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The United States experienced a 16% drop in petroleum exports in 2023, with the value dipping to $121 billion[3]. This decline is attributed to various factors, including changes in global demand and market conditions. Despite the decrease, the U.S. remains a significant player in the global petroleum export market. The country's petroleum product exports set another record high in 2023, averaging 6.1 million barrels per day, a 2.5% increase from 2022[5].
Propane exports, which grew 14% in 2023, were the main driver of this growth, offsetting decreases in gasoline and distillate exports[5]. The U.S. continues to be a major exporter of petroleum products to regions such as Central America, South America, and Asia, with Mexico and China being the top destinations[5]. While the overall value of petroleum exports declined, the U.S. remains a reliable supplier of energy resources to the global market.
Citations:
[1] https://thefederal.com/category/business/spice-wars-indias-food-regulator-must-step-up-to-beat-export-bans-123996
[2] https://www.nigerianstat.gov.ng/pdfuploads/Q1%202023%20Foreign%20Trade%20Statistics%20Report.pdf
[3] https://www.globaltrademag.com/united-states-sees-16-drop-in-petroleum-exports-dipping-to-121-billion-in-2023/
[4] https://www.ogj.com/general-interest/economics-markets/article/55003567/eia-us-petroleum-product-exports-set-another-record-high-in-2023
[5] https://www.eia.gov/todayinenergy/detail.php?id=61703
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