Oil imports, energy trade balance examined
Census Bureau data has revealed crude oil imports continue to have an impact on the nations changing energy trade balance.
America’s energy products trade gap has narrowed during the last 10 years, according to the Bureau’s numbers. From 2003 to 2007, the value of energy imports was about 10 times greater than the value of exports – and by 2017, imports were only about 1.5 times greater than exports.
Crude oil accounts for about two-thirds of the total value of energy imports, officials said, noting petroleum products, including liquefied petroleum gas (LPG), gasoline and diesel fuels are the next largest category of imports, accounting for about 20 percent
of the total value of energy imports.
Census data reported Canada is the largest U.S. trading partner for energy products. In 2017, energy imports from Canada were valued at $73 billion, and Saudi Arabia provided the second highest volume of imports, followed by Venezuela, Mexico, Iraq, Columbia, and Russia.
Officials said those seven countries made up 72 percent of the value of U.S. energy imports in 2017.
Concerning exports, the data determined petroleum products accounted for most of the exports for four of the top seven U.S. export recipient countries in 2017, with energy exports to China, Canada, the Netherlands, and South Korea being comprised of substantial shares of crude oil.
Last year Mexico was the largest importer of natural gas from the United States, followed closely by Canada.