As of 2024, the United States had a trade deficit of about 918 billion U.S. dollars. The U.S. trade deficit has increased since 2009, peaking in 2022. Most recently, 2023 marked the year when the U.S. trade deficit decreased from the previous year. What is trade deficit? A trade deficit is, quite simply, the total value of a country’s imports of goods and services minus the total value of its exports of goods and services. When a country exports more than it imports, it has a trade surplus, and when it imports more than it exports, it has a trade deficit. A trade deficit can mean one of two things: Either the country is failing to produce enough goods for its citizens, or its citizens are wealthy enough to purchase more goods than the country produces (as is the case with the United States). Trading partners The United States’ top export partners are its closest neighbors, Canada and Mexico, due in part to the North American Free Trade Agreement (NAFTA), which, pending ratification, will be replaced by the United States-Mexico-Canada Agreement (USMCA). Regarding imports to the U.S., China takes the top spot, followed by Mexico and Canada.

Canada and United States bilateral trade in goods data produced by Statistics Canada and the United States Census Bureau (customs basis) and the United States Bureau of Economic Analysis (balance of payments basis). Data are presented before and after adjustments made to standardize definitions. Quarterly data are available on Customs and on Balance of payments basis and are not seasonally adjusted.

The balance of trade in goods and services in Canada decreased to 1.98 billion dollars compared to the previous year. This was a significant decrease in the balance of trade.

The timeline shows the total value of U.S. trade in goods (export and import) with Canada from 2004 to 2024. In 2024, the total value of U.S. trade in goods with Canada amounted to 662 billion U.S. dollars; composed of 349.4 billion U.S. dollars in exports and 412.7 billion U.S. dollars in imports.

The statistic shows the trade balance of goods (exports minus imports of goods) in Canada from 2013 to 2023. A positive value means a trade surplus, a negative trade balance means a trade deficit. In 2023, the trade deficit of goods in Canada amounted to about 1.55 billion U.S. dollars. Trade with Canada Canada reported a trade surplus until 2009 when the country’s trade balance went negative for the first time in recent history. Its deficit was ignited at the height of the global recession, and the value of exports decreased significantly at that time. It is only now showing signs of a recovery. Meanwhile, while imports decreased during the recession as well, they bounced back faster than exports. Currently, Canada maintains neither a trade deficit nor a trade surplus as both imports and exports amount to around 475 billion U.S. dollars worth of goods. Canada is hoping this will continue and it is looking to lower tariffs on exports in order to further boost the economy and increase exports. Canada has long and strong trading relationship with the United States - Canada’s southern neighbor is without a doubt its most important export and import partner. Overall Canada maintains an export advantage over the United States; maintaining greater export flows than import flows. The U.S. dollar is also worth more than the Canadian dollar, favoring further exports from Canada. China and Mexico also import Canadian goods, but significantly less than the United States.

External balance on goods and services (formerly resource balance) equals exports of goods and services minus imports of goods and services (previously nonfactor services). Data are in current U.S. dollars.

Key information about Canada's Trade Balance

• Canada's Trade Balance recorded a surplus of 497.1 USD mn in Dec 2024, compared with a deficit of 705.9 USD mn in the previous month
• Canada's Trade Balance data is updated monthly, available from Jan 1988 to Dec 2024, with an averaged value of 797.4 USD mn
• The data reached an all-time high of 6.4 USD bn in Oct 2005 and a record low of -4.3 USD bn in Dec 2018

CEIC calculates monthly Trade Balance from monthly Total Exports and monthly Total Imports. Statistics Canada provides Total Exports and Total Imports in local currency. Federal Reserve Board average market exchange rate is used for currency conversions.

Further information about Canada's Trade Balance

• In the latest reports, Canada's Total Exports reached 48.8 USD bn in Dec 2024, an increase of 6.4% YoY (year-on-year)
• Total Imports recorded 48.3 USD bn in Dec 2024, an increase of 6.4% YoY (year-on-year)

Graph and download economic data for International Merchandise Trade Statistics: Trade Balance: Commodities for Canada (CANXTNTVA01CXMLQ) from Q1 1957 to Q4 2024 about Canada and trade.

Discover how a surge in Canada's oil exports has driven its trade surplus with the US to heights not seen in years, emphasizing the significance of energy exports to the nation's economy.

The statistic shows the trade balance of services (exports minus imports of services) in Canada from 2013 to 2023. A positive value means a trade surplus, a negative trade balance means a trade deficit. In 2023, the trade deficit of services in Canada amounted to about 11.68 billion U.S. dollars.

Canada CA: BOP: Current Account: Trade in Services: % of GDP data was reported at 13.996 % in 2023. This records an increase from the previous number of 12.860 % for 2022. Canada CA: BOP: Current Account: Trade in Services: % of GDP data is updated yearly, averaging 8.213 % from Dec 1960 (Median) to 2023, with 64 observations. The data reached an all-time high of 13.996 % in 2023 and a record low of 5.694 % in 1963. Canada CA: BOP: Current Account: Trade in Services: % of GDP data remains active status in CEIC and is reported by World Bank. The data is categorized under Global Database’s Canada – Table CA.World Bank.WDI: Balance of Payments: Current Account. Trade in services is the sum of service exports and imports divided by the value of GDP, all in current U.S. dollars.;International Monetary Fund, Balance of Payments Statistics Yearbook and data files, and World Bank and OECD GDP estimates.;Weighted average;Note: Data are based on the sixth edition of the IMF's Balance of Payments Manual (BPM6) and are only available from 2005 onwards.

Annual data on Canadian international merchandise trade by trading partner and product on a customs basis. Trade data for 255 trading partners are included with an all country aggregate. Product data are presented using the North American Product Classification System at the section level.

Canada trade balance for 2023 was -8.36 billion US dollars, a 394.64% decline from 2022.

• Canada trade balance for 2022 was 2.84 billion US dollars, a 1553.86% increase from 2021.
• Canada trade balance for 2021 was 171.47 million US dollars, a 100.47% decline from 2020.
• Canada trade balance for 2020 was -36.58 billion US dollars, a 43.1% increase from 2019.

External balance on goods and services (formerly resource balance) equals exports of goods and services minus imports of goods and services (previously nonfactor services). Data are in current U.S. dollars.

United States Trade Balance: Canada: sa data was reported at -2.185 USD bn in May 2018. This records a decrease from the previous number of -1.762 USD bn for Apr 2018. United States Trade Balance: Canada: sa data is updated monthly, averaging -2.201 USD bn from Jan 2009 (Median) to May 2018, with 113 observations. The data reached an all-time high of 85.000 USD mn in Apr 2016 and a record low of -3.811 USD bn in May 2014. United States Trade Balance: Canada: sa data remains active status in CEIC and is reported by US Census Bureau. The data is categorized under Global Database’s USA – Table US.JA010: Trade Statistics: Census Basis: By Country: Trade Balance.

The interprovincial and international trade flows shows the origin and destination of trade flows by product among Canadian provinces and territories and from and to the rest of the world. The information is available at the Summary level of hierarchy of the Supply and Use Product Classification (SUPC).

United States US: Trade Balance: Advanced Economies: Canada data was reported at -3.701 USD bn in Mar 2018. This records an increase from the previous number of -5.133 USD bn for Dec 2017. United States US: Trade Balance: Advanced Economies: Canada data is updated quarterly, averaging -3.320 USD bn from Mar 1960 (Median) to Mar 2018, with 233 observations. The data reached an all-time high of 465.243 USD mn in Jun 2016 and a record low of -24.726 USD bn in Dec 2005. United States US: Trade Balance: Advanced Economies: Canada data remains active status in CEIC and is reported by International Monetary Fund. The data is categorized under Global Database’s USA – Table US.IMF.DOT: Trade Balance: by Country: Quarterly.

The timeline shows the total value of U.S. trade in goods (export and import) with Canada from 2004 to 2022. In 2023, the total value of U.S. trade in goods with Canada amounted to 774 billion U.S. dollars; composed of 353.2 billion U.S. dollars in exports and 421.1 billion U.S. dollars in imports.

Key information about Canada Total Exports

• Canada Total Exports recorded 51.8 USD bn in Jan 2025, compared with 49.5 USD bn in the previous month
• Canada Total Exports data is updated monthly, available from Jan 1988 to Jan 2025, with an averaged value of 29.5 USD bn
• The data reached an all-time high of 55.7 USD bn in May 2022 and a record low of 8.9 USD bn in Jan 1988

CEIC converts monthly Total Exports into USD. Statistics Canada provides Total Exports, FOB, in local currency. Federal Reserve Board average market exchange rate is used for currency conversion.


Further information about Canada Total Exports

• In the latest reports, Canada Total Exports grew 20.3 % YoY in Jan 2025
• Total Imports recorded 49.0 USD bn in Jan 2025, which registered an increase of 14.1 % year on year
• Canada Trade Balance recorded a surplus of 2.8 USD bn in Jan 2025

Canada Trade Balance: NAPCS: BOP: sa: United States data was reported at 4,792.400 CAD mn in Sep 2018. This records a decrease from the previous number of 5,030.300 CAD mn for Aug 2018. Canada Trade Balance: NAPCS: BOP: sa: United States data is updated monthly, averaging 3,361.400 CAD mn from Jan 1988 (Median) to Sep 2018, with 369 observations. The data reached an all-time high of 11,638.800 CAD mn in Oct 2005 and a record low of 551.700 CAD mn in Jan 1992. Canada Trade Balance: NAPCS: BOP: sa: United States data remains active status in CEIC and is reported by Statistics Canada. The data is categorized under Global Database’s Canada – Table CA.JA002: Trade Balance: NAPCS 2007: Seasonally Adjusted (Discontinued). Changed from NAPCS 2007 to NAPCS 2017. Replacement series ID: 411686567

Graph and download economic data for International Merchandise Trade Statistics: Trade Balance: Commodities for Canada (CANXTNTVA01CXMLM) from Jan 1957 to Jan 2025 about Canada and trade.