There has been no shortage of news in the tariff-stricken trade world. Last Friday, we saw how front-loading (through exports and inventories build-up) played a key role in propping up national GDP in the first quarter. More recently, U.S. President Trump doubled the tariffs on Canadian steel and aluminum imports to 50% and businesses are expecting an escalation of countermeasures from the Canadian government.

Today’s Twenty-Four takes a quick look at the recent export trends in Alberta, the largest contributor to Canada’s net trade (exports less imports).

New Statistics Canada data shows that international merchandise exports out of Alberta were up by 12.7% year-to-date (YTD) through April relative to the first four months of 2024. 

The export value of energy products, the largest sub-sector, was responsible for over 90% of the aggregate increase. This was entirely driven by higher oil and natural gas production, a result of front-loading by U.S. buyers looking to avoid potential tariffs, which offset the impact of waning commodity prices during the same timeframe. 

The U.S. remains, by far, Alberta’s largest trading partner, but market access improvements have expanded Alberta’s global energy clientele since last year. Bolstered by China, Hong Kong and Singapore, Alberta’s share of energy exports to non-US destinations reached 7% in April relative to a paltry 3% share observed prior to the Trans Mountain Expansion (TMX) commencing operations last May.