For First Time, Oil Likely To Be Top U.S. Export In 2023
The post For First Time, Oil Likely To Be Top U.S. Export In 2023 appeared on BitcoinEthereumNews.com. The primary oil category is the No. 1 U.S. export through August. If it ends the year at No. 1, it … [+] will be the first year the category has ranked first in decades and perhaps ever. The chart shows the percentage for each exports. ustradenumbers.com For the first time in 50 years and perhaps ever, the primary oil category will be the United States’ top export when 2023 figures are released early next year. That is according to my analysis of the most recent U.S. Census Bureau data, which runs through August. Combined with refined petroleum, which ranks second, and natural gas products, which rank fourth, the United States has quietly gone in a few short years from an energy trade deficit to a surplus. 2023 will mark the fourth consecutive year the value of these three U.S. export categories topped the value of the same three import categories. This year, 54.36% of U.S. trade in oil, gasoline and natural gas has been an export. Looking at just oil, the percentage growth has been more dramatic. For the first time, exports in the primary oil category are accounting for more than 40% of all oil trade — exports as a percentage of exports plus imports. That’s a slight deficit. In 2016, that percentage was 8.50%. The next year, in 2017, the value of U.S. oil exports first topped 1% of all U.S. exports. Through August of this year, that percentage is 5.61% of the more then 1,260 export categories our company, WorldCity, uses to classify export and import commodities. (Now a quick aside as I go “into the weeds” for a moment. For those familiar with “harmonized tariff codes,” I use the data at the four-digit level. At the more specific 10-digit level, oil first ranked No. 1…
The post For First Time, Oil Likely To Be Top U.S. Export In 2023 appeared on BitcoinEthereumNews.com.
The primary oil category is the No. 1 U.S. export through August. If it ends the year at No. 1, it … [+] will be the first year the category has ranked first in decades and perhaps ever. The chart shows the percentage for each exports. ustradenumbers.com For the first time in 50 years and perhaps ever, the primary oil category will be the United States’ top export when 2023 figures are released early next year. That is according to my analysis of the most recent U.S. Census Bureau data, which runs through August. Combined with refined petroleum, which ranks second, and natural gas products, which rank fourth, the United States has quietly gone in a few short years from an energy trade deficit to a surplus. 2023 will mark the fourth consecutive year the value of these three U.S. export categories topped the value of the same three import categories. This year, 54.36% of U.S. trade in oil, gasoline and natural gas has been an export. Looking at just oil, the percentage growth has been more dramatic. For the first time, exports in the primary oil category are accounting for more than 40% of all oil trade — exports as a percentage of exports plus imports. That’s a slight deficit. In 2016, that percentage was 8.50%. The next year, in 2017, the value of U.S. oil exports first topped 1% of all U.S. exports. Through August of this year, that percentage is 5.61% of the more then 1,260 export categories our company, WorldCity, uses to classify export and import commodities. (Now a quick aside as I go “into the weeds” for a moment. For those familiar with “harmonized tariff codes,” I use the data at the four-digit level. At the more specific 10-digit level, oil first ranked No. 1…
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