EXPORTS (2018): $45.5B, World Rnk 7 / 120
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 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
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 October 2020 United States' Crude Petroleum exports accounted up to $3.68B and imports accounted up to $5.95B, resulting in a negative trade balance of $2.26B. Between October 2019 and October 2020 the exports of United States' Crude Petroleum have decreased by $-2.53B (-40.7%) from $6.21B to $3.68B, while imports decreased by $-3.86B (-39.4%) from $9.81B to $5.95B.
Destinations: In October 2020 Crude Petroleum exported mostly to China ($880M), Canada ($516M), India ($306M), Netherlands ($300M), and United Kingdom ($295M), and imported mostly from Canada ($3.54B), Mexico ($602M), Saudi Arabia ($331M), Ecuador ($267M), and Colombia ($220M).
Growth: In October 2020, the decrease in Crude Petroleum's year-by-year exports was explained primarily by a decrease in exports to Netherlands ($-487M or -61.9%), South Korea ($-475M or -66.4%), and Canada ($-387M or -42.9%). In October 2020, the decrease in Crude Petroleum's year-by-year imports was explained primarily by a decrease in imports from Canada ($-2.05B or -36.7%), Saudi Arabia ($-391M or -54.1%), and Mexico ($-271M or -31.1%).
EXPORT GROWTH (October 2019 - October 2020): $-2.53B, (-40.7%)
IMPORT GROWTH (October 2019 - October 2020): $-3.86B, (-39.4%)
MAIN EXPORTER (October 2020): Texas, $3.13B
MAIN DESTINATION (October 2020): China, $880M
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.
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).
IN 2018, United States HAD A POSITIVE NET TRADE IN Crude Petroleum WITH:
IN 2018, United States HAD A NEGATIVE NET TRADE IN Crude Petroleum WITH:
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):
In 2018, United States's main exporting competitors in Crude Petroleum were:
In 2018, United States's main importing competitors in Crude Petroleum were:
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.
In 2017, the tariffs for Crude Petroleum in the imports of United States were of 0% around the world.
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