Energy trade between the US and Canada totaled around $150 billion last year, slightly lower than $154 billion recorded in 2023, according to the latest data from Energy Information Administration (EIA) on Wednesday.
The majority of the trade consisted of US energy imports from Canada, which amounted to $124 billion, while exports to Canada were significantly lower at $27 billion.
Trade value between the two countries was relatively unchanged even though the volume of crude oil and natural gas traded increased in 2024, as prices for these commodities were lower on average than in 2023, EIA said.
- Tariffs, pipelines influence crude oil trade
Crude oil trade volumes across the US-Canada border have decreased, as Canada's energy exports to US are subject to a 10% tariff from March 6, 2025.
While future tariff changes could further impact trade volumes, EIA said Canada is ecpected to continue exporting to the US, supported by the existing pipeline infrastructure and US refineries' preference for heavier crude oils, like those produced in Canada.
US crude oil imports from Canada in 2024 averaged 4.1 million barrels per day (b/d), a 5% increase from 2023 levels, EIA said.
This increase is partially attributed to the Trans Mountain Expansion pipeline project.
- Natural gas trade declines in value
Meanwhile, the value of US natural gas trade with Canada declined sharply in 2024, largely due to falling natural gas prices.
Although US imports from Canada rose by 7% to an average of 8.5 billion cubic feet per day (bcf/d), the value of those imports dropped by 43% compared to the previous year.
Likewise, US exports to Canada averaged 2.7 bcf/d, down 3% from 2023, with the value of those exports falling by 37%.
By Busra Ozaltan
Anadolu Agency
energy@aa.com.tr