LNG, Fastest-Growing U.S. Export Since Covid-19, Heading To Europe

Policy LNG, Fastest-Growing U. S. Export Since Covid-19, Heading To Europe Ken Roberts Contributor Opinions expressed by Forbes Contributors are their own.

Two decades analyzing U. S. trade data by port, country, export, import New! Follow this author to stay notified about their latest stories.

Got it! Aug 13, 2022, 06:00am EDT | Share to Facebook Share to Twitter Share to Linkedin The fastest-growing markets for U. S. LNG are all in Western Europe, in response to the Russian .

. . [+] invasion of Ukraine.

ustradenumbers. com The fastest-growing top 100 U. S.

export from pre-pandemic 2019 is LN LN G and other natural gases, up almost 10 times as much in value as the overall average. This year, the fastest-growing markets for the United States’ No. 3-ranked export are in Western Europe, when compared to the comparable first six months of last year.

That’s because those nations are, of course, beholden to Russia for a great deal of their petroleum products. Since the Russian invasion of Ukraine six months ago, there have been Western sanctions and Russian retaliation. According to the latest U.

S. Census Bureau data, overall U. S.

exports topped $1 billion through June for the first time. That is thanks to strong growth in not only natural gas, up 59. 07% from the same six months of 2021 and 219.

25% from the first half of 2019, but also refined petroleum (including gasoline) and oil, the first- and second-ranked U. S exports. Overall, U.

S. imports are up 20. 38% to $1.

01 billion through June, when compared to the previous six months, and 22. 77% from the first half of 2019. U.

S. exports of LNG and other natural gases have soared in 2022, including in the month of June, . .

. [+] when the value was almost double that of the previous June and more than three times that of June 2019, before the pandemic. ustradenumbers.

com This is the fifth in a series of columns about the nation’s exports. It follows similar series I did for the countries that were, at the time, the nation’s top 10 trade partners and one for the airports, seaports and border crossings that were, at the time, the nation’s top 10 “ports. ” MORE FOR YOU Biden’s Proposed IRS Bank Account Snooping Authority Runs Into State Resistance 2021 Diversity Green Card Lottery Winners To Be Shut Out Because Of Visa Deadline The Swamp Grew – Even Under President Donald Trump The first article in this series focused on an overview of the top 10 exports .

The second looked at the top 10 countries that are markets for U. S. exports and how they differ from our overall trade partners, which would include imports.

The third was about refined petroleum , the top export, followed by one on oil , which ranks second. The sixth through 12th articles will look at No. 4 commercial jets, No.

5 passenger vehicles, No. 6 computer chips, No. 7 plasma and vaccines, No.

8 motor vehicle parts, No. 9 medicine in pill form and No. 10 medical instruments.

LNG exports to France, now the third-leading market after Mexico and Japan, have increased 334. 19% this year, according to my analysis of the latest U. S.

Census Bureau data. It ranked eighth at this time last year, prior to the Russian invasion of Ukraine. Exports to Spain, up from a No.

14 rank to No. 5, are up 390. 01%.

Exports to the Netherlands, which has advanced from No. 6 to No. 4, are up 197.

91% and those to the United Kingdom, which moved from No. 11 to No. 8, are up 149.

67%. Just outside the top 10, exports to Belgium, previously ranked No. 24 and No.

11, are up 607. 86%, and those to Poland, which has provided safe haven to so many of those fleeing Ukraine, are up 375. 72%.

Poland, the top market in Eastern Europe and formerly in the Soviet sphere, has gone from being the United States’ 22nd most important market to No. 13. Exports to Italy are up 362.

88%, its rank from rising from No. 23 to No. 15.

While Mexico is still the United States’ top market for natural gas exports, at 16% of the total, that’s down from 20% for all of 2021. There’s also a key difference between the natural gas delivered to Mexico, which is largely sent via pipeline as natural gas, and that being shipped to Europe, Asia and elsewhere. That is because natural gas can be shipped efficiently via pipeline but not on a ship.

Gas going to Europe and Asia is going to be liquefied natural gas, or LNG. In order to ship it, it is chilled to -260 degrees Fahrenheit, which reduces the space requited to one six-hundredth of that of natural gas. The challenge for Western Europe has been that it was accustomed to receiving natural gas, via pipeline from Russia and not LNG, which must be warmed and converted back its natural state.

Nevertheless, demand — and the price — have been increasing since the Russian invasion and Western sanctions. Follow me on Twitter or LinkedIn . Check out my website .

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