Canada—United States
Economic Indicators
- Gross domestic product (GDP) at purchasing power parity (PPP): US$27.4 trillion (2023)
- GDP per capita at PPP: US$81,700 (2023)
- Population: 334.9 million (2023)
- International merchandise exports and imports: 19.0% of GDP at official exchange rates (2023)
- Canada's largest merchandise trade partner (2023)
- Canada's largest services trade partner (2022)
Notable Trade and Investment Agreements between Canada and the United States
- Canada–United States–Mexico Agreement (2020)
Fundamentals
This Profile
The merchandise trade data are customs-based; the services trade data and foreign direct investment data are balance of payments–based.
The five most highly valued merchandise export and import categories have been identified using values for 2023.
All figures were prepared using Statistics Canada data available in summer 2024.
For the data tables used to generate the figures, see the HTML version of this profile at Trade and Investment Series.
All dollar amounts are in Canadian dollars unless otherwise noted. Numbers have been rounded.
Definitions appear at the end of the profile.
Definitions are available.
The Sources for the "Economic Indicators" Section
- World Bank's World Development Indicators database: GDP at PPP, GDP per capita at PPP, population, and international merchandise exports and imports as a share of GDP
- Statistics Canada: Merchandise and services trade rankings
- To display precise values: Hover over data points, bars and segments.
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Anne-Marie Therrien-Tremblay
Research and Education
Publication No. 2024-515-E
13 August 2024
Canada's Merchandise Trade with the United States
- Bilateral merchandise trade in 2023: $968.4 billion
- Exports: $594.8 billion, a 0.8% decrease from 2022
- Imports: $373.6 billion, a 2.0% increase from 2022
- Trade surplus in 2023: $221.1 billion, a decrease from $233.0 billion in 2022
- Exports in 2023: 77.4% of the total value of Canadian exports, an increase from 76.9% in 2022
- Imports in 2023: 49.5% of the total value of Canadian imports, an increase from 49.2% in 2022
- Highest-valued exporters in 2023:
- Ontario: $251.8 billion, an increase from $220.3 billion in 2022
- Alberta: $162.2 billion, a decrease from $183.8 billion in 2022
- Exports in 2023:
- Resource-based goods: 31.3%, a decrease from 35.7% in 2022
- Manufactured goods: 68.7%, an increase from 64.3% in 2022
- Highest‑valued exports in 2023: Crude oil and motor vehicles, together accounting for 30.0% of the total value of Canadian exports to the United States
- Crude oil: $130.4 billion, a decrease from $152.7 billion in 2022
- Motor vehicles: $47.9 billion, an increase from $35.3 billion in 2022
- Imports in 2023:
- Resource-based goods: 9.5%, a decrease from 11.0% in 2022
- Manufactured goods: 90.5%, an increase from 89.0% in 2022
- Highest‑valued imports in 2023: Motor vehicles,and trucks and other goods-transporting vehicles, together accounting for 11.5% of the total value of Canadian imports from the United States
- Motor vehicles: $21.4 billion, a decrease from $23.1 billion in 2022
- Trucks and other goods-transporting vehicles: $21.4 billion, an increase from $20.0 billion in 2022
- Largest merchandise trade deficit in 2023: Machinery and equipment, at $12.1 billion
- Largest merchandise trade surplus in 2023: Metals, mines and energy, at $165.5 billion
Canada's Services Trade with the United States
- Bilateral services trade in 2022: $204.3 billion
- Exports: $93.2 billion, a 10.4% increase from 2021
- Imports: $111.1 billion, a 26.2% increase from 2021
- Trade deficit in 2022: $17.9 billion, an increase from $3.7 billion in 2021
- Services trade deficit in 2022: Largely due to travel services trade
- Travel services: $8.0 billion in exports and $22.2 billion in imports
- Commercial services: $75.1 billion in exports and $79.0 billion in imports
- Transportation and government services: $10.1 billion in exports and $9.9 billion in imports
Canada's Foreign Direct Investment with the United States
- United States as a destination for Canadian foreign direct investment among the 154 countries for which data were available for 2023: Largest
- Stock of Canadian direct investment in the United States in 2023: $1.1 trillion, a 6.3% increase from 2022
- United States as a source of foreign direct investment in Canada among the 97 countries for which data were available for 2023: Largest
- Stock of U.S. direct investment in Canada in 2023: $618.2 billion, a 6.1% increase from 2022
- 49.7% of Canada's foreign direct investment stock was in the United States in 2023, a decrease from 49.9% in 2022
- 45.5% of the foreign direct investment stock in Canada was of U.S. origin in 2023, an increase from 44.6% in 2022