Did you know that in 2023, China became the second-largest destination for U.S. crude oil exports, yet the U.S. only ranks tenth among China’s oil suppliers? Let’s dive into this surprising twist in global trade.
According to the U.S. Energy Information Administration, the top five destinations for U.S. crude oil exports this year are the Netherlands, China, South Korea, Canada, and the UK. The U.S. exported an average of 452,000 barrels of crude oil per day to China in 2023, more than double the volume from 2022.
However, data from China’s General Administration of Customs paints a different picture. Despite the surge in imports from the U.S., America only ranks tenth among China’s crude oil sources, far behind Russia, Saudi Arabia, and Iraq.
So why the disparity? While the U.S. is exporting more oil to China, China’s overall demand is met predominantly by other countries. This could be due to long-standing trade partnerships, pricing, or geopolitical factors.
Meanwhile, at the China International Import Expo (CIIE) in Shanghai, which runs from November 5 to 10, trade relations are a hot topic. Representatives from 152 countries and regions are participating, with hopes of strengthening global economic ties.
In New York, CGTN Stringer interviewed locals about U.S.-China trade. One interviewee expressed hope for increased cooperation in technology patents, aiming to boost innovation and talent exchange between the two nations. Another hoped for the removal of tariff barriers by the U.S., believing it would benefit citizens on both sides.
These perspectives highlight a desire for closer collaboration and mutual growth. As young people shaping the future, understanding these global trade dynamics is key to navigating our interconnected world.
Reference(s):
What rank did China hold among U.S. crude oil export destinations?
cgtn.com
