Crude Petroleum in United States | The Observatory of Economic Complexity

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Exports In 2022, United States exported $118B in Crude Petroleum, making it the 4th largest exporter of Crude Petroleum in the world. At the same year, Crude Petroleum was the 2nd most exported product in United States. The main destination of Crude Petroleum exports from United States are: South Korea ($13.2B), Canada ($11.8B), United Kingdom ($11.4B), Netherlands ($11.3B), and India ($10.8B).

The fastest growing export markets for Crude Petroleum of United States between 2021 and 2022 were Singapore ($6.58B), United Kingdom ($5.88B), and Netherlands ($4.73B).

Imports In 2022, United States imported $199B in Crude Petroleum, becoming the 2nd largest importer of Crude Petroleum in the world. At the same year, Crude Petroleum was the 1st most imported product in United States. United States imports Crude Petroleum primarily from: Canada ($117B), Mexico ($21.2B), Saudi Arabia ($16.6B), Iraq ($7.87B), and Colombia ($6.05B).

The fastest growing import markets in Crude Petroleum for United States between 2021 and 2022 were Canada ($37.6B), Mexico ($16.2B), and Saudi Arabia ($7.61B).

Latest Trends

February 2024

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Overview In February 2024 United States' Crude Petroleum exports accounted up to $10.4B and imports accounted up to $12.1B, resulting in a negative trade balance of $1.68B. Between February 2023 and February 2024 the exports of United States' Crude Petroleum have increased by $1.32B (14.6%) from $9.07B to $10.4B, while imports increased by $126M (1.05%) from $11.9B to $12.1B.

Destinations In February 2024, Crude Petroleum were exported mostly to Netherlands ($2.05B), South Korea ($989M), China ($857M), Canada ($840M), and United Kingdom ($797M), and were imported mostly from Canada ($7.15B), Mexico ($1.26B), Saudi Arabia ($550M), Guyana ($502M), and Brazil ($399M).

Growth In February 2024, the increase in Crude Petroleum's year-by-year exports was explained primarily by an increase in exports to Netherlands ($942M or 383%), Sweden ($164M or 469%), and Norway ($160M or 1.79k%). In February 2024, the increase in Crude Petroleum's year-by-year imports was explained primarily by an increase in imports from Nigeria ($558M or 1.06k%), Ecuador ($216M or 128%), and Brazil ($117M or 42.2%).

Subnational Monthly Trade

Time Scale

Year

Quarter

Month

Flow

Exports

Imports

Color

Trade Value

Growth

Growth (%)

EXPORT GROWTH (February 2023 - February 2024)$1.32B(14.6%)

IMPORT GROWTH (February 2023 - February 2024)$126M(1.05%)

MAIN EXPORTER (February 2024)Texas$9.48B

MAIN DESTINATION (February 2024)Netherlands$2.05B

This section shows Crude Petroleum's exports and imports data at subnational level for United States. Click any date in the line plot, any subnational region in the geomap, or any destination or origin country to explore the exports or imports behavior of Crude Petroleum over time.

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Historical Data

Trade Balance

Color

Trade Value

Growth

Growth (%)

Year

EXPORTS (2022)$118B

IMPORTS (2022)$199B

NET TRADE (2022)-$80.2B

In 2022, United States exported $118B in Crude Petroleum. The main destinations of United States exports on Crude Petroleum were South Korea ($13.2B), Canada ($11.8B), United Kingdom ($11.4B), Netherlands ($11.3B), and India ($10.8B).

In 2022, United States imported $199B in Crude Petroleum, mainly from Canada ($117B), Mexico ($21.2B), Saudi Arabia ($16.6B), Iraq ($7.87B), and Colombia ($6.05B).

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