers pay. The weekly IEPS subsidy means the tax cost can change between the order and the sale ¹⁰.

Between unrelated parties, cargoes are commonly paid by a letter of credit or a documentary collection against the shipping documents. Smaller importers may be asked for a standby letter of credit or credit insurance. Lenders also check customs declarations closely, because a cargo declared under the wrong code can be seized ¹². Many deals use structured commodity finance, where the loan is repaid from the sale of the fuel. See financing energy trade.

Our guide to financing fuel imports covers permits, documents and payment practice in more detail.

Where the cash goes

From cargo purchase to station payment

1. Loading
   Paying for the cargoThe importer pays the US seller, often by letter of credit or against shipping documents.
2. Transit
   Freight and insuranceTanker, rail or truck freight and cargo insurance are paid.
3. Customs
   IEPS and VATTaxes are due at entry. The IEPS amount depends on that week's subsidy ¹⁰.
4. Storage
   Fuel in the terminalStock sits in tanks until it is sold. Inventory finance can fund it.
5. Sale
   Cash returnsStations and industrial buyers pay on their terms, and the importer repays its lender.

The order of cash needs is typical for a fuel importer. Actual days depend on each contract.

Paying for a cargoLetters of credit

A bank pays the US seller when the shipping documents comply.

Repeat partnersDocumentary collections

Banks exchange the shipping documents for payment, at lower cost than a letter of credit.

Stock in a terminalInventory finance

A lender funds fuel held in storage, with the fuel as security.

Buyer may not payTrade credit insurance

Covers most of an unpaid invoice if a covered buyer fails to pay.

07What should fuel traders watch next?

Import demand now depends on how fast Pemex raises refinery runs ³. USMCA stays in force. On July 1, 2026 the US did not agree to renew it in its current form, so the agreement now goes through annual joint reviews until 2036 unless the three countries confirm an extension ¹⁴.

• WeeklySHCP resets the IEPS subsidy on gasoline and diesel. For October 17 to 23, 2026, diesel IEPS payable was zero ¹⁰.
• Through 2026Output at the Olmeca refinery at Dos Bocas, and Pemex import volumes ^3,4.
• 2030SENER target of 80% refinery utilization, up from about 56% ³.
• Jul 1, 2036USMCA ends on this date unless the three countries confirm an extension. Annual reviews run until then ¹⁴.

Questions traders ask

How much refined fuel does Mexico import from the US?

Mexico reported US$23.1 billion of refined fuel imports from the US in 2025, under HS 2710. US data shows US$27.5 billion of exports to Mexico. In volume, the EIA puts US gasoline exports to Mexico at about 486,000 barrels a day and distillate at about 220,000 barrels a day in 2025.

Why are US fuel exports to Mexico falling?

From 2022 to 2024 lower prices cut the value while tonnage held steady. In 2025 volumes also fell, because Pemex refineries, including the new Olmeca refinery at Dos Bocas, ran harder. Pemex refined fuel imports were down 22% in the first ten months of 2025.

Who can import fuel into Mexico?

Pemex and private companies that hold an import permit from Mexico's energy ministry, SENER. Permit holders must report the origin and destination of the fuel. Some hydrocarbon products may enter only through designated customs points.

What is huachicol fiscal?

It is the practice of declaring fuel under other tariff codes, such as lubricants or petrochemicals, to avoid Mexico's excise tax on fuel. Mexico's finance minister put the loss at about MXN 70 billion a year in May 2025. A private estimate put 2024 losses at MXN 177.17 billion.

How are fuel cargoes into Mexico usually paid?

As general practice, cargoes between unrelated parties are paid by letter of credit or documentary collection against the shipping documents. Large companies that trade often may use open account under credit limits. Importers also need cash for IEPS and VAT at customs and for stock in terminals.

Read next

• Corridor hubThe Mexico to US corridor: what moves and how it is paid for
• Corridor hubCorridor watch: tariffs and rules in force
• Corridor guideFinancing fuel imports
• Corridor guideLanded cost: import VAT, duties and fees
• Corridor guideCustoms brokers and the customs declaration (pedimento)
• Product briefNatural gas and LPG: how US gas reaches Mexico's power plants and homes
• Ossiano Trade Finance GuideHow each trade finance instrument works
• GlossaryTrade finance terms in plain English

Trading refined fuels between Mexico and the US? Ossiano Capital works on trade finance in this corridor.

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Sources and notes

1. UN Comtrade, annual trade data 2020 to 2025, HS 2710, Mexico and the US as reporters. Downloaded October 2026; 2025 figures may be revised. https://comtradeplus.un.org/
2. US Energy Information Administration, Today in Energy, US exports of major transportation fuels in 2025, March 9, 2026. https://www.eia.gov/todayinenergy/detail.php?id=67304
3. Argus, Viewpoint: Pemex fuel imports likely lower in 2026, December 31, 2025 (Pemex data to October 2025). https://www.argusmedia.com/en/news-and-insights/latest-market-news/2771052-viewpoint-pemex-fuel-imports-likely-lower-in-2026
4. Tank Terminals, citing Bloomberg, Mexico's Dos Bocas refinery starts biting into US fuel exports, January 30, 2026. https://tankterminals.com/news/mexicos-dos-bocas-refinery-starts-biting-into-u-s-fuel-exports/
5. OPIS, US West Coast diesel exports to Mexico drop 41% in 2025, March 16, 2026. https://www.opis.com/?p=41026
6. Cámara de Diputados, Ley del Sector Hidrocarburos, reform history (DOF March 18, 2025), accessed October 23, 2026. https://www.diputados.gob.mx/LeyesBiblio/ref/lsh.htm
7. Greenberg Traurig, Reformas al sector de hidrocarburos, parte I, February 2025. https://www.gtlaw.com/ar/insights/2025/2/reformas-al-sector-de-hidrocarburos-parte-i
8. Pérez-Llorca, Entrada en vigor del Reglamento de la Ley del Sector Hidrocarburos, October 2025. https://www.perezllorca.com/wp-content/uploads/2025/10/Nota-Juridica-Entrada-en-vigor-del-Reglamento-de-la-Ley-del-Sector-Hidrocarburos.pdf
9. Factor Energético, SENER restringe importación de 68 productos derivados de hidrocarburos, October 26, 2023 (DOF decree of October 23, 2023). https://factorenergetico.mx/sener-restringe-importacion-de-68-productos-derivados-de-hidrocarburos
10. El Imparcial, Hacienda sube el estímulo fiscal a la gasolina y deja en cero el IEPS del diésel del 17 al 23 de octubre, October 17, 2026 (SHCP figures). https://www.elimparcial.com/dinero/2026/10/17/hacienda-sube-el-estimulo-fiscal-a-la-gasolina-y-deja-en-cero-el-ieps-del-diesel-del-17-al-23-de-octubre-lo-que-absorbera-hasta-485-pesos-por-tanque-en-mexico/
11. El Financiero, Huachicoleros fiscales deben ser controlados y combatidos, amenaza Hacienda, May 9, 2025. https://www.elfinanciero.com.mx/economia/2025/05/09/huachicoleros-fiscales-deben-ser-controlados-y-combatidos-amenaza-hacienda/
12. Bloomberg Línea, Combate al huachicol fiscal dará recaudación récord en aduanas de México, October 1, 2025. https://www.bloomberglinea.com/latinoamerica/mexico/combate-al-huachicol-fiscal-dara-recaudacion-record-en-aduanas-de-mexico-estima-hacienda/
13. Cámara de Diputados, Gaceta Parlamentaria No. 7021-II-2-1, initiative on huachicol fiscal citing a PETROIntelligence estimate, April 22, 2026. https://gaceta.diputados.gob.mx/PDF/66/2026/abr/20260422-II-2-1.pdf
14. White & Case, USMCA 2026 joint review: United States declines to extend agreement, July 2, 2026. https://www.whitecase.com/insight-alert/usmca-2026-joint-review-united-states-declines-extend-agreement-triggering-annual

Trade values are US dollars from UN Comtrade at the 4-digit HS level unless a 6-digit line is named. Mexico and the US record the same shipments under different rules for value, country of origin and timing, so their figures differ. Percent changes compare 2025 with 2020. All facts on this page are as of October 23, 2026, the date of publication, and may have changed since. Rules and tariffs are as of October 23, 2026 and change often: check the corridor watch before you act.

About this brief. Prepared for Ossiano Capital. People planned, researched, wrote and checked this brief, using AI tools to help with research and checking. You are welcome to quote or reuse it: please credit Ossiano Capital and link to this page.