THIS IS THE FAVORITE EXPORTING COMMODITY OF THE USA TO THE WORLD

MARKET OVERVIEW OF THE FAVORITE EXPORTING ITEM FROM THE USA

The commodity of which we are talking about is none other than “Refined petroleum”. In the global scenario, the market for refined petroleum was worth USD 586.2 billion in 2020. The market is projected to upscale and reach a benchmark of approximately USD 863.1 billion by the year 2028. The market of refined petroleum is driven by those organizations that convert crude oil (diesel, gasoline, LPG, and naphtha) to refined oil.

The demand for refined petroleum globally is rising due to the rise in investments made by people in activities like construction, refinery expansion, etc. on the other hand, the demand for refined petroleum is increased due to the ever-increasing population of the world that leads to a rise in demand of commercial vehicles and products made from refined oil like waxes, lubricating oils, jet fuel, etc.


WHAT IS THE CONTRIBUTION OF REFINED PETROLEUM IN US EXPORT DATA FOR 2020?

Based on the information derived from the US Export Data for the year 2020, we get to know that the US exported refined petroleum worth USD 58.5 billion in a span of just one year which made the country the world’s largest exporter of refined petroleum in the year 2020. Moreover, this product was the most favorite export commodity of the US.

Although the US exported refined petroleum to numerous countries, as per the US Export Data for the year 2020, the major export accomplices of the US were:

·        Mexico (USD 16.79 billion)

·        Canada (USD 6.6 billion)

·        Brazil (USD 6 billion)

·        Panama (USD 2.45 billion)

·        Chile (USD 2.40 billion)

In the same year, a considerable amount of growth was observed between the exports of US refined petroleum and countries like Germany, Ecuador, and South Korea.

LATEST US EXPORT DATA REPORT – OCTOBER 2022 ANALYSIS

As far as the most latest reports are concerned, in the month of October 2022, the total exports of refined petroleum, as mentioned in the US Export Data amounted to USD 10.5 billion. On comparing the values of October 2022 with October 2021, the exports from the US grew by approximately 26% (USD 2.14B).

The major export partners as per US Export Data of October 2022 were similar to previous years’ trends. They were as follows:

·        Mexico (USD 2.95 billion)

·        Canada (USD 1.15 billion)

·        Chile (USD 1.07 billion)

·        Brazil (USD 650 million)

·        Peru (USD 510 million)

The reasons behind the growth of exports from the US in October 2022 were the good relations of the US with Japan (USD 143 million), South Korea (USD 79.21 million), and Gibraltar (USD 37.65 million).

CONCLUSION

It is hence, very much evident that the demand for refined petroleum would grow in the near future due to the rise in population and the incoming of more new and advanced products in the markets. The US has a very good growth aspect to maximize its revenue by exporting refined oil to the world. So, as per our estimates and analysis, the US Export Data would experience growth in refined petroleum exports in the coming years.

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