Crude Petroleum in United States

EXPORTS (2018): $45.5B, World Rnk 7 / 120
Flag Rnk 4 / 1222

TOP DESTINATION (2018): $9.74B, Canada

FASTEST GROWING MARKET (2017 - 2018): $4.37B, South Korea

IMPORTS (2018): $140B, World Rnk 2 / 148
Flag Rnk 2 / 1217

TOP ORIGIN (2018): $63.5B, Canada

FASTEST GROWING ORIGIN (2017 - 2018): $10.2B, Canada

ECONOMIC COMPLEXITY of United States (2018): 1.57, Rnk 9 / 137

PRODUCT COMPLEXITY  IN Crude Petroleum (2018): -2.84, Rnk 1018 / 1018

Overview: This page contains the latest trade data of Crude Petroleum in United States.

Exports: In 2018, United States exported $45.5B in Crude Petroleum, making it the 7th largest exporter of Crude Petroleum in the world. At the same year, Crude Petroleum was the 4th most exported product in United States. The main destination of Crude Petroleum exports from United States are: Canada ($9.74B), China ($5.51B), South Korea ($5.13B), United Kingdom ($3.71B), and India ($3.38B).

The fastest growing export markets for Crude Petroleum of United States between 2017 and 2018 were South Korea ($4.37B), Canada ($3.09B), and India ($2.9B).

Imports: In 2018, United States imported $140B in Crude Petroleum, becoming the 2nd largest importer of Crude Petroleum in the world. At the same year, Crude Petroleum was the 2nd most imported product in United States. United States imports Crude Petroleum primarily from: Canada ($63.5B), Saudi Arabia ($19B), Iraq ($10.5B), Venezuela ($9.56B), and Nigeria ($5.11B).

The fastest growing import markets in Crude Petroleum for United States between 2017 and 2018 were Canada ($10.2B), Saudi Arabia ($2.78B), and United Kingdom ($1.02B).

Overview: In July 2020 United States' Crude Petroleum exports accounted up to $4.08B and imports accounted up to $5.71B, resulting in a negative trade balance of $1.63B. Between July 2019 and July 2020 the exports of United States'   Crude Petroleum have decreased by $-1.01B (-19.8%) from $5.09B to $4.08B, while imports decreased by $-6.38B (-52.8%) from $12.1B to $5.71B.

Destinations: In July 2020 Crude Petroleum exported mostly to China ($730M), Canada ($527M), South Korea ($409M), Netherlands ($398M), and United Kingdom ($277M), and imported mostly from Canada ($3.3B), Mexico ($731M), Saudi Arabia ($449M), Colombia ($316M), and Iraq ($140M).

Growth: In July 2020, the decrease in Crude Petroleum's year-by-year exports was explained primarily by a decrease in exports to South Korea ($-855M or -81.7%), Canada ($-329M or -54.6%), and Netherlands ($-285M or -57.7%). In July 2020, the decrease in Crude Petroleum's year-by-year imports was explained primarily by a decrease in imports from Canada ($-3.56B or -63.9%), Colombia ($-502M or -67.6%), and Iraq ($-478M or -84%).

Subnational Monthly Trade

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Flow
Value

EXPORT GROWTH (July 2019 - July 2020): $-1.01B, (-19.8%)

IMPORT GROWTH (July 2019 - July 2020): $-6.38B, (-52.8%)

MAIN EXPORTER (July 2020): Texas, $2.45B

MAIN DESTINATION (July 2020): China, $730M

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.

Value

EXPORTS (2018): $45.5B

IMPORTS (2018): $140B

NET TRADE (2018): -$94.3B

In 2018, United States exported $45.5B in Crude Petroleum. The main destinations of United States exports on Crude Petroleum were Canada ($9.74B), China ($5.51B), South Korea ($5.13B), United Kingdom ($3.71B), and India ($3.38B).

In 2018, United States imported $140B in Crude Petroleum, mainly from Canada ($63.5B), Saudi Arabia ($19B), Iraq ($10.5B), Venezuela ($9.56B), and Nigeria ($5.11B).

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IN 2018, United States HAD A POSITIVE NET TRADE IN Crude Petroleum WITH:

  • China, $5.51B ($5.51B - $0)
  • South Korea, $5.13B ($5.13B - $0)
  • Chinese Taipei, $3.18B ($3.18B - $0)

IN 2018, United States HAD A NEGATIVE NET TRADE IN Crude Petroleum WITH:

  • Canada, -$53.8B ($9.74B - $63.5B)
  • Saudi Arabia, -$19B ($0 - $19B)
  • Iraq, -$10.5B ($0 - $10.5B)
Flow

THE FASTEST GROWING Crude Petroleum EXPORT MARKETS FOR United States WERE (2017 - 2018):

THE FASTEST DECLINING MARKETS FOR THE EXPORT OF Crude Petroleum BY United States WERE (2017 - 2018):

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Market Concentration

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Flow
Type

In 2018, United States's main exporting competitors in Crude Petroleum were:

In 2018, United States's main importing competitors in Crude Petroleum were:

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Trade Forecasts

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Time

This section shows forecasts for total exports and imports, for Crude Petroleum in United States. The forecast is based on a short-term, medium-term and long-term model using yearly trade data.

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Tariffs by Country

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In 2017, the tariffs for Crude Petroleum in the imports of United States were of 0% around the world.

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