ABSTRACT
This chapter examines Petroleos Mexicanos' (PEMEX) foreign-trade dealings during the oil industry's boom, with reference to certain events considered relevant to understanding the magnitude of what took place. Crude oil, natural gas, derivatives, and petrochemicals are all dealt with separately in order to give a clearer picture, although evidently it Is the Interaction of the products that defines the evolution of PEMEX's trade balance. The Mexican oil industry's involvement in foreign trade underwent a major change in 1966 when oil exports were suspended. From 1970 to 1976 imports were the dominant factor in PEMEX's foreign trade in basic petrochemicals because domestic demand had grown heavily as a result of the recent accelerated growth in production capacity. Growing domestic demand, a reduced availability of crude oli until 1971, and insufficient refining capacity forced the government to import petroleum products continuously from 1970 to 1976.
