Energy tops the list of the most critical issues globally. Covid and the Russian incursion have jolted markets, pushing energy-related products to new demand levels. As such, it should come as no surprise that the top three US exports in Q1 2022 were oil, gasoline (refined petroleum), and LNG (coupled with other gases).
Accounting for a robust $40 billion, oil leads the list by roughly $7 billion. The quarter-over-quarter change was drastic at 84%.
- Gasoline, Refined Petroleum
Valued at $33 billion, gasoline, refined petroleum also lept by a significant amount – 74%.
Rounding out the top 3 are natural gases, LNG. The total export value was estimated at $28.9 billion and this too was a robust increase compared to Q1 2021 (+ 40.6%)
The only other top 10 export that increased by over 40% from last year were vaccines, plasma, and blood fractions. Exports 4 to 10 are repeats from previous years, but for the first time in seven years the broad aviation category (currently #4) is not #1. This speaks to energy’s dominance on the global stage.
This category includes jets made by Boeing. In terms of export value, they are on par with natural gases, LNG, but the increase over last year was much smaller (27%).
Passenger vehicles have fallen, accounting for $17.7 billion in exports but down 5.6% from Q1 2021. This is the only category in the Top 10 that fell year over year.
While the newly passed CHIPS and Science Act will undoubtedly boost manufacturing stateside, computer chip exports are still represented in the Top 10. Like passenger vehicles, chips also accounted for approximately $17 billion and remained relatively stable compared to last year.
- Vaccines, plasma, and blood fractions
Previously mentioned, this is a category that understandably jumped considering the continuing public health crisis. While only representing $14 billion in exports, a 42% increase from Q1 2021 was notable.
Motor vehicle parts rose by 14.8% percent and registered $13.6 billion in export value.
Medicines, pill forms had a constructive Q1 2022, improving by 39% and tallyng $11.4 billion.
Rounding out the Top 10 were medical instruments with a solid 8% increase over last year and $10.7 billion in value.
Overall Q1 exports are up by over $100 billion. While much is made of the US’s reliance on imports the export market continues to surge.
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