US Energy Key In Rise Of Demand For American Goods Amid Ukraine Crisis - White House

WASHINGTON (UrduPoint News / Sputnik - 21st March, 2023) An increase in US energy exports, particularly to Europe, amid the Ukraine conflict led the surge of global demand for American goods in 2022 that surpassed pre-pandemic levels in 2019, the White House said in the economic report of the president.

"Real exports of goods surpassed their prepandemic heights of 2019 by 2.6 percent in 2022. Increased demand for US energy exports was a key driver, as many countries - particularly in Europe - looked to replace Russia as a source of crude oil and natural gas supplies," the report said on Monday.

US exports in the broad end-use category of industrial supplies and materials, which includes energy goods, hit a record high in 2022, according to the report.

The report explains that Russia's special military operation contributed to a significant impact on US exports of energy goods, mostly in liquefied natural gas (LNG) and crude oil.

US LNG exports shifted dramatically to European countries after supply from Russia was restricted, the report said.

In addition, US crude oil exports expanded more broadly across destinations in 2022, with a notable decrease in exports to China. However, according to the report, the decrease in Chinese demand may have likely been due to a shift to imports from other sources, including Russia, along with a drop in demand due to slower Chinese economic growth.

The report points out that the figures for 2022 only capture a single year rather and do not represent any kind of trend.