Calgary urged to diversify trade, industries amid global uncertainty

Calgary Economic Development says the city’s best response to mounting global economic uncertainty is to double down on industry diversification and expand trade relationships beyond the United States.

The message came during the organization’s 2026 Report to the Community, which highlighted a year marked by tariffs, trade disruptions and geopolitical tensions that have reshaped global markets.

“In 2026, Calgary is at the centre of the case for Canada. At a time of escalating global uncertainty, our long-term resilience will be defined by the choices we make at home,” said Jeromy Farkas, mayor of Calgary. “Our quality of life and economic strength depend on standing together within Canada. When we act as one nation, we are stronger, more competitive and more secure. When we allow ourselves to be divided, we all lose.

“As global relationships are being reshaped, Calgary has the opportunity to win the century for Canada: diversifying our industries, expanding our trading partners and setting the pace rather than reacting to change.”

The agency said Canada’s trade strategy is increasingly shifting toward multiple global blocs, as the country works to reduce reliance on the U.S. while strengthening ties with regions including the Indo-Pacific and Europe. Ongoing uncertainty around the Canada-U.S.-Mexico Agreement is also expected to influence trade patterns in the coming year.

Despite economic headwinds, Alberta companies are leveraging Canada’s free trade agreements to expand into markets across Europe, Asia, the Middle East, Latin America and Oceania. The agency noted that 2025 saw the lowest number of trade deals with the U.S. on record, as businesses look to more stable markets.

That trend aligns with national data showing Canadian exports to the U.S. fell to their lowest level outside pandemic years in 2025, while exports to the rest of the world rose by more than 17 per cent, according to Statistics Canada.

“In times of uncertainty there is always a temptation to pull inward, to raise barriers and to become more insular. But we know that capital follows the path of least resistance – and in a volatile global environment, it will simply go elsewhere,” said Brad Parry, president and chief executive of Calgary Economic Development.

“There is strong demand for Calgary-made and Alberta-made solutions in markets around the world. We need to remain outward looking, maintain a global perspective and build new trade relationships so we can support local company expansion and create more opportunities here at home.”

The organization said its diversification strategy is already yielding results. In 2025, it supported more than $1 billion in investment and helped create or retain nearly 8,000 jobs in the Calgary region.

Through its Trade Accelerator Program and related services, the agency said it enabled $60 million in international trade revenue through 45 deals, a record for both value and volume.

It also reported that the Opportunity Calgary Investment Fund has generated more than $1.1 billion in economic activity and achieved a 12-to-one return on investment, while supporting thousands of jobs and training placements.

Survey data cited by the agency suggests Calgary’s appeal is also growing, with 73 per cent of Canadian and U.S. business decision-makers saying they would consider relocating to the city, up from 54 per cent a year earlier.