U.S. is a net petroleum exporter

The line chart shows net trade balance of petroleum in the U.S.

In the second half of 2023, international factors supported economic growth, with exports boosting GDP despite a strong dollar.

US petroleum exports hit record highs, making the U.S. a net exporter, but trade with China dropped, with imports falling 20% and exports down by nearly 5%. As of July 1, 2023, U.S. petroleum exports exceeded their imports by 1.5 million barrels per day, according to data from The Organisation for Economic Co-operation and Development (OECD).