That dollar amount reflects a formidable 109% gain from the $2.1 billion that the US spent on overall uranium imports 5 years earlier in 2019, and a 37.6% year-over-year acceleration from $3.2 billion in 2022.
Uranium is a silvery-white metal with unique nuclear properties. The main non-military use of uranium is as a fuel for nuclear power plants. According to the U.S. Energy Information Administration, nuclear power plants process a specific type of uranium known as U-235 as fuel because its atoms are split apart relatively easily.
US import data presented below is separated into two distinct forms. Enriched U-235 uranium is recorded under six-digit Harmonized Tariff System (HTS) code 284420 in contrast to 284410 for natural uranium and its compounds.
Of the total $4.4 billion in American uranium imports during 2023, 87.6% ($3.86 billion) was for international purchases of enriched uranium. That share compares to 12.4% ($545 million) for imported natural uranium and related compounds up from 8% for natural uranium imports one year prior.
Countries Exporting Enriched Uranium to America
Below are the 10 countries from which the United States purchased 100% of its enriched U-235 uranium during 2023. The United States has increased its enriched uranium imports by 124.7% since 2019 and by 31.1% from 2022 to 2023.
- Russia: US$1.2 billion (30.9% of total US imported enriched uranium)
- Germany: $677.3 million (17.6%)
- United Kingdom: $609.2 million (15.8%)
- Netherlands: $497.8 million (12.9%)
- France: $496.8 million (12.9%)
- mainland China: $314.7 million (8.2%)
- Japan: $43567000.0 million (1.1298%)
- Belgium: $22.6 million (0.5857%)
- Kazakhstan: $4.0 million (0.1030%)
- Canada: $17,000 (0.0004%)
Countries that boosted their revenues from their enriched uranium sold to America at the strongest levels: Belgium (up 282,200% from 2019), Japan (up 114,550%), mainland China (up 4,335%) and France (up 254.8%).
The Netherlands was a declining supplier thanks to its -4.6% shrinkage in enriched uranium sales to the United States over the 5-year period.
Countries Exporting Natural Uranium to America
Below are the 4 countries from which the United States bought $545 million worth of natural uranium including its compounds during 2023. America boosted its spending on imported natural uranium by 111.8% from 2022 to 2023 but increased by just 40% compared to 2019.
- Canada: US$530.1 million (97.3% of total US imported uranium)
- Kazakhstan: $9.8 million (1.8%)
- South Africa: $5.1 million (0.9%)
- Germany: $4,000 (0.001%)
Canada was the sole gainer among America’s suppliers of natural uranium from 2019 to 2023, benefiting from a 76.1% boost in sales over the 5 years.
The value of natural uranium that the US imported in 2023 shrank for suppliers in Germany (down -99.8% compared to 2019) and Kazakhstan (down -88.6%).
US Uranium Suppliers Causing Trade Deficits for America
America does produce and sell its own uranium on international markets. In 2023, the United States shipped $66.1 million worth of enriched uranium to its international trade partners plus another $297.9 million worth of natural uranium.
However, American revenues from exported enriched uranium fall far short of the $3.86 billion that the US spent on imported enriched uranium thus resulting in a -$3.8 billion product category deficit in 2023.
Similarly, America shipped $297.9 million worth of natural uranium compared to $545 million in US imports of natural uranium thus generating America’s -$247.2 million negative trade balance for natural uranium in 2023.
Below you will find the 9 countries that caused America’s country-specific deficits from buying and selling enriched uranium on international markets, incurring a subtotal deficit of -$3.83 billion for 2023.
- Russia: -US$1.2 billion (product deficit up 103.8% since 2019)
- Germany: -$677.2 million (up 170.8%)
- United Kingdom: -$607.2 million (up 186.3%)
- Netherlands: -$494.5 million (down -5%)
- France: -$486.1 million (up 258.7%)
- mainland China: -$314.7 million (up 4345.3%)
- Japan: -$40 million (up 105168.4%)
- Belgium: -$15.7 million (reversing an $8.1 million surplus)
- Kazakhstan: -$4 million (reversing a $17.9 million surplus)
As for natural uranium, the following 3 trade partners created a subtotal US deficit totaling -$543.4 million during 2023.
- Canada: -US$528.4 million (product deficit up 164.1% since 2019)
- Kazakhstan: -$9.8 million (down -88.6%)
- South Africa: -$5.1 million (2019 data unavailable)
See also US Iron and Steel Imports by Supplier Countries, America’s Top Trading Partners, United States Top 10 Imports and US Aluminum Imports by Supplying Country
Research Sources:
Gabriel Friedman for the National Post, How U.S.-Russia tensions could revive Canada’s struggling uranium mines. Accessed on October 28, 2024
Investopedia, Net Exports Definition. Accessed on October 28, 2024
International Trade Centre, Trade Map. Accessed on October 28, 2024
Central Intelligence Agency, The World Factbook, Field Listing: Exports – Commodities. Accessed on October 28, 2024
U.S. Energy Information Administration, Nuclear Explained: Where Our Uranium Comes From, Central Intelligence Agency. Accessed on October 28, 2024
Wikipedia, Uranium. Accessed on October 28, 2024
Wikipedia, Category:Uranium mining companies by country. Accessed on October 28, 2024