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← Economic Fallout

U.S.-Canada Energy Trade Shifts as Natural Gas, Electricity Rise Despite Overall Decline

Confirmed1 source · Sep 1, 2026

While total bilateral energy trade fell 11% to $137 billion in 2025, natural gas and electricity trade between the U.S. and Canada increased due to higher prices and volumes.

What happened

U.S.-Canada energy trade value declined 11% in 2025 to $137 billion, with U.S. imports from Canada at $111 billion and U.S. exports at $26 billion. Crude oil comprised 69% of total trade value. However, natural gas and electricity trade specifically increased in the same period, driven by higher prices and increased trade volumes for these commodities.

Context

The divergence between total energy trade decline and selective growth in natural gas and electricity reflects shifting commodity dynamics. Crude oil's dominance in the trade relationship (nearly 70%) means its price movements significantly influence overall trade value; falling crude prices contributed substantially to the 11% overall decline. Meanwhile, rising natural gas prices and increased volumes in electricity trade provided offsetting gains in those sectors, suggesting changing energy demand patterns or supply conditions between the two countries.