Canada—Mexico
Economic Indicators
- Gross domestic product (GDP) at purchasing power parity (PPP):
US$3.3 trillion (2023) - GDP per capita at PPP: US$25,600 (2023)
- Population: 128.5 million (2023)
- International merchandise exports and imports: 67.9% of GDP
at official exchange rates (2023) - Canada’s 3rd largest merchandise trade partner (2023)
- Canada’s 9th largest services trade partner (2022)
Notable Trade and Investment Agreements between Canada and Mexico
- Canada–United States–Mexico Agreement (2020)
- Comprehensive and Progressive Agreement for Trans-Pacific Partnership (2018)
- Canada–Pacific Alliance Free Trade Agreement (under negotiation)
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: Trade and Investment Series.
All dollar amounts are in Canadian dollars unless otherwise noted. Numbers have been rounded.
Definitions are available.
Definitions appear at the end of the profile.
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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In addition, you can download each chart individually to multiple formats by clicking on the "Download figure" button at the top right of the chart. Before downloading bar charts and charts with plotted points, you may turn datasets on or off.
Anne-Marie Therrien-Tremblay
Research and Education
Publication No. 2024-516-E
14 August 2024
Canada's Merchandise Trade with Mexico
- Bilateral merchandise trade in 2023: $55.1 billion
- Exports: $8.9 billion, a 2.6% decrease from 2022
- Imports: $46.2 billion, an 11.5% increase from 2022
- Trade deficit in 2023: $37.3 billion, an increase from $32.3 billion in 2022
- Exports in 2023: 1.2% of the total value of Canadian exports, unchanged from 2022
- Imports in 2023: 6.1% of the total value of Canadian imports, an increase from 5.6% in 2022
- Highest-valued exporters in 2023:
- Ontario: $4.0 billion, an increase from $3.5 billion in 2022
- Quebec: $2.1 billion, a decrease from $2.2 billion in 2022
- Exports in 2023:
- Resource-based goods: 16.5%, a decrease from 19.4% in 2022
- Manufactured goods: 83.5%, an increase from 80.6% in 2022
- Highest‑valued exports in 2023: Motor vehicle parts and canola seeds, together accounting for 22.8% of the total value of Canadian exports to Mexico
- Motor vehicle parts: $1.3 billion, unchanged from 2022
- Canola seeds: $749.0 million, a decrease from $1.2 billion in 2022
- Imports in 2023:
- Resource-based goods: 7.7%, a decrease from 8.7% in 2022
- Manufactured goods: 92.3%, an increase from 91.3% in 2022
- Highest‑valued imports in 2023: Motor vehicles, and trucks and other goods-transporting vehicles, together accounting for 26.2% of the total value of Canadian imports from Mexico
- Motor vehicles: $7.0 billion, an increase from $5.1 billion in 2022
- Trucks and other goods-transporting vehicles: $5.1 billion, an increase from $4.9 billion in 2022
- Largest merchandise trade deficit in 2023: Transportation equipment, at $16.3 billion
- Largest merchandise trade surplus in 2023: Forest products, at $14.2 million
Canada's Services Trade with Mexico
- Bilateral services trade in 2022: $5.7 billion
- Exports: $2.1 billion, a 36.5% increase from 2021
- Imports: $3.6 billion, a 98.4% increase from 2021
- Trade deficit in 2022: $1.5 billion, an increase from $281 million in 2021
- Services trade deficit in 2022: Largely due to travel services trade
- Travel services: $832 million in exports and $2.6 billion in imports
- Commercial services: $1.2 billion in exports and $777 million in imports
- Transportation and government services: $112 million in exports and $297 million in imports
Canada's Foreign Direct Investment with Mexico
- Mexico as a destination for Canadian foreign direct investment among the 154 countries for which data were available for 2023: 9th largest
- Stock of Canadian direct investment in Mexico in 2023: $40.4 billion, a 25.0% increase from 2022
- Mexico as a source of foreign direct investment in Canada among the 97 countries for which data were available for 2023: 28th largest
- Stock of Mexican direct investment in Canada in 2023: $3.1 billion, a 4.3% increase from 2022
- 1.9% of Canada's foreign direct investment stock was in Mexico in 2023, an increase from 1.6% in 2022
- 0.2% of the foreign direct investment stock in Canada was of Mexican origin in 2023, unchanged from 2022