The value of energy trade between the US and Canada exceeded the previous 2008 record due to high commodity prices in 2022, according to data from the US Census Bureau reported by the US Energy Information Administration (EIA) on Monday.
By volume, bilateral energy trade in 2022 stayed nearly constant from 2021. However, when adjusted for inflation, energy commerce between the US and Canada exceeded $190 billion last year, surpassing the previous high of $178 billion set in 2008.
Energy trade between the US and Canada, including crude oil, petroleum products, natural gas and electricity, increased by 41% in 2022. Adjusted for inflation, the value of US energy imports from Canada totaled $156.3 billion, and the value of US energy exports to Canada was $33.8 billion.
The report showed that the major value increase was in the natural gas trade.
Natural gas imports from Canada in 2022 averaged 7.6 billion cubic feet per day, marking a 76% value increase. Also, the value of natural gas exports to Canada, averaging 2.5 billion cubic feet per day, nearly doubled when adjusted for inflation.
By Basak Erkalan
Anadolu Agency
energy@aa.com.tr