With the release this morning of trade data for December, we now have a full year of numbers with which to assess the performance of Alberta’s export sector.

With U.S. tariffs paused, but still a threat, today’s Twenty-Four looks at Alberta’s exports to its main customer—the United States—before turning to its sales with the rest of the world in tomorrow’s edition. In case you missed it, interested readers can check out our initial economic assessment of the tariffs signed via Executive Order by President Trump.

Alberta’s international merchandise exports to all countries rose 4.2% to $182.2 billion last year—their second highest ever after 2022. The annual value of exports from the rest of Canada barely budged (+0.1%).

Alberta’s exports to the U.S. accounted for 88.7% of total foreign merchandise sales last year (roughly the same as in 2023).

The province's exports to the U.S. rose to $161.6 billion for an annual increase of 3.6%. Exports to the U.S. from the rest of Canada went in the other direction, falling by 1.7% compared to 2023.

Accounting for 82% of Alberta’s total exports to the U.S. last year, energy products dominate the province’s export sector, highlighting the importance of the lower tariff level on energy products in the now-paused Executive Order (10% versus 25% for non-energy products). Large non-energy sectors in Alberta that are highly exposed to the 25% tariff include food, chemicals, machinery, and wood products.

After reaching a record high of $155.3 billion in 2022 on the back of particularly strong oil prices, energy exports pulled back by 18.1% in 2023 before partially recovering to $132.5 billion last year—a 4.1% rise and the second highest level on record.

Alberta’s non-energy exports also grew in 2024 reaching their highest level ever ($29.1 billion) and posting an annual growth rate of 1.2%. Not all non-energy sectors, however, saw sales rise. Chemical and plastic exports, for example, lost ground with annual sales to the U.S. down by 3.7%.

Answer to the previous trivia question: Which country has the larger oil reserves: Canada or the U.S.? This seems like an easy question to answer, but it depends on how reserves are defined and on the source. With that said, most sources agree that Canada’s proven oil reserves are at least twice as large as those of the United States.

Today’s trivia question: In what year was the General Agreement on Tariffs and Trade (GATT) signed by 23 countries (including Canada and the U.S.) to reduce barriers to international trade?