The US fuels and oils market is one of the fastest growing sectors with its counterparts such as China and Russia. The US fuels and oils exports increased in 2021 and 2022 both showing positive growth for US fuels & oils exports.
The share of ‘Refined Petroleum Oil’ (Heading 2710) is the highest among all the commodities in ‘Mineral Fuels and Oils’ – Chapter 27. The US has the largest share of refined petroleum oil production with a percentile of 20%, followed by China with a share of 17% and Russia with 7%.
US Fuels & Oils Exports
The exports of the US for fuels and oils have not been growing frequently in the previous years. In fact, the rise in exports for fuel and oils has been registered from 2021 only. The below represented US export historical data features the yearly values of US fuels & oils exports.
According to US export data, the values of export amounted to $77.9 billion in 2017. It increased in 2018 with a total value of $95.5 billion but slumped the next year with a value of $87.7 million. In 2020, due to COVID-19, the value was $57.8 billion. In 2021, the value stood at $84.9 billion.
Top US Exporting Partners 2021
The top exporting countries for the US’s exports of fuels and oils featured below are ranked as per their value, according to the US export data 2021. Mexico (17.5%), Canada (9.5%), South Korea (6.7%), China (6.4%), Brazil (5.8%), and other countries are mentioned in the data below.
Fuels & Oils – YoY Comparison
The yearly comparison for the exports of fuels and oils from the US is represented in the infographic below. The total amount of the exports for US’s fuels and oils amounted to $48.1 billion and $56.4 billion in Q1-2021 and Q2-2021 respectively.
The total amount of US fuels & oils exports amounted to $79.4 billion and $103.7 billion in Q1-2022 and Q2-2022 respectively. The comparison between the final sum amount for both years provided the conclusion that exports increased in 2022 by 75.2% ($78.6 billion).
US Fuels & Oils – Top Exports
The top US exports in the line of commodities for Chapter 27 – “Mineral Fuels and Oils” are featured in the list below for 2021. Refined petroleum products stand at the top with an $84.9 billion export value. Crude oil is the second-largest export, followed by petroleum gas and coal.
The exports of refined petroleum oil to the US are the highest exports in the mineral fuels and oils category. The US exported about $38.34 billion worth of refined petroleum in Q2-2022. The total amount of exports accounted for refined petroleum oil exports in 2022 so far is $66.17 billion.
Refined Petroleum Exports 2022
In the US export data 2022 represented below, the list features the top exporting partners for the US refined petroleum oil exports. The time range for the calculation of the total value of exports follows the month of January to June for the year 2022.
Canada, which is the top exporting partner for the US fuels & oils export, has been dragged down to the second rank by Mexico. Mexico is the top importing country for the US’s refined petroleum products, with a value of $20.22 billion for the mentioned time period.
Following Mexico, Canada accounted for a value of $7.6 billion, Brazil for a value of $5.3 billion, and Chile for a value of $4.6 billion. The sector of the US fuels and oils is likely to be sky-high this year, amid the demand for energy generation will also grow concerning low supplies from Russia due to the war.