In this page: Foreign Trade in Figures | Trade Compliance | Standards
Canada is a country open to foreign trade, which represents 61% of its GDP (World Bank, latest data available). Product-wise, Canada’s main exports are petroleum products (16.3%), motor cars and other vehicles (5.8%), gold (3%), and petroleum gas (3%). The country imports mainly vehicles (8.7%), auto parts or accessories (2.9%), petroleum oils (2.7%), and telephones (2.4% - Comtrade 2021).
The main destinations for Canada’s exports in 2021 were the U.S. (by far the leading partner, accounting for 75.5% of total exports), China (4.5%), the United Kingdom (2.6%), and Japan (2.3%). Similarly, almost half of Canada’s imports had a U.S. origin (48.5%), followed by China (14%), Mexico (5.5%), Germany (3.1%) and Japan (2.5% - Comtrade).
Canada’s merchandise trade posted historical growth in 2021 as exports increased by 20.8% compared to one year earlier to reach CAD 631 billion in value, 6.6% more than the pre-pandemic record high in 2019; whereas imports rose 13% to CAD 614 billion, also a new record high (official governmental figures). Most of the growth in exports in 2021 was due to strengthened commodity prices: in real terms, Canadian exports and imports were up by 1.2% and 9.2% from 2020, respectively. Exports improved in every product sector except for motor vehicles and parts, with growth mainly driven by exports of energy, forestry, and metal and non-metallic mineral products. For imports, significant contributions from metal and non-metallic mineral products, basic and industrial chemical, plastic and rubber products, and consumer goods. Trade with the U.S. and Mexico improved consistently, also due to the USMCA (Canada-United States-Mexico Agreement, an updated version of NAFTA). Concerning services, exports totalled CAD 139.4 billion in 2021, a 4.5% increase from 2020. Meanwhile, imports amounted to CAD 145.2 billion, up by 1.7% year-on-year. After being in deficit since 2009, the World Bank estimated the country’s trade surplus at 0.1% of GDP in 2021. Lastly, it has to be noted that in recent years Canada benefited from the effects of the Comprehensive Economic and Trade Agreement (CETA) with the European Union, which entered into force provisionally (it will take full effect once all EU Member States have formally ratified it) eliminating 98% of the tariffs.
Foreign Trade Values | 2017 | 2018 | 2019 | 2020 | 2021 |
---|---|---|---|---|---|
Imports of Goods (million USD) | 443,169 | 470,466 | 463,786 | 414,165 | 504,017 |
Exports of Goods (million USD) | 420,784 | 450,743 | 446,585 | 390,599 | 507,615 |
Imports of Services (million USD) | 106,885 | 119,605 | 120,043 | 90,175 | 104,903 |
Exports of Services (million USD) | 86,776 | 102,243 | 103,698 | 84,434 | 103,790 |
Source: World Trade Organisation (WTO), Latest data available.
Foreign Trade Indicators | 2017 | 2018 | 2019 | 2020 | 2021 |
---|---|---|---|---|---|
Foreign Trade (in % of GDP) | 65.1 | 66.4 | 65.4 | 60.8 | 61.4 |
Trade Balance (million USD) | -19,083 | -16,838 | -13,875 | -29,665 | 3,586 |
Trade Balance (Including Service) (million USD) | -36,238 | -33,733 | -27,407 | -33,738 | 1,889 |
Imports of Goods and Services (Annual % Change) | 4.6 | 3.4 | 0.4 | -10.9 | 7.7 |
Exports of Goods and Services (Annual % Change) | 1.4 | 3.7 | 1.3 | -8.7 | 1.4 |
Imports of Goods and Services (in % of GDP) | 33.6 | 34.2 | 33.5 | 31.4 | 30.6 |
Exports of Goods and Services (in % of GDP) | 31.5 | 32.3 | 31.9 | 29.4 | 30.7 |
Source: World Bank, Latest data available.
Foreign Trade Forecasts | 2022 | 2023 (e) | 2024 (e) | 2025 (e) | 2026 (e) |
---|---|---|---|---|---|
Volume of exports of goods and services (Annual % change) | 2.6 | 3.2 | 1.7 | 2.7 | 3.4 |
Volume of imports of goods and services (Annual % change) | 7.3 | -1.6 | 1.9 | 3.6 | 4.0 |
Source: IMF, World Economic Outlook, Latest data available.
Note: (e) Estimated Data
Main Customers (% of Exports) |
2022 |
---|---|
United States | 76.9% |
China | 3.7% |
United Kingdom | 2.4% |
Japan | 2.3% |
Mexico | 1.2% |
See More Countries | 13.5% |
Main Suppliers (% of Imports) |
2022 |
---|---|
United States | 49.2% |
China | 13.5% |
Mexico | 5.5% |
Germany | 3.0% |
Japan | 2.3% |
See More Countries | 26.5% |
Source: UN Comtrade Database, Latest data available.
Source: UN Comtrade Database, Latest data available.
To go further, check out our service Import/Export flows.
55.1 bn USD of services exported in 2020 | |
---|---|
24.51% | |
19.09% | |
18.51% | |
18.20% | |
13.08% | |
2.39% | |
2.06% | |
Telecommunications servicesTelecommunications services | 2.06% |
1.86% | |
0.30% |
66.4 bn USD of services imported in 2020 | |
---|---|
26.14% | |
20.62% | |
18.21% | |
14.87% | |
9.99% | |
5.96% | |
2.07% | |
Telecommunications servicesTelecommunications services | 2.07% |
1.58% | |
0.56% |
Source: United Nations Statistics Division, Latest data available.
Monetary Indicators | 2016 | 2017 | 2018 | 2019 | 2020 |
---|---|---|---|---|---|
Canadian dollar (CAD) - Average Annual Exchange Rate For 1 THB | 0.04 | 0.04 | 0.04 | 0.04 | 0.04 |
Source: World Bank, Latest data available.
Find out all the exchange rates daily on our service Currency Converter.
To go further, check out our service Shipping documents.
Canada uses supply management systems - which involve production quotas, producer marketing boards to regulate price and supply, and border protection achieved through tariff-rate quotas (TRQs) - to regulate its dairy, chicken, turkey and egg industries. Alcoholic beverages are subject to interprovincial shipping restrictions, and are regulated differently in each province, for example through sales quotas, requirements for in-province agents and specific labelling. The Canadian Radio-television and Telecommunications Commission (CRTC) imposes quotas that determine both the minimum Canadian programming expenditure (CPE) and the minimum amount of Canadian programming that licensed Canadian broadcasters must carry (Exhibition Quota).
Some goods are prohibited, especially importing second hand motorised vehicles, except for vehicles coming from the USA (the rules are becoming more flexible for Mexico), as well as weapons, munitions, nuclear materials and goods of a similar nature. Health Canada restricts the marketing of breakfast cereals and other products, such as orange juice, that are fortified with vitamins and/or minerals at certain levels. Processed Products Regulations prescribe standard container sizes for a wide range of processed fruit and vegetable products.
The rules of origin allowing reduction of duties, especially for textiles, have been draconian since the agreements within the CUSMA. These rules are considerably favourable to products which have proof of their origin in the USA.
Moreover, Canada is one of the biggest users of anti-dumping measures, with more than 85 products concerned (SIMA, Special Import Measures Act). These measures affect 35 countries or Customs areas (including the EU, for example). More than 50% of the products concerned are metallurgical.
For further information about import regulations and procedures in Canada, please consult the article Importing Goods into Canada produced by the Canada Border Services Agency.
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Latest Update: September 2023