By GMM News | 2024-04-08 | International Shipping News |

2023 proved to be a remarkable year for U.S. petroleum product exports, with propane leading the surge.

The United States hit a new high in petroleum product exports in 2023, with an average of 6.1 million barrels per day (b/d), marking a 2.5% increase from the previous year, according to the U.S. Energy Information Administration.

Both U.S. crude oil and LNG exports also reached a record in 2023.

The surge in exports was largely driven by propane, which grew by 14% in 2023, reaching an average of 1.6 million b/d, the highest annual record to date. Propane made up a significant 26% of all U.S. petroleum product exports, surpassing all other petroleum products. Globally, propane is utilized for space heating and increasingly as a petrochemical feedstock in East Asia, primarily for propylene production.

Asia saw an uptick in annual U.S. propane imports by 27% in 2023. The majority of these exports went to Japan, South Korea, and China, with China marking the highest growth rate in U.S. propane imports.

However, while propane exports were on the rise, distillate fuel oil exports, the second-highest U.S exported petroleum product, saw an 8% drop in 2023 to 1.1 million b/d. Central America and South America remained the primary recipients of U.S distillate exports, despite witnessing a 23% decrease compared to 2022.

Moreover, in 2023, gasoline exports, including finished motor gasoline and motor gasoline blending components, decreased by 5% from 2022, averaging 900,000 b/d. Mexico remained the top recipient of U.S gasoline exports, accounting for 56% of all exports.