The US Energy Information Administration (EIA) reports that, during the past decade, the US trade gap for energy products has narrowed.
From 2003 to 2007, the value of energy imports was about 10 times greater than the value of exports. By 2017, imports were only about 1.5 times greater than exports according to data from the US Census Bureau.
The primary US energy import is crude oil, which generally accounts for about two-thirds of the total value of energy imports. Petroleum products – including LPG, gasoline, and diesel fuels – are the next largest category of imports, accounting for about 20% of the total value of energy imports.
Canada is the largest US trading partner for energy products. In 2017, energy imports from Canada were valued at US$73 billion. Saudi Arabia provided the second highest volume of imports, followed by Venezuela, Mexico, Iraq, Columbia, and Russia. Together, these seven countries made up 72% of the value of US energy imports in 2017.
Crude oil accounts for most US imports from each of the largest energy suppliers to the US, except for Russia, which supplies mostly petroleum products. Almost all electricity imports come from neighbouring Canada; electricity imports from Mexico are relatively small. Canada also supplies most of the US natural gas imports.
The primary export for the US is petroleum products. In 2017, petroleum products accounted for 70% of the total value of US energy exports, although that share has decreased as exports of crude oil have increased following the removal of crude export restrictions in December 2015. Crude oil accounted for 16% of exports in 2017, while coal and natural gas accounted for 7% and 6%, respectively.
Except for Canada and Mexico, the top US export destinations are different from the top import sources. Brazil was the third largest recipient of US energy exports in 2017, followed by China, which has become an important destination for US energy exports in recent years. Export energy trade is more widespread than import trade: the top seven recipient countries of US energy exports accounted for only 57% of the total value of US energy exports, compared with the top seven source countries of US energy imports that accounted for 72% of the total value of US energy imports.
Petroleum products accounted for most of the exports for four of the top seven US export recipient countries in 2017. Energy exports to China, Canada, the Netherlands, and South Korea had substantial shares of crude oil. In 2017, Mexico was the largest importer of natural gas from the US, followed closely by Canada.
Read the article online at: https://www.tanksterminals.com/terminals/16102018/us-energy-trade-balance-still-dominated-by-crude-oil-imports-says-eia/