Who are Canada’s top trade partners?
According to data from Statistics Canada’s International Trade Explorer, in 2023 Canada traded with 225 partners — countries, overseas territories and nation states. The value of imports and exports Canada exchanged with its trade partners totaled over $1.5 trillion — $768.2 billion in imports and $754.1 billion in exports. Between 2004 and 2023, Canada’s total trade value almost doubled from $768.2 billion to $1.52 trillion.
The United States is Canada’s top trade partner
Combining imports and exports, the United States was Canada’s top trade partner in 2023, with nearly $968 billion of goods and services exchanged between the two nations. China, Mexico, Japan, and Germany round out the top five at approximately $120 billion, $55 billion, $36 billion, and $32 billion, respectively.
In 2023, the United States accounted for over 60% of Canada’s trade while its next four largest trade partners combined for about 16%. Canada’s top five trading partners combined accounted for over 75% of the nation’s trade in 2023.
Who are Canada’s top export partners?
The United States tops the list again. Canada’s southern neighbour is the largest market for Canadian goods and services. In 2023, the United States took in more than $594 billion, or about 77% of Canadian exports — almost 20 times more than China ($30.5 billion), the next nation on the list of Canada’s top export partners.
More than a third of exports to the United States are energy products, including petroleum, electricity, and natural gas, and just under 15 percent are motor vehicles and motor parts. Meanwhile, the main Canadian products landing in China are agricultural and food products including wheat, canola, seafood, and fresh fruits and vegetables.
Next on the list are Japan ($15.8 billion), the United Kingdom ($15.2 billion), and Mexico ($8.9 billion). The top exports to these partners are energy products, metal and non-metallic mineral products, and motor vehicles and parts, respectively. These five countries are the largest markets for Canadian goods. Together, they accounted for over 86 percent of all Canadian exports in 2023.
Who are Canada’s top import partners?
Canada imported $754.1 billion of goods and services in 2023 of which almost half ($373 billion) were from the United States. This easily puts the United States ahead of every other nation on the list of Canada’s top import partners. Motor vehicles and parts were the top products coming into Canada from its largest trade partner. China, second on the list, exported a quarter as much to Canada as the United States. Canada purchased $89.2 billion of goods and services from China, more than 25% of which ($26.4 billion) were consumer goods including clothing, furniture, and appliances.
Included among the top five import partners are Mexico, Germany and Japan at $46.2 billion, $24.9 billion, and $20.7 billion respectively.
