Energy export value nearing import value

  • 18-Oct-2018
  • Energy export value nearing import value

The U.S. trade gap for energy products has become narrower. In 2017, the value of energy imports was about 1.5 times greater than exports, according to data from the U.S. Census Bureau. Between 2003 and 2007, the value of the imports was about 10 times greater.

The primary U.S. energy import is crude oil and comprises about two-thirds of the total value of energy imports. The next largest category is petroleum products, including liquefied petroleum gas (LPG), gasoline and diesel fuels, and they account for about 20% of the total value of energy imports, according to the U.S. Energy Information Administration.

Canada is the largest trading partner for energy products, and its energy imports were valued at $73 billion in 2017. The United States received the second highest volume of imports from Saudi Arabia, followed by Venezuela, Mexico, Iraq, Columbia and Russia. In 2017, the previous seven countries accounted for 72% of the value of U.S. energy imports.

Excluding Russia, the countries’ primary energy export to the United States is crude oil. The primary energy import from Russia is petroleum products. Canada supplies nearly all electricity imports and most of the natural gas imports.

The primary U.S. energy export is petroleum products, and in 2017, the products accounted for 70% of the total value of U.S. energy exports. Crude oil accounted for 16% of exports, and coal and natural gas accounted for 7% and 6%, respectively. The top destinations for U.S. energy exports are Mexico, Canada, Brazil, China, Netherlands, Japan and South Korea. The previous countries accounted for about 57% of the total value of U.S. energy exports. Petroleum products comprised the largest export to four of the seven top export destinations. China, Canada, the Netherlands and South Korea receive a large amount of crude oil from the United States. In 2017, Mexico received the most natural gas from the United States, and Canada received the second most.

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