Compared to January 2020, bilateral trade between Azerbaijan and Mexico increased by 56.67% in February 2020 which fell on the quarantine period introduced due to the COVID-19 epidemic. It is 37% more than the figure from February 2019. Caspian Energy reports this, citing the analytical survey of the Mexican Embassy. 

Mexico is the main trading partner of Azerbaijan among Latin American countries.

If this trend continues, trade between Mexico and Azerbaijan may reach its historical maximum: More than 80mln.USD in 2020.

According to Caspian Energy’s information referred to the statistics, bilateral trade in 2014 amounted to 7.1 million dollars, and increased to 22.2 million dollars in 2015. At the same time, according to the statistical data from Mexico, the level of trade increased 11 times (from 877 thousand dollars to 10.2 million dollars).

Almost two-thirds of bilateral trade between Azerbaijan and Mexico is conducted through third countries.

At the same time, it is common practice for Mexico to make a profit in a situation of falling oil prices. For 20 years, Mexico has been buying put options (for oil sale) every year from a small group of investment funds and oil companies. Mexico has declared these operations a state secret. 

Mexico has been hedging oil since 2000. In 2015, the Ministry of Finance hedged oil at a price of $ 79 per barrel, though the market price of Mexican oil totaled $48.

In 2009, the country earned $5.1 billion from oil exports, in 2015-$6.4 billion, and in 2016 - $2.7 billion, Caspian Energy reported in 2016. 

Mexico recognized Azerbaijan in 1991 and established official relations on January 14, 1992. Azerbaijan opened an embassy in Mexico in 2007, and the first permanent ambassador to Mexico arrived two years later in 2009. Mexico opened an embassy in 2014. 

Mexico has free trade relations with 45 countries, accounting for more than 75% of the world's GDP. This means that if you are in Mexico, you have access to three parts of the world market.