July 2023 Sees U.S. Hydrogen Imports Soar to $6.1M
U.S. Hydrogen Imports
In July 2023, approximately 13M cubic meters of hydrogen were imported into the United States; with an increase of 7.2% against the previous month’s figure. In general, imports continue to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in March 2023 when imports increased by 16% month-to-month. Over the period under review, imports hit record highs at 13M cubic meters in August 2022; however, from September 2022 to July 2023, imports failed to regain momentum.
In value terms, hydrogen imports rose sharply to $6.1M (IndexBox estimates) in July 2023. The total import value increased at an average monthly rate of +1.3% from July 2022 to July 2023; the trend pattern remained consistent, with only minor fluctuations being recorded throughout the analyzed period. The growth pace was the most rapid in October 2022 when imports increased by 18% month-to-month. Imports peaked at 6.2M cubic meters in January 2023; however, from February 2023 to July 2023, imports failed to regain momentum.
Imports by Country
In July 2023, Canada (13M cubic meters) was the main hydrogen supplier to the United States, with a approximately 99.9% share of total imports.
From July 2022 to July 2023, the average monthly rate of growth in terms of volume from Canada was relatively modest.
In value terms, Canada ($6.1M) constituted the largest supplier of hydrogen to the United States.
From July 2022 to July 2023, the average monthly growth rate of value from Canada amounted to +1.4%.
Import Prices by Country
In July 2023, the hydrogen price stood at $488 per thousand cubic meters (CIF, US), leveling off at the previous month. Over the period under review, the import price continues to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in October 2022 an increase of 13% month-to-month. As a result, import price reached the peak level of $490 per thousand cubic meters. From November 2022 to July 2023, the average import prices failed to regain momentum.
As there is only one major supplying country, the average price level is determined by prices for Canada.
From July 2022 to July 2023, the rate of growth in terms of prices for Canada amounted to +0.4% per month.
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