US-Canada energy trade falls 11%
Analysis based on 6 articles · First reported Jul 31, 2026 · Last updated Jul 31, 2026
The decline in US-Canada energy trade value reflects lower crude oil prices and reduced volumes, which may pressure revenues for energy producers and transporters. However, the resilience of trade volumes and tariff exemptions mitigate negative impacts on bilateral energy flows.
According to the US United States — Energy Information Administration (EIA), the value of energy trade between the United States and Canada declined 11% in 2025 to an estimated $137 billion, driven by lower crude oil prices and reduced trade volumes. US energy imports from Canada totaled $111 billion, while exports to Canada were $26 billion. Crude oil remained the dominant component, with trade value falling 16% to $94.7 billion. Despite a 10% tariff on Canadian energy exports imposed from March 6, 2025, the US remained Canada's largest crude oil export destination due to pipeline infrastructure. Some shipments qualified for exemptions under the United States-Mexico-Canada Agreement (USMCA), and subsequent tariff measures exempted energy trade. US crude oil imports from Canada averaged 3.9 million barrels per day, down 4% from 2024, partly due to increased use of the Trans Mountain Expansion (TMX) pipeline. Petroleum product trade volumes increased slightly, but values declined due to lower fuel prices.
Set up alerts, explore entity relationships, search across thousands of events, and build custom intelligence feeds.
Open Dashboard