Canada is the largest energy trading partner of the U.S. Based on the latest annual data from the U.S. Census Bureau, energy accounted for about 5% of the value of all U.S. exports to Canada and more than 19% of the value of all U.S. imports from Canada in 2016. Crude oil makes up most U.S. energy imports from Canada, averaging 3.3 million barrels per day (b/d) in 2016. Canada is by far the largest source of U.S. crude oil imports, providing 41% of total U.S. crude oil imports in 2016.
While the value of bilateral energy trade with Canada has varied over past decade, driven primarily by changes in prices of oil and natural gas, the overall structure of bilateral energy trade flows has changed relatively little, and U.S. energy imports from Canada has exceeded U.S. energy exports to Canada by a large margin. In 2015 and 2016, the value of U.S. energy imports from Canada and the value of U.S. energy exports to Canada both fell, reflecting declining prices of key commodities such as crude oil, petroleum products, and natural gas. For 2016, the value of U.S. energy imports from Canada was $53 billion, while the value of U.S. energy exports to Canada was $14 billion.