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Foreign trade figures of Canada

Foreign Trade in Figures

Canada is a country open to foreign trade, which represents 67% of its GDP (World Bank, latest data available). Product-wise, Canada’s main exports in 2023 were petroleum oils (20.2%), motor vehicles (6.7%), gold (3.6%), petroleum gas (2.6%), and parts of motor vehicles (2.4%); whereas imports were led by motor vehicles (10.6%) and their parts (3.6%), petroleum oils (5.7%), telephones (2.3%), and automatic data-processing machines (1.8% - data Comtrade). Energy product exports fell 19.1% in 2023 after nearly tripling from 2020 to 2022. Motor vehicle and parts exports rose 26.1% to CAD 102.0 billion.

The main destinations for Canada’s exports in 2023 were the U.S. (by far the leading partner, accounting for 77.6% of total exports), China (4%), Japan (2.1%), and the United Kingdom (1.9%). Similarly, almost half of Canada’s imports had a U.S. origin (49.6%), followed by China (11.8%), Mexico (6.1%), Germany (3.3%) and Japan (2.7% - data Comtrade). In 2023, exports to the U.S. dipped 0.4% to CAD 592.7 billion, driven by a decline in energy product exports, whose share of U.S.-bound exports fell from 34.2% in 2022 to 27.9%. Imports from the U.S. rose 2.3% to CAD 484.0 billion, led by increased motor vehicle and parts imports as supply met pent-up demand. Exports to non-U.S. countries fell 4.7% to CAD 175.6 billion, with the largest drops to the United Kingdom (-23.9%), Japan (-12.4%), and South Korea (-20.0%). Non-U.S. imports remained steady at about CAD 286 billion for the second year in a row (Statistics Canada). The tariffs introduced by the U.S. in early 2025 (25% levy on most Canadian goods) are expected to hit Canada hard by slashing export revenues in key sectors like steel, aluminium, automotive, and energy. This could lead to significant job losses, increased production costs, and higher inflation while prompting Canada to retaliate with its own tariffs that may further strain bilateral trade and force businesses to seek new markets.

In 2023, Canada’s merchandise exports fell 1.4% to CAD 768.2 billion, while imports rose 1.4% to CAD 770.2 billion. This shifted the trade balance from a CAD 19.7 billion surplus in 2022 to a CAD 1.9 billion deficit, equal to about 0.1% of total trade (CAD 1.54 trillion), resulting in a near-balanced trade position. In the same year, services exports rose 13.3% to CAD 208.5 billion, while imports grew 8.9% to CAD 205.9 billion, driven by increased international travel. This resulted in a CAD 2.6 billion services trade surplus, the first time exports exceeded imports (Statistics Canada). In 2024, Canada's total merchandise exports increased by 1.0% from 2023, while imports rose by 1.9%. As imports grew faster than exports, the merchandise trade deficit expanded from CAD 610 million in 2023 to CAD 7.2 billion (Statistics Canada preliminary figures).

 
Foreign Trade Values 20192020202120222023
Imports of Goods (million USD) 462,993420,934506,053583,549570,419
Exports of Goods (million USD) 448,817390,821507,992599,032569,257
Imports of Services (million USD) 126,638104,752120,604145,199155,598
Exports of Services (million USD) 115,24298,529118,794132,768148,580

Source: World Trade Organisation (WTO) ; Latest available data

Foreign Trade Indicators 20192020202120222023
Foreign Trade (in % of GDP) 66.261.262.467.667.2
Trade Balance (million USD) -14,168-30,2771,92815,509-1,460
Trade Balance (Including Service) (million USD) -25,538-36,4991183,078-9,809
Imports of Goods and Services (Annual % Change) -0.1-9.48.17.60.9
Exports of Goods and Services (Annual % Change) 2.3-9.02.73.25.4
Imports of Goods and Services (in % of GDP) 33.831.731.233.733.8
Exports of Goods and Services (in % of GDP) 32.429.531.233.833.4

Source: World Bank ; Latest available data

Foreign Trade Forecasts 20242025 (e)2026 (e)2027 (e)2028 (e)
Volume of exports of goods and services (Annual % change) 1.22.62.93.33.3
Volume of imports of goods and services (Annual % change) 1.23.74.04.44.3

Source: IMF, World Economic Outlook ; Latest available data

Note: (e) Estimated Data

 
International Economic Cooperation
Canada is a member of the following international economic organisations: North American Competitiveness Council (NACC), OECD, Organization of American States (OAS), Asia-Pacific Economic Cooperation (APEC), Commonwealth, G-7, G-8, G-10, G-20, among others. For the full list of economic and other international organisations in which participates Canada click here. International organisation membership of Canada is also outlined here.
Free Trade Agreements
The complete and up-to-date list of Free Trade Agreements signed by Canada can be consulted here.
 

Main Partner Countries

Main Customers
(% of Exports)
2023
United States 77.6%
China 4.0%
Japan 2.1%
United Kingdom 1.9%
Mexico 1.1%
See More Countries 13.4%
Main Suppliers
(% of Imports)
2023
United States 49.6%
China 11.8%
Mexico 6.1%
Germany 3.3%
Japan 2.7%
See More Countries 26.4%

Source: Comtrade, 2024. Because of rounding, the sum of the percentages may be smaller/greater than 100%.

 
 

Main Products

566.7 bn USD of products exported in 2023
Petroleum oils and oils obtained from bituminous...Petroleum oils and oils obtained from bituminous minerals, crude 17.6%
Motor cars and other motor vehicles principally...Motor cars and other motor vehicles principally designed for the transport of persons, incl. station wagons and racing cars (excl. motor vehicles of heading 8702) 6.7%
Gold, incl. gold plated with platinum, unwrought...Gold, incl. gold plated with platinum, unwrought or not further worked than semi-manufactured or in powder form 3.6%
Petroleum oils and oils obtained from bituminous...Petroleum oils and oils obtained from bituminous minerals (excl. crude); preparations containing >= 70% by weight of petroleum oils or of oils obtained from bituminous minerals, these oils being the basic constituents of the preparations, n.e.s.; waste oils containing mainly petroleum or bituminous minerals 2.6%
Petroleum gas and other gaseous hydrocarbonsPetroleum gas and other gaseous hydrocarbons 2.4%
See More Products 67.1%
558.5 bn USD of products imported in 2023
Motor cars and other motor vehicles principally...Motor cars and other motor vehicles principally designed for the transport of persons, incl. station wagons and racing cars (excl. motor vehicles of heading 8702) 6.9%
Motor vehicles for the transport of goods, incl....Motor vehicles for the transport of goods, incl. chassis with engine and cab 3.7%
Parts and accessories for tractors, motor vehicles...Parts and accessories for tractors, motor vehicles for the transport of ten or more persons, motor cars and other motor vehicles principally designed for the transport of persons, motor vehicles for the transport of goods and special purpose motor vehicles of heading 8701 to 8705, n.e.s. 3.6%
Petroleum oils and oils obtained from bituminous...Petroleum oils and oils obtained from bituminous minerals (excl. crude); preparations containing >= 70% by weight of petroleum oils or of oils obtained from bituminous minerals, these oils being the basic constituents of the preparations, n.e.s.; waste oils containing mainly petroleum or bituminous minerals 3.1%
Petroleum oils and oils obtained from bituminous...Petroleum oils and oils obtained from bituminous minerals, crude 2.6%
See More Products 80.1%

Source: Comtrade, 2024. Because of rounding, the sum of the percentages may be smaller/greater than 100%.

 
 

To go further, check out our service Import-Export Flows.

 

Main Services

Source: United Nations Statistics Division, 2024. Because of rounding, the sum of the percentages may be smaller/greater than 100%.

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Latest Update: February 2025