Welcome back, Daniel Workman here, senior research yst at Worlds Top exports.com
In this presentation, we'll compare the international trade performance for two global entities
the United States of America and the organization of the petroleum exporting countries
also known as OPEC. The USA is the world's biggest importer by total international purchases
In 2022 24.3% greater than second place importer. China crude oil continues to be America's number one import
product in 2022. Let's look at our agenda. We'll quantify key facts
distinguishing the two competitive entities. We'll focus on the most valuable exported products that the USA sold to importers located in OPEC countries
Our next topic showcases major import products that the USA bought from OPEC
We will then present a graphic to compare the USA'S trade balances from buying and selling to OPEC over a five year time frame
Then we'll highlight the major competitive advantages and disadvantages from America's perspective
Finally, we'll summarize the essential insights from our USA versus OPEC ysis
Now, for our competitive tale of the tape for perspective, America's exports to OPEC countries totaled 2.7% of all export sales by the
USA in 2022 US A's import purchases from OPEC are an even smaller percentage
However, us imports from OPEC did increase at a faster percentage rate at 56.2% compared to 2021
America went from generating $1.6 billion in black ink for 2021 to enduring a $14.3
billion deficit trading with OPEC countries in the latest reporting period, America's major exports
to OPEC countries are diversified. They range from cars and fossil fuels to technology products and aircraft including planes and helicopters
The top six exports shown generated one third, 33.3% of us A's total export sales to OPEC countries
In 2022 the US A's major imports from OPEC countries are concentrated with over
three quarters, 76.2% of total spending going to its two greatest OPEC imports
namely crude oil and refined petroleum oils. In fact, American purchases of OPEC crude oil represents 19.2% of total
us imports of crude petroleum from all countries. Collectively, the top six imports shown represent 84.6
of us spending on all products imported from OPEC countries. The US A's overall billion dollar
trade balances with OPEC fluctuated wildly from 2018 to 2022. The USA did post surpluses trading with OPEC
from 2019 to 2021 but racked up a significant $14.3 billion deficit for
2022. The U SAS biggest product surplus trading with OPEC countries was for cars
ahead of technology products. The fastest growing USA competitive advantage versus OPEC was for the energy related commodity
petroleum grass. The US A's severest product specific trade deficit ignited by imports from
OPEC countries continues to be crude oil red ink from trading crude oil with OPEC plays well ahead of the albeit faster growing deficit
for refined petroleum oils. Here are some key findings from our presentation
overall. OPEC is responsible for comparatively small percentages of America's total export sales and import purchases
Nevertheless, OPEC, crude oil was the source for about 1/5 19.2% of total us spending on imported crude petroleum
The US exports to OPEC are diversified, led by exports of cars
crude oil and refined petroleum oils dominated over three quarters, 76.2% of total us purchases from OPEC countries
American trade balance with OPEC fluctuate wildly recording a significant deficit for 2022
And for our bonus insight, America's deficit trading with OPEC countries was partly caused by a 42.4% increase in average crude
oil prices from 2021 to 2022. That average price increase expanded us dollar spending on imported OPEC
crude oil. For more key insights and useful international trade data, please visit us at worlds
top exports.com. Note that many of our articles feature a surgical document database that showcases a country's top 100 most
valuable exported products. And we'll see you next time on another fun video