Canada Trade & Investment Summary
U.S. goods and services trade with Canada totaled an estimated $908.9 billion in 2022. Exports were $427.7 billion; imports were $481.2 billion. The U.S. goods and services trade deficit with Canada was $53.5 billion in 2022.
U.S. goods exports to Canada in 2022 were $356.5 billion, up 15.1 percent ($46.8 billion) from 2021 and up 22 percent from 2012. U.S. goods imports from Canada totaled $436.6 billion in 2022, up 22.2 percent ($79.3 billion) from 2021, and up 35 percent from 2012. U.S. exports to Canada account for 17.3 percent of overall U.S. exports in 2022. The U.S. goods trade deficit with Canada was $80.1 billion in 2022, a 68.0 percent increase ($32.4 billion) over 2021.
U.S. exports of services to Canada were an estimated $71.3 billion in 2022, 24.8 percent ($14 billion) more than 2021, and 8 percent greater than 2012 levels. U.S. imports of services from Canada were an estimated $44.6 billion in 2022, 20.5 percent ($7.6 billion) more than 2021, and 39 percent greater than 2012 levels. Leading services exports from the U.S. to Canada were in the professional and management services, travel, and financial services sectors. The United States had a services trade surplus of an estimated $26.6 billion with Canada in 2022, up 32.9 percent from 2021.
U.S. foreign direct investment (FDI) in Canada (stock) was $438.8 billion in 2022, a 10.1 percent increase from 2021. U.S. direct investment in Canada is led by manufacturing, nonbank holding companies, and finance and insurance.
Canada's FDI in the United States (stock) was $589.3 billion in 2022, up 7.3 percent from 2021. Canada's direct investment in the U.S. is led by finance and insurance, manufacturing, and depository institutions.