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US Census Bureau data released on Wednesday, February 5 shows calendar year 2024 imports were 18% below import totals in the same period of 2023, while calendar year 2024 exports were 31% below comparative 2023 exports.
Biodiesel imports experienced quarter-on-quarter declines in each quarter during 2024.
Imports were expected to fall as the market began transitioning from the $1-per-gallon Blenders Tax Credit (BTC) to the Clean Fuel Production Credit (45Z).
The BTC expired at the end of 2024, and the 45Z credit only applies to domestic US production. This removed the additional $1-per-gallon incentive for foreign producers.
The import volume of 176.8 million gallons in January-December 2024 was 18% below the same 2023 period, and the lowest since 2020 when comparative imports totaled 142.8 million gallons.
Fourth-quarter 2024 imports of 73.7 million gallons were down by 4% from the third quarter and were 49% below the 144.7 million gallons imported during the fourth quarter of 2023.
US biodiesel exports experienced lower volume in 2024 after posting a record-setting year in 2023.
The US exported 176.8 million gallons during calendar year 2024, well short of the record-setting 254.5 million gallons exported in 2023. 2024 export volume was the lowest since 2020 when 142.8 million gallons were exported.
Canada and Peru are the largest export destinations for US biodiesel, accounting for 99.3% of the export volume in 2023 and 99.2% of the volume in 2024.
“I think [the export decline] is due to the traceability requirements in the Canadian CFR program. We stopped shipping there in September due to the harvest attestation requirements,” one exporter speaking with Fastmarkets said.
Census data shows calendar year 2024 biodiesel exports were down by 30% compared with the same period of 2023.
Exports to Canada were down by 33% while imports to Peru were up by 2.4%.
“We did ship a lesser volume of biodiesel to Canada from September through December 2024, but we generally ship larger volumes from March through August since biodiesel performs better in the summer months. In our case, compliance was not an issue,” a second biodiesel exporter said.
“Renewable diesel exports to Canada likely limited Canada’s demand for biodiesel, as renewable diesel does not have the cold-flow problems associated with biodiesel,” the second exporter said.
Quarterly biodiesel exports were volatile in 2024 with rising volumes in the first and third quarters and falling volumes in the second and fourth.
The US exported 16.6 million gallons during the fourth quarter. This was down by 77% from the third quarter and 68% below the 51.2 million gallons exported during the fourth quarter of 2023.