US Census Bureau data released on Tuesday January 7 showed a monthly divergence in biodiesel imports and exports. Biodiesel import volume rose from a two-year low last month, climbing by 10%, while export volumes fell for the fourth consecutive month.
The US imported 23 million gallons of biodiesel during November 2024. This was 9% above the 21 million gallons imported in October 2024 but 51% below November 2023 imports of 47 million gallons.
Import volumes have been declining ahead of the lapsing $1 per gallon Blenders Tax Credit (BTC). The BTC had incentivized biodiesel imports to the US, whereas the BTC’s replacement, the 45z credit, does not. The November import volume was 23% below the five-year November import average.
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