Crude Oil Imports Propel U.S. Trade Deficit with Canada

The U.S. goods trade deficit with Canada reached $75 billion in the 12 months ending September 2024, while the combined goods and services trade deficit stood at $38 billion. Imports of fuels and related materials, however, totaled $105 billion, underscoring the critical role of crude oil in the trade imbalance. Over the past three decades, U.S. crude oil imports from Canada have steadily increased, reaching a record high of 4.0 million barrels per day in July 2024.