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2023
Exports $15.5BWorld Rnk 20 / 150
Flag Rnk 5 / 1216
2023
Destination $367M Netherlands
2022 - 2023
FASTEST GROWING MARKET $367MUnited States
2023
PRODUCT COMPLEXITY IN Crude Petroleum-2.37Rnk 1015 / 1025
2023
Imports $32BWorld Rnk 9 / 159
Flag Rnk 3 / 1214
2023
Origin $301M Norway
2022 - 2023
FASTEST GROWING ORIGIN $301MNigeria
2023
ECONOMIC COMPLEXITY of United Kingdom1.5Rnk 11 / 132

About

Exports In 2023, United Kingdom exported $15.5B in Crude Petroleum, making it the 20th largest exporter of Crude Petroleum in the world. At the same year, Crude Petroleum was the 5th most exported product in United Kingdom. The main destination of Crude Petroleum exports from United Kingdom are: Netherlands ($4.39B), Germany ($2.5B), Sweden ($1.59B), China ($1.28B), and United States ($1.13B).

The fastest growing export markets for Crude Petroleum of United Kingdom between 2022 and 2023 were United States ($367M), Italy ($181M), and Norway ($80.5M).

Imports In 2023, United Kingdom imported $32B in Crude Petroleum, becoming the 9th largest importer of Crude Petroleum in the world. At the same year, Crude Petroleum was the 3rd most imported product in United Kingdom. United Kingdom imports Crude Petroleum primarily from: Norway ($13.7B), United States ($10.2B), Nigeria ($1.64B), Algeria ($1.54B), and Libya ($1.53B).

The fastest growing import markets in Crude Petroleum for United Kingdom between 2022 and 2023 were Nigeria ($301M), Algeria ($229M), and Republic of the Congo ($155M).

Latest Trends

November 2024

About

Overview In November 2024 United Kingdom's Crude Petroleum exports accounted up to £805M and imports accounted up to £1.99B, resulting in a negative trade balance of £1.18B. Between November 2023 and November 2024 the exports of United Kingdom's   Crude Petroleum have decreased by £-444M (-35.6%) from £1.25B to £805M, while imports decreased by £-108M (-5.17%) from £2.1B to £1.99B.

Destinations In November 2024, Crude Petroleum were exported mostly to Netherlands (£290M), China (£117M), Germany (£113M), Sweden (£79.9M), and Finland (£79.5M), and were imported mostly from Norway (£781M), United States (£591M), Guyana (£196M), Libya (£166M), and Nigeria (£105M).

Growth In November 2024, the decrease in Crude Petroleum's year-by-year exports was explained primarily by a decrease in exports to China (£-140M or -87.7%). In November 2024, the decrease in Crude Petroleum's year-by-year imports was explained primarily by a decrease in imports from Libya (£-123M or -75.7%) and Turkey (£-24.5M or -100%).

Subnational Monthly Trade

Time Scale
Flow
Color
EXPORT GROWTH (November 2023 - November 2024)£-444M(-35.6%)
IMPORT GROWTH (November 2023 - November 2024)£-108M(-5.17%)
MAIN EXPORTER (November 2024)Hound Point Terminal£412M
MAIN DESTINATION (November 2024)Netherlands£290M

This section shows Crude Petroleum's exports and imports data at subnational level for United Kingdom. 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
EXPORTS (2023)$15.5B
IMPORTS (2023)$32B
NET TRADE (2023)-$16.6B

In 2023, United Kingdom exported $15.5B in Crude Petroleum. The main destinations of United Kingdom exports on Crude Petroleum were Netherlands ($4.39B), Germany ($2.5B), Sweden ($1.59B), China ($1.28B), and United States ($1.13B).

In 2023, United Kingdom imported $32B in Crude Petroleum, mainly from Norway ($13.7B), United States ($10.2B), Nigeria ($1.64B), Algeria ($1.54B), and Libya ($1.53B).

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Export Destinations (2023)

Import Origins (2023)

Market Growth

Flow
THE FASTEST GROWING Crude Petroleum EXPORT MARKETS FOR United Kingdom WERE (2022 - 2023):
United States$367M (48.3%)
Italy$181M (35.7%)
Norway$80.5M (496%)
THE FASTEST DECLINING MARKETS FOR THE EXPORT OF Crude Petroleum BY United Kingdom WERE (2022 - 2023):
Netherlands-$2.12B (-32.6%)
France-$655M (-49.8%)
Sweden-$639M (-28.7%)
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Change in Exports by Market (2022 - 2023)

Market Concentration

View
Flow
Type
In 2023, United Kingdom's main exporting competitors in Crude Petroleum were:
Saudi Arabia $181B
United States $125B
Russia $122B
In 2023, United Kingdom's main importing competitors in Crude Petroleum were:
China $319B
United States $170B
India $140B

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Trade Value of Crude Petroleum by Exporters

Potential Exports

Potential Exports

Flow
View
TOP EXPORT POTENTIALChina+ $1.71B
TOP IMPORT POTENTIALNigeria+ $1.09B

Crude Petroleum’s highest export potential is China. With an export gap of $1.71B.   Crude Petroleum’s highest import potential is Nigeria with an import gap of $1.09B.

See methodology.

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