US’ Feb exports to Latin America rise

US base oil shipments to Latin America rose in February, even as total US exports fell that month.

Base oil exports to Latin America, excluding Brazil and Mexico, rose to 183,930bl in February, government data showed. The volume was up from 164,080bl the previous month.

The rise in shipments to the region contrasted with a sharp drop in US exports to more distant outlets like Europe, Africa and India.

Even so, exports to Latin America were down from average volumes of more than 240,000 bl/month throughout 2021.

The February volume got a boost from a surge in shipments to Colombia to the highest in almost five years. Excluding that country, shipments were mostly lower, especially to Chile and Peru.

The slowdown contrasted with a surge in US shipments to Brazil and the high volume of supplies to Mexico in February. The trend reflected the size and importance of those two markets in their impact on total trade flows from the US.

The rise in shipments to Latin America, including Brazil and Mexico, boosted that region’s share of US exports to 73pc of the total. The share was up from 44pc the previous month and from a more typical level of around 56pc in 2021.