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Changes in 2019 from 2018:
- U.S. total exports of energy-related products increased by $7.5 billion (3.8 percent) to $206.3 billion.
- U.S. general imports of energy-related products decreased by $31.7 billion (13.4 percent) to $204.9 billion.
U.S. total exports of energy-related products rose by $7.5 billion in 2019 (3.8 percent) (table EP.1). While U.S. total exports increased, the yearly growth rate for exports was significantly less than in 2017 and 2018, when exports increased by 46.3 percent and 37.7 percent respectively. U.S. imports decreased by $31.7 billion (13.4 percent) to $204.9 billion (table EP.2).
Mexico and Canada were the top destination markets for U.S. energy-related products, accounting for a combined $59.5 billion (29.1 percent) of U.S. domestic exports. However, in 2019 the value of U.S. domestic exports to Canada dropped by $2.2 billion (8.0 percent) and the value of exports to Mexico declined by $427 million (1.2 percent). Since 2016, most of the growth in U.S. exports of energy-related products has been in other markets; while Mexico and Canada have consistently remained the top destination markets, their share of U.S. exports has continuously declined. U.S. domestic exports to China and Venezuela had the largest decreases, dropping by $5.0 billion (57.4 percent) and $4.0 billion (92.4 percent), respectively.
Over the last five years, South Korea, Brazil, the Netherlands, and India have all become important destinations for U.S. domestic exports of energy-related products. Although U.S. exports of these products are still significantly smaller than those to Canada and Mexico, South Korea is now the third-largest destination for such exports, up from 20th in 2015. Moreover, U.S. exports of these goods to South Korea saw the largest increase of any country from 2018 to 2019, rising by $3.1 billion (30.6 percent).
The growth in U.S. domestic exports of energy-related products was driven primarily by a sharp rise in exports of crude petroleum (EP004). U.S. domestic exports of crude petroleum increased by $56.2 billion (683.1 percent) between 2015 and 2019, with $16.7 billion (34.8 percent) of that increase in 2019. Exports of natural gas and components (EP006) also increased significantly between 2015 and 2019, but at a slower growth rate: they rose by $2.9 billion (9.7 percent) from 2018 to 2019. In contrast to this growth, U.S. domestic exports of petroleum products (EP005) fell in 2019 for the first time since 2016, declining by $9.5 billion (9.1 percent) as compared to 2018.
Canada was by far the largest source of U.S. imports of energy-related products between 2015 and 2019. U.S. imports from Canada totaled $86.8 billion in 2019 and accounted for 42.3 percent of U.S. imports. Russia became the second leading source of U.S. imports, rising in rank from sixth in 2018. U.S. imports from Russia rose $2.8 billion (25.2 percent) from 2018 to 2019. In contrast, U.S. imports from Saudi Arabia decreased from $22.5 billion in 2018 to $12.1 billion in 2019 (46.5 percent), dropping Saudi Arabia from the second-ranked supplier of U.S. imports to the fourth. U.S. imports from Venezuela saw the largest decline of any country, dropping from $12.5 billion to $1.6 billion (86.9 percent) in 2019. This caused Venezuela to drop from 4th-ranked supplier of U.S. imports to the 18th.
The decrease in U.S. imports of energy-related products was mainly driven by U.S. trade in crude petroleum. U.S. imports of crude petroleum (EP004) dropped by $30.2 billion (19.2 percent), while U.S. imports of natural gas and components (EP006) decreased by $1.0 billion (9.7 percent).