Petroleum, Fuel Lead U.S. Exports in November
| Top 15 U.S. November Exports | Millions | |
|---|---|---|
| 1 | Petroleum products | $5,032 |
| 2 | Fuel oil | $4,780 |
| 3 | Pharmaceutical preparations | $4,356 |
| 4 | Industrial machines, other | $3,881 |
| 5 | Semiconductors | $3,508 |
| 6 | Chemicals-organic | $3,470 |
| 7 | Civilian aircraft | $3,260 |
| 8 | Telecommunications equipment | $3,048 |
| 9 | Electric apparatus | $2,929 |
| 10 | Plastic materials | $2,839 |
| 11 | Medicinal equipment | $2,718 |
| 12 | Nonmonetary gold | $2,638 |
| 13 | Computer accessories | $2,595 |
| 14 | Industrial engines | $2,405 |
| 15 | Engines-civilian aircraft | $2,386 |
| Source: BEA |
According to today's BEA report on international trade in goods and services for November, the top two U.S. export categories were: 1) petroleum products ($5 billion) and 2) fuel oil ($4.78 billion), see chart above of the top 15 November exports. On a year-to-date basis through November, those same categories are the top two exports for 2011.
See previous CD post here about how the U.S. will be a net exporter of petroleum products in 2011 for the first time in 60 years.
15 Comments:
Meanwhile according to ABC news we have this: U.S. Bridges, Roads Being Built by Chinese Firms
How does that work???
gasoline prices seem to have gone up 20 cents in about a month...
hmmmm
"gasoline prices seem to have gone up 20 cents in about a month"....
Can you say Iran?
Can you say Iran?
Can YOU say " "Petroleum, Fuel Lead U.S. Exports in November"
;-)
"gasoline prices seem to have gone up 20 cents in about a month..."
Somehow we have to figure out how to boost the price of gasoline to the
levels in Europe."
– Obama Energy Secretary Steven Chu.
I thought all the likes of Rick Santorum were complaining that American manufacturing was in decline?
How do they figure that?
What country is the biggest customer for U.S. petroleum products?
Mexico, at about twenty percent of U.S. production.
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7 of the top 15 are product with significant input from chemical engineers. America needs to have more chemical engineers.
November IMPORTS of Crude Oil, Petroleum Products, and Fuel Oil were 37,218,000,000.00.
BEA Data
$37,218,000,000.00 - $9,812,000,000.00 = $27,406,000,000.00
That would be a Trade Deficit of $Twenty Seven Billion, Four Hundred and Six Million in November in Oil, and Petroleum Products.
According to Mastercard, we're using less gasoline than when they started keeping track in 2004, yet gasoline prices have more than doubled since then.
The reason is obvious. Our lower to lower-middle income consumers are getting outbid more, and more often, by an emerging middle class in the Non-OECD World.
Complicated, of course, by global crude oil production remaining basically flat since then.
Rufus correctly points out the obvious problem with this post.
Count on fuel rices continuing to rise and creating more of a drag onthe economy with people driving less over time.
"I thought all the likes of Rick Santorum were complaining that American manufacturing was in decline?"...
Well aig it is in certain states and certain industries, right?...
From the Federal Reserve Bank of Chicago blog, dated Aug. '10: Is U.S. Manufacturing Disappearing?
By William Strauss
The money lines: 'By 2006, the U.S. economy employed about as many workers in manufacturing as in 1950, just over 14 million. And so, looking at manufacturing employment alone leads one to believe that the sector is in decline or at best stagnant.
However, a very different conclusion emerges if you focus on the amount of goods being produced by the manufacturing sector. While employment has changed very little over the past 60 years,[3] output in manufacturing has increased at an annual rate of 3.4%. Manufacturing output in 2007 (the recent peak in manufacturing output) was over 600% higher than in 1950"...
Manufacturing output in 2007 (the recent peak in manufacturing output) was over 600% higher than in 1950"...
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Peak Work.
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