As of 2024, the United States had a trade deficit of about *** 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 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 a 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.

Canada recorded a trade deficit of 5900 CAD Million in May of 2025. This dataset provides the latest reported value for - Canada Balance of Trade - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news.

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 *** billion U.S. dollars; composed of ***** billion U.S. dollars in exports and ***** billion U.S. dollars in imports.

The United States recorded a trade deficit of 71.52 USD Billion in May of 2025. This dataset provides the latest reported value for - United States Balance of Trade - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news.

Key information about Canada's Trade Balance

• Canada's Trade Balance recorded a surplus of 2.8 USD bn in Jan 2025, compared with a surplus of 1.2 USD bn in the previous month
• Canada's Trade Balance data is updated monthly, available from Jan 1988 to Jan 2025, with an averaged value of 800.0 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 51.8 USD bn in Jan 2025, an increase of 14.1% YoY (year-on-year)
• Total Imports recorded 49.0 USD bn in Jan 2025, an increase of 14.1% YoY (year-on-year)

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 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 ***** billion U.S. dollars.

United States US: Trade Balance: Advanced Economies: Canada data was reported at -17.859 USD bn in 2017. This records a decrease from the previous number of -12.106 USD bn for 2016. United States US: Trade Balance: Advanced Economies: Canada data is updated yearly, averaging -9.705 USD bn from Dec 1948 (Median) to 2017, with 70 observations. The data reached an all-time high of 974.000 USD mn in 1956 and a record low of -80.523 USD bn in 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: Annual.

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

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).

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.

In 2024, the United States imported automotive parts valued at **** billion U.S. dollars from Canada. This meant the American country had a positive trade balance for these goods, as its exports to its northern neighbor amounted to **** billion U.S. dollars that year.

Canada's total Exports in 2024 were valued at US$569.17 Billion, according to the United Nations COMTRADE database on international trade. Canada's main export partners were: the United States, China and the United Kingdom. The top three export commodities were: Mineral fuels, oils, distillation products; Vehicles other than railway, tramway and Machinery, nuclear reactors, boilers. Total Imports were valued at US$558.45 Billion. In 2024, Canada had a trade surplus of US$10.72 Billion.

Canada CA: BOP: Current Account: Trade in Services: % of GDP data was reported at 14.326 % in 2023. This records an increase from the previous number of 13.252 % 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 14.326 % 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.

Graph and download economic data for International Merchandise Trade Statistics: Trade Balance: Commodities for Canada (XTNTVA01CAQ667S) from Q1 1957 to Q1 2025 about Canada, trade, Net, and goods.

Canada CA: Trade Balance: Services: United States data was reported at -13,837.000 CAD mn in 2023. This records a decrease from the previous number of -11,313.000 CAD mn for 2022. Canada CA: Trade Balance: Services: United States data is updated yearly, averaging -9,379.000 CAD mn from Dec 1990 (Median) to 2023, with 34 observations. The data reached an all-time high of -2,402.000 CAD mn in 2021 and a record low of -15,851.000 CAD mn in 2013. Canada CA: Trade Balance: Services: United States data remains active status in CEIC and is reported by Organisation for Economic Co-operation and Development. The data is categorized under Global Database’s Canada – Table CA.OECD.TISP: Trade in Services: Trade Balance: by Country: OECD Member: Annual.

This graph shows the trade balance for services in Canada in 2021, distinguished by selected countries. In 2021, the Canadian deficit in international transactions in services with the United States amounted to almost five billion Canadian dollars.

The United States' total Imports in 2024 were valued at US$3.36 Trillion, according to the United Nations COMTRADE database on international trade. The United States' main import partners were: Mexico, China and Canada. The top three import commodities were: Machinery, nuclear reactors, boilers; Electrical, electronic equipment and Vehicles other than railway, tramway. Total Exports were valued at US$2.06 Trillion. In 2024, The United States had a trade deficit of US$1.29 Trillion.