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%20Export%20&%20Import%20Trade%20Value%20Analysis.jpg "UN Comtrade: Global Crude Oil (HS 270900) Export & Import Trade Value Analysis")
🛢️ Global Crude Petroleum Trade: UN Comtrade Export and Import Value Analysis
The trade of Petroleum oils and oils obtained from bituminous minerals, crude (Harmonized System/HS Code 270900) is a critical component of the global economy, directly linked to energy security, industrial activity, and geopolitical stability. The United Nations Commodity Trade Statistics Database (UN Comtrade) provides detailed, comparable data on the reported export and import values for this commodity, expressed in US dollars.
Crude oil trade flows reflect the distribution of global oil reserves and refinery capacity. Major oil-producing nations act as the primary global exporters, while industrialized economies and rapidly developing nations with high energy demand are the largest importers.
The total reported trade value for crude petroleum can fluctuate significantly year-to-year, largely influenced by two major factors:
Global Oil Prices: Crude oil prices are volatile and directly impact the value of the traded commodity, even if the volume remains constant.
Trade Volumes: Changes in production (e.g., OPEC+ decisions), consumption patterns, or shifts in refining capabilities directly affect the quantity (volume) of oil exported and imported.
Crude Petroleum (HS 270900) - Trade Value Summary
The following table presents a snapshot of the top global importers of crude petroleum, based on the trade value reported to UN Comtrade. These figures highlight the primary consumption centers for crude oil that drive the global market.
| Reporter (Importer) | Trade Flow | HS Code | Year | Trade Value (USD Thousands) |
| China | Import | 270900 | 2021 | 258,522,886.29 |
| European Union | Import | 270900 | 2021 | 229,105,291.60 |
| United States | Import | 270900 | 2021 | 138,383,895.80 |
| India | Import | 270900 | 2021 | 106,406,786.61 |
| Korea, Rep. | Import | 270900 | 2021 | 67,012,528.17 |
| Japan | Import | 270900 | 2021 | 63,103,354.05 |
| Germany | Import | 270900 | 2021 | 40,339,157.34 |
| Netherlands | Import | 270900 | 2021 | 35,478,360.94 |
| Italy | Import | 270900 | 2021 | 29,920,562.08 |
| Spain | Import | 270900 | 2021 | 29,581,126.15 |
Note: Data represents the reported value in current US dollars (USD) for commodity code 270900, "Petroleum oils and oils obtained from bituminous minerals, crude." Values are rounded and may not perfectly reflect total trade due to reporting methods (Imports are reported by the importing country).
Source: UN Comtrade, as of the latest available data retrieval.
Key Observations
Dominance of Asian Importers: China and India are among the world's largest importers of crude oil, reflecting their massive and growing energy needs to power their industrial and economic expansion.
The European Union: The EU represents a substantial collective import market, with member nations like Germany, the Netherlands, Italy, and Spain appearing as major individual buyers, illustrating Europe's reliance on imported crude for its energy and transportation sectors.
United States Trade Profile: Despite becoming a significant producer and exporter of crude oil and petroleum products, the U.S. remains a major global importer, necessary to supply refineries optimized for specific crude types and to meet diverse domestic and international market demands.
💰 Crude Petroleum (HS 270900) Export Value by Major World Region (2022)
The global export market for Crude Petroleum (HS Code 270900) is dominated by key regions possessing vast oil reserves. The table below aggregates the reported export values by major geographical groupings for the year 2022, highlighting the significant financial impact of the surge in oil prices during that period.
| Rank | Region/Group | Trade Value (USD Billions, Approx.) | Key Exporting Nations | Percentage of Global Export Value |
| 1 | Middle East / West Asia | ~$600 - $650 | Saudi Arabia, UAE, Iraq, Kuwait, Oman | ~45% - 50% |
| 2 | North America | ~$280 - $300 | Canada, United States, Mexico | ~20% - 22% |
| 3 | Eurasia (Russia & Central Asia) | ~$170 - $190 | Russia, Kazakhstan, Azerbaijan | ~12% - 15% |
| 4 | Africa | ~$140 - $160 | Nigeria, Angola, Libya, Algeria | ~10% - 12% |
| 5 | Europe (Excluding Russia) | ~$80 - $100 | Norway, United Kingdom | ~6% - 8% |
| 6 | South America | ~$60 - $80 | Brazil, Colombia, Ecuador | ~4% - 6% |
Source: Aggregated data from UN Comtrade and associated trade sources for HS Code 270900 (Petroleum oils, crude). Total world exports in 2022 were approximately $1.276 Trillion. Values are estimates due to regional aggregation and varying reporting standards.
💰 Crude Petroleum (HS 270900) Export Value by Top Global Exporting Countries (2022)
The trade of Crude Petroleum oils and oils obtained from bituminous minerals (HS Code 270900) is one of the most significant categories in global commerce. The following table details the top exporting nations based on the Trade Value (USD) they reported to UN Comtrade for the year 2022. These figures highlight the world's largest oil producers and their massive revenue generated, particularly due to high oil prices in 2022.
| Rank | Reporter (Exporter) | Year | Trade Value (USD Billions, Approx.) | Region | Key Trading Partner/Market |
| 1 | Saudi Arabia | 2022 | $224.8 | Middle East | China, Japan, India, South Korea |
| 2 | Canada | 2022 | $120.5 | North America | United States |
| 3 | Russia | 2022 | $119.5 | Eurasia | China, India, European Union (pre-sanctions) |
| 4 | United States | 2022 | $117.0 | North America | China, South Korea, Canada, Netherlands |
| 5 | United Arab Emirates | 2022 | $112.7 | Middle East | Japan, China, India, South Korea |
| 6 | Iraq | 2022 | $82.3 | Middle East | India, China, South Korea, United States |
| 7 | Norway | 2022 | $57.8 | Europe | United Kingdom, Germany, Sweden |
| 8 | Kuwait | 2022 | $54.3 | Middle East | South Korea, China, Japan |
| 9 | Nigeria | 2022 | $49.9 | Africa | Spain, Netherlands, France |
| 10 | Brazil | 2022 | $42.7 | South America | China, United States, Netherlands |
Source: Aggregated data from UN Comtrade and associated trade sources for HS Code 270900 (Petroleum oils, crude). Values are estimates and rounded to the nearest tenth of a billion.
📈 Highest Crude Petroleum (HS 270900) Export Value Growth: Top Countries (2021 to 2022)
The growth in export value for Crude Petroleum (HS Code 270900) between 2021 and 2022 was heavily influenced by the sharp increase in global oil prices following the post-pandemic recovery and geopolitical events in 2022.
The table below highlights countries that experienced the highest percentage growth in their crude oil export value, based on UN Comtrade data. Countries with small export bases in 2021 are excluded to focus on major market movers.
| Rank | Reporter (Exporter) | 2021 Export Value (USD Billions) | 2022 Export Value (USD Billions) | Export Growth Rate (2021-2022) | Key Driver of Growth |
| 1 | United States | $64.1 | $117.0 | 82.5% | Surge in production (shale oil) combined with high global prices and expanding export capacity. |
| 2 | United Arab Emirates | $69.0 | $112.7 | 63.3% | Increased OPEC+ quotas and favorable market conditions driving Middle East exports. |
| 3 | Canada | $74.5 | $120.5 | 61.7% | Higher global oil prices and stable pipeline export volumes to the United States. |
| 4 | Saudi Arabia | $139.7 | $224.8 | 60.9% | Leading OPEC+ producer capitalizing on high prices and increased output limits. |
| 5 | Brazil | $26.3 | $42.7 | 60.3% | Rising offshore (Pre-salt) oil production and favorable market demand from Asia (China). |
| 6 | Kuwait | $34.7 | $54.3 | 56.5% | Increased production within the OPEC framework to meet soaring global demand. |
| 7 | Iraq | $52.7 | $82.3 | 56.2% | Steady production increases and strong demand from key Asian importers. |
| 8 | Norway | $38.0 | $57.8 | 52.1% | Benefiting from high European energy prices following supply disruptions in other regions. |
| 9 | Russia | $79.3 | $119.5 | 50.7% | High commodity prices globally, despite shifting trade routes and Western sanctions. |
| 10 | Nigeria | $34.3 | $49.9 | 45.5% | Recovery from production issues and strong pricing for its high-quality light crude. |
Source: Calculated from UN Comtrade data for HS Code 270900 (Petroleum oils, crude). Values are estimates and rounded to the nearest tenth of a billion. Growth is calculated based on reported trade values in current USD.
🚢 Crude Petroleum (HS 270900) Import Value by Major World Region (2022)
The global import of Crude Petroleum oils and oils obtained from bituminous minerals (HS Code 270900) is dominated by regions that have high industrial activity and transportation needs, but insufficient domestic production to meet demand.
The table below aggregates the import values for crude petroleum by major world region for the year 2022. This data highlights the world's primary consumption and refining centers.
| Rank | Region/Group | Trade Value (USD Billions, Approx.) | Key Importing Nations | Primary Import Driver |
| 1 | Asia-Pacific (Excl. Middle East) | ~$550 - $600 | China, India, South Korea, Japan | Massive industrial growth and energy security requirements. |
| 2 | Europe (EU-27) | ~$350 - $400 | Germany, Netherlands, Italy, Spain, France | Large, mature refining capacity and high transportation demand. |
| 3 | North America | ~$150 - $180 | United States, Canada (East Coast Refiners) | Supplying refineries with specific, heavier crude grades and pipeline constraints. |
| 4 | South America | ~$20 - $30 | Chile, Brazil, Peru, Colombia | Supplementing domestic production and meeting specialized refinery needs. |
| 5 | Africa | ~$15 - $25 | South Africa, Egypt, Morocco | Lack of adequate domestic refinery capacity, despite being an oil-producing continent. |
Source: Aggregated data from UN Comtrade and associated trade/energy sources for HS Code 270900 (Petroleum oils, crude) for 2022. Import values are typically calculated on a CIF (Cost, Insurance, and Freight) basis.
🚢 Crude Petroleum (HS 270900) Import Value by Top Global Importing Countries (2022)
The global import market for Crude Petroleum oils and oils obtained from bituminous minerals (HS Code 270900) is dominated by major industrial and developing economies that require vast amounts of crude oil to fuel their transportation and industrial sectors.
The table below details the top importing nations based on the Trade Value (USD) they reported to UN Comtrade for the year 2022. These figures reflect the high demand and soaring prices of crude oil during that period.
| Rank | Reporter (Importer) | Year | Trade Value (USD Billions, Approx.) | Region | Primary Source Regions |
| 1 | China | 2022 | $373.1 | Asia | Middle East, Russia, South America, Africa |
| 2 | European Union (Total) | 2022 | $346.7 | Europe | Middle East, Eurasia (Russia), Norway, North America |
| 3 | India | 2022 | $166.4 | Asia | Middle East, Russia, North America, Africa |
| 4 | United States | 2022 | $150.3 | North America | Canada, Mexico, Saudi Arabia, Iraq |
| 5 | Korea, Rep. | 2022 | $106.3 | Asia | Middle East, North America, Russia |
| 6 | Japan | 2022 | $97.1 | Asia | Middle East, Russia, North America |
| 7 | Germany | 2022 | $57.0 | Europe | Russia (historically), Norway, Middle East |
| 8 | Netherlands | 2022 | $56.4 | Europe | Russia (historically), Norway, North America |
| 9 | Spain | 2022 | $45.6 | Europe | Nigeria, Mexico, Saudi Arabia |
| 10 | Italy | 2022 | $44.5 | Europe | Russia (historically), Middle East, Africa |
Source: Aggregated data from UN Comtrade and associated trade sources for HS Code 270900 (Petroleum oils, crude). Import values are typically calculated on a CIF (Cost, Insurance, and Freight) basis. Values are estimates and rounded to the nearest tenth of a billion.
📈 Highest Crude Petroleum (HS 270900) Import Value Growth: Top Countries (2021 to 2022)
The period between 2021 and 2022 was marked by a dramatic rise in global crude oil prices, largely due to the post-pandemic economic rebound and the geopolitical fallout from the conflict in Ukraine.
This environment caused the import value for Crude Petroleum (HS Code 270900) to soar across all major importing nations. The table below highlights the top countries that experienced the highest percentage growth in their crude oil import value, reflecting both the price shock and, in some cases, a significant shift in trade partners and volumes.
| Rank | Reporter (Importer) | 2021 Import Value (USD Billions) | 2022 Import Value (USD Billions) | Import Growth Rate (2021-2022) | Key Driver of Growth |
| 1 | India | $106.4 | $166.4 | 56.4% | Steep rise in global prices combined with increased refinery runs and opportunistic buying of discounted crude (especially from Russia). |
| 2 | European Union (Total) | $229.1 | $346.7 | 51.3% | Price increase shock, coupled with the urgent need to stockpile and diversify supplies away from Russian sources. |
| 3 | Korea, Rep. | $67.0 | $106.3 | 51.2% | High global prices and strong demand from the country's massive petrochemical and refining sector. |
| 4 | China | $258.5 | $373.1 | 44.3% | Largest overall importer by value; growth driven by significantly higher prices despite volumes being partially constrained by domestic COVID-19 policies. |
| 5 | Japan | $63.1 | $97.1 | 42.8% | Price shock affecting imports, as Japan remains heavily reliant on Middle Eastern crude for energy generation and industry. |
| 6 | Netherlands | $35.5 | $56.4 | 58.9% | Functions as a major refining hub and entry point to Europe (e.g., Rotterdam), reflecting high price inflation for European supply. |
| 7 | Spain | $29.6 | $45.6 | 54.1% | Growth driven by high global prices and demand, with a focus on non-Russian sources like African and American crude. |
| 8 | Germany | $40.3 | $57.0 | 41.4% | High price environment and the strategic necessity to secure non-Russian crude supply, often at higher market prices. |
| 9 | Italy | $29.9 | $44.5 | 48.8% | Reflects the general European price increase and the pivot to new, more expensive suppliers to replace Russian oil. |
| 10 | United States | $138.4 | $150.3 | 8.6% | Lower growth compared to others because of substantial domestic production, mitigating the impact of global price rises on total import value. |
Source: Calculated from UN Comtrade data for HS Code 270900 (Petroleum oils, crude). Import values are typically calculated on a CIF basis. Values are estimates and rounded to the nearest tenth of a billion. Growth is calculated based on reported trade values in current USD.
📑 Conclusion: Trends and Dynamics in Global Crude Petroleum Trade (2022)
The analysis of global crude petroleum (HS 270900) trade value data for 2022, focusing on both exports and imports, reveals a market defined by price volatility, geopolitical shifts, and the continued dominance of a few major players.
Key Export Findings
Price and Revenue Surge: The most defining trend was the massive increase in export revenue across all major producers (Saudi Arabia, Russia, UAE, Canada, and the US). The export growth rates (50% to 82% year-over-year) were driven primarily by the sharp rise in global oil prices, rather than corresponding volume increases, leading to record earnings for producing nations.
North American Ascendancy: The United States and Canada demonstrated exceptional growth rates, solidifying North America's position as a major global crude oil supplier, alongside the traditional Middle Eastern exporters.
Key Import Findings
Asian Demand Core: The Asia-Pacific region, spearheaded by China and India, remains the single largest destination for crude oil, reflecting its central role in global manufacturing and energy consumption.
Price Shock on Importers: The high prices translated into a huge increase in import costs for major consumers. Countries like India, the European Union, and South Korea experienced import value growth rates between 51% and 56%, underscoring the severe financial strain of higher oil prices on energy-dependent economies.
Geopolitical Reorientation: The high import value growth in Europe (like Germany and the Netherlands) reflects not just price inflation, but also the high cost of switching suppliers and securing non-Russian crude, a critical post-2022 trend.
Overall Market Summary
The 2022 data clearly illustrates the critical energy dependence of global industry (Asia and Europe) on the major producing regions (Middle East and North America). Trade value growth was largely a function of price, shifting the terms of trade strongly in favor of exporters and placing significant economic pressure on importers. The market demonstrated resilience in adapting to geopolitical shocks, evidenced by the high trade values despite major supply disruptions and sanctions.