The statistic shows the trade balance of goods (exports minus imports of goods) in Canada from 2012 to 2022. A positive value means a trade surplus, a negative trade balance means a trade deficit. In 2022, the trade surplus of goods in Canada amounted to about 15.81 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.
Canada: Trade balance of goods from 2012 to 2022
(in billion U.S. dollars)
Characteristic
Trade balance in billion U.S. dollars
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This statistic has been calculated by Statista using data from the World Trade Organization. The trade balance is the value of goods exports minus the value of goods imported. A positive value indicates a trade surplus, a negative value a trade deficit.
Values have been rounded to provide a better understanding of the statistic.
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WTO, & Statista. (October 5, 2023). Canada: Trade balance of goods from 2012 to 2022 (in billion U.S. dollars) [Graph]. In Statista. Retrieved July 27, 2024, from https://www.statista.com/statistics/262851/trade-balance-of-goods-in-canada/
WTO, und Statista. "Canada: Trade balance of goods from 2012 to 2022 (in billion U.S. dollars)." Chart. October 5, 2023. Statista. Accessed July 27, 2024. https://www.statista.com/statistics/262851/trade-balance-of-goods-in-canada/
WTO, Statista. (2023). Canada: Trade balance of goods from 2012 to 2022 (in billion U.S. dollars). Statista. Statista Inc.. Accessed: July 27, 2024. https://www.statista.com/statistics/262851/trade-balance-of-goods-in-canada/
WTO, and Statista. "Canada: Trade Balance of Goods from 2012 to 2022 (in Billion U.S. Dollars)." Statista, Statista Inc., 5 Oct 2023, https://www.statista.com/statistics/262851/trade-balance-of-goods-in-canada/
WTO & Statista, Canada: Trade balance of goods from 2012 to 2022 (in billion U.S. dollars) Statista, https://www.statista.com/statistics/262851/trade-balance-of-goods-in-canada/ (last visited July 27, 2024)
Canada: Trade balance of goods from 2012 to 2022 (in billion U.S. dollars) [Graph], WTO, & Statista, October 5, 2023. [Online]. Available: https://www.statista.com/statistics/262851/trade-balance-of-goods-in-canada/