Refined Petroleum in United States 2020 Exports | Imports : $58.4B | $31B, World Rnk 1 / 212 Rnk 1 / 1217 | World Rnk 1 / 224 Rnk 10 / 1214
2019 - 2020 FASTEST GROWING MARKET | FASTEST GROWING ORIGIN: $401M | $167M, Germany | Malaysia
2020 ECONOMIC COMPLEXITY of United States: 1.56, Rnk 9 / 127
2020 PRODUCT COMPLEXITY IN Refined Petroleum: -0.94, Rnk 822 / 1029
Exports In 2020, United States exported $58.4B in Refined Petroleum, making it the 1st largest exporter of Refined Petroleum in the world. At the same year, Refined Petroleum was the 1st most exported product in United States. The main destination of Refined Petroleum exports from United States are: Mexico ($16.8B), Canada ($6.59B), Brazil ($5.94B), Panama ($2.4B), and Chile ($2.39B).
The fastest growing export markets for Refined Petroleum of United States between 2019 and 2020 were Germany ($401M), Ecuador ($258M), and South Korea ($209M).
Imports In 2020, United States imported $31B in Refined Petroleum, becoming the 1st largest importer of Refined Petroleum in the world. At the same year, Refined Petroleum was the 10th most imported product in United States. United States imports Refined Petroleum primarily from: Canada ($6.65B), Russia ($4.62B), South Korea ($2.37B), Netherlands ($1.92B), and India ($1.63B).
The fastest growing import markets in Refined Petroleum for United States between 2019 and 2020 were Malaysia ($167M), Sweden ($118M), and Singapore ($66.8M).
Tariffs In 2019, the average tariff for United States in Refined Petroleum was 5.3%. The countries with the highest import tariffs for Refined Petroleum were Burundi (Most Favoured Nation duty rate treatement, 7.83%), Democratic Republic of the Congo (Most Favoured Nation duty rate treatement, 7.83%), Somalia (Most Favoured Nation duty rate treatement, 7.83%), South Sudan (Most Favoured Nation duty rate treatement, 7.83%), and Afghanistan (Most Favoured Nation duty rate treatement, 7.83%).
November 2022
Overview In November 2022 United States' Refined Petroleum exports accounted up to $10.7B and imports accounted up to $6.21B, resulting in a positive trade balance of $4.51B. Between November 2021 and November 2022 the exports of United States' Refined Petroleum have increased by $1.86B (21%) from $8.85B to $10.7B, while imports increased by $784M (14.4%) from $5.42B to $6.21B.
Destinations In November 2022, Refined Petroleum were exported mostly to N/A, and were imported mostly from Canada ($1.18B), South Korea ($613M), Netherlands ($411M), Mexico ($323M), and Saudi Arabia ($316M).
Growth In November 2022, the increase in Refined Petroleum's year-by-year exports was explained primarily by an increase in exports to Japan ($143M or 251%), South Korea ($79.2M or 362%), and Gibraltar ($37.6M or 135%). In November 2022, the increase in Refined Petroleum's year-by-year imports was explained primarily by an increase in imports from Oman ($75.7M or 61.1k%), Russia ($68.8M or 7.35%), and Italy ($55.4M or 119%).
EXPORT GROWTH (November 2021 - November 2022): $1.86B, (21%)
IMPORT GROWTH (November 2021 - November 2022): $784M, (14.4%)
MAIN EXPORTER (November 2022): Texas, $6.28B
This section shows Refined 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 Refined Petroleum over time.
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EXPORTS (2020): $58.4B
IMPORTS (2020): $31B
NET TRADE (2020): $27.4B
In 2020, United States exported $58.4B in Refined Petroleum. The main destinations of United States exports on Refined Petroleum were Mexico ($16.8B), Canada ($6.59B), Brazil ($5.94B), Panama ($2.4B), and Chile ($2.39B).
In 2020, United States imported $31B in Refined Petroleum, mainly from Canada ($6.65B), Russia ($4.62B), South Korea ($2.37B), Netherlands ($1.92B), and India ($1.63B).
THE FASTEST GROWING Refined Petroleum EXPORT MARKETS FOR United States WERE (2019 - 2020):
THE FASTEST DECLINING MARKETS FOR THE EXPORT OF Refined Petroleum BY United States WERE (2019 - 2020):
In 2020, United States's main exporting competitors in Refined Petroleum were:
In 2020, United States's main importing competitors in Refined Petroleum were:
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