Mexican imports of U. Despite this, Mexico imports about 51 percent of its mineral demand from the United States. In , Mexico is also an important producer of coal, intended predominantly for domestic use, but insufficient to satisfy the volume demanded by the power, metallurgy, cement, and chemical industries. Mexico is keen to explore new coal deposits as it plans to reduce its imports of this commodity. Some mining companies in Mexico with permits received during previous administrations have decided to wait, hoping for better tax and exploration fees.
Mexico is analyzing strategies to increase the production of lithium and exploitation of the vast deposits found in Sonora. Thirty-two U. Total Local Production. Total Exports. Total Imports. Imports from the U. Exchange Rates. The following have been identified as the top sub-sectors in the mining industry with potential for sales of U.
Despite their strong supply capabilities, Mexico imported USD 1. Although Mexican miners prefer to connect to the grid, when available, mining sites located at distance from the established electricity infrastructure continue using alternative power sources including photovoltaic and diesel-powered plants. The latter is being used less and less, according to experts in the field. Mexican mining of silica sand, along with feldspar and some clays, is driven by the demand of the automotive, electrical, beverage, and construction industries, which are supplied almost entirely by domestic industry.
In , the demand for copper and zinc is expected to increase, which will be a major boost to the economy of Mexico. Aside from these valuable minerals, Mexico is also one of the leading global producers of coal. Coal mining in Mexico dates as far back as when Americans began developing the mines.
Production did not reach its peak until investors came in the 20 th century and pumped in resources into the sector. After the investments, the nation saw coal production peak in after it produced about 1. In terms of size, the proven coal reserves in Mexico, which are about 1. Generally, Mexico is among the top ten global mineral producers. Currently, Mexico produces about 1. The level of investment is also substantial.
The massive petroleum sector means that the country is the 11 th largest global producer of oil. In the Western Hemisphere, only three countries produce more oil than Mexico.
These three countries are the US, Venezuela, and Canada. Presently, the country produces three types of crude oil namely heavy Maya, light low-sulfur Isthmus, and extra-light Olmeca As of , the oil reserves in Mexico stood at a whopping However, estimates by leading firms place the reserves at a lower The largest oil field is the Cantarell Field, which is about 50 miles from the shore of the Bay of Campeche.
The World Bank Group engagement with the country is structured around a model that provides development solutions adapted to the country, with an integral package of financial, knowledge and convening services. With a population of almost million, a rich cultural history and diversity, and abundant natural resources, Mexico is among the 15 largest economies in the world and the second largest economy in Latin America.
The country has strong macroeconomic institutions, and it is open to trade. Over the last three decades Mexico has underperformed in terms of growth, inclusion, and poverty reduction compared to similar countries.
Its economic growth averaged just above 2 percent a year between and , limiting progress in convergence relative to high income economies. The economy contracted by 8. The recovery in is going strong and relies on the speed of vaccination, the pandemic dynamics concerning the new variants, U.
S growth, and the recovery in the labor markets. To enable a better and sustained recovery over the medium term, the country will also need to deal with some of the most pressing pre-crisis challenges to growth and inclusion.
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