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Oh, Canada: Trade Perspectives, in Brief

April 26, 2025

In brief, here are four perspectives on Canada/U.S. trade:

1. The U.S. is Canada’s main export market. In 2023, Canadian total exports were valued at C$965 billion, with 77 percent going tot he U.S. No other nation accounts for more than 5 percent of Canada’s exports.¹

2. Canada is the U.S.’s largest export market. However, only 18 percent of total U.S. exports go to Canada.2 These exports account for 44 percent of Canadian imports, which totaled C$978 billion in goods and services in 2023.¹

3. Canada is relatively vulnerable to tariffs. When comparing trade as a percentage of GDP (chart, right), Canada has greater exposure than the U.S. and China. However, Mexico and the E.U. are more vulnerable by this metric.¹

4. The U.S. relies on Canada’s resources. Canada exports over 4 million barrels of oil per day to the U.S., with Midwest refiners importing 3 million barrels daily and lacking viable alternatives.³ Canada ranks 4th globally in natural resource value⁴ and is a key supplier of critical minerals, providing around 50 to 80 percent of U.S. zinc, tellurium, nickel and vanadium.⁵


1.https://www.scotiabank.com/ca/en/about/economics/economics-publications/post.other-publications.canada-and-useconomics-.canada-and-us-decks.trade-stats--january-31--2025-.html; 2.https://www.usitc.gov/research_and_analysis/tradeshifts/2023/us_trade_industry_sectors_and_selected_trading;3.https://www.bnnbloomberg.ca/investing/commodities/2025/02/03/eric-nuttall-says-theus-has-no-alternative-to-replace-canadian-oil/; 4. https://www.voronoiapp.com/naturalresources/Ranked-Top-Countries-by-Natural-Resource-Value-2885(2021figures);5.https://economics.td.com/domains/economics.td.com/documents/reports/me/Setting_the_Record_Straight_on_Canada_US_Trade.pdf

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