Canada-US Trade Data & Statistics, US Imports from Canada

According to US import data and Canada-US trade data, the total value of US imports from Canada reached $431.19 billion in 2023. The US exports to Canada accounted for $352.84 billion in 2023 as per the US-Canada trade data and US export data. There are around 4600+ active US import shipments from Canada as per the US shipment data.

One of the most significant trade relationships in the world for global trade is that between the US and Canada. The close geographic proximity of these two countries, as well as their long history of economic partnership, has resulted in a robust trade relationship that benefits both nations. 

In this article, we will delve into the trade data and statistics of US imports from Canada, highlighting the top categories of goods that are traded between these two neighbors.   

Overview of Canada-US Trade Relations of 2023-24

Every year, billions worth of goods and services pass the border between the two nations, making them each other's biggest trading partners.

According to Live Canada-US trade data, the total trade volume between the two nations reached over $784 billion in 2023 and $579.83 billion in the first three quarters of 2024, making it among the biggest bilateral trade relations globally.  

Key US-Canada Trade Statistics

• Total Trade Volume: In 2023, the total trade volume between Canada and the United States amounted to over $784.03 billion. This includes both imports and exports of goods between the two countries.

• Top Export Categories: The top export categories from Canada to the United States include vehicles, machinery, mineral fuels, and plastics.

• Top Import Categories: On the other hand, the top import categories from the United States to Canada include mineral fuels, vehicles, machinery, precious stones, and plastics.

• Trade Deficit: Canada has traditionally run a trade deficit with the United States, meaning that it imports more goods from the US than it exports. In 2023, the US-Canada trade deficit stood at over $78 billion.

Top 10 US Imports from Canada, US Import Data by Country and HS Code

1. Mineral Fuels and Oils (HS Code 27): $131.90 billion 

The largest commodities that the US imports from Canada are mineral fuels and oils. With a total import value of $131.90 billion and over 43,500 shipments, this category plays a crucial role in the energy supply chain of the United States. There are 6800+ mineral fuels and oil importers in the US who import from Canada. 

2. Vehicles (HS Code 87): $56.35 billion 

Another significant category of US imports from Canada is vehicles, with an import value of $56.35 billion and over 18,200 shipments. Canada is a major exporter of automobiles and automotive parts to the United States, contributing to the robust automotive industry in North America. Around 2400+ vehicles importers in USA. 

3. Nuclear Reactors and Machinery (HS Code 84): $31.85 billion

Nuclear reactors and machinery are also key categories of goods that the US imports from Canada, with a total import value of $31.85 billion and over 15,300 shipments. These goods play a crucial role in various industrial sectors in the United States. There are 3500+ US importers of this commodity who import from Canada. 

4. Plastics and Articles Thereof (HS Code 39): $13.67 billion

Plastics and articles thereof are another important category of US imports from Canada, with an import value of $13.67 billion and over 12,000 shipments. Plastics are used in a lot of industries, such as packaging and manufacturing. About 2100+ active plastic importers in USA import from Canada. 

5. Precious Stones and Metals, Pearls (HS Code 71): $13.10 billion

Canada is also a significant exporter of precious stones and metals, as well as pearls, to the United States. With an import value of $13.10 billion and over 9,800 shipments, these goods play a crucial role in the jewelry and luxury goods industries. There are around 1500+ active importers of precious stones and metals in the US who import from Canada. 

6. Wood and Articles of Wood (HS Code 44): $11.45 billion

The US also imports a significant amount of wood and articles of wood from Canada, with a total import value of $11.45 billion and over 8,400 shipments. These goods are used in various industries, including construction, furniture manufacturing, and paper production. Around 1200+ wood importers in the USA import wood from Canada. 

7. Aluminum and Articles Thereof (HS Code 76): $11.22 billion

Over 7,500 shipments and an import value of $11.22 billion make aluminum and articles thereof one of the main categories of Canadian goods that the US imports and purchases. Canada is a major producer of aluminum, and these goods are used in various industries, including automotive manufacturing and aerospace. 1000+ aluminum importers in the US import Aluminum from Canada. 

8. Electrical Machinery and Equipment (HS Code 85): $9.84 billion

Canada is also a significant exporter of electrical machinery and equipment to the United States, with an import value of $9.84 billion and over 6,800 shipments. These goods are used in various industries, including electronics manufacturing and renewable energy. 1800+ electrical machinery importers in the USA import electrical machinery and equipment from Canada. 

9. Iron and Steel (HS Code 72): $8.36 billion

Iron and steel are crucial categories of US imports from Canada, with a total import value of $8.36 billion and over 6,200 shipments. These goods are used in various industries, including construction, automotive manufacturing, and infrastructure development. Around 900+ iron and steel importers and buyers in the US import iron and steel from Canada. 

10. Aircraft, Spacecraft, and Parts Thereof (HS Code 88): $7.94 billion

Finally, aircraft, spacecraft, and parts thereof are significant categories of US imports from Canada, with an import value of $7.94 billion and over 5,000 shipments. Canada is a major player in the aerospace industry, and these goods are essential for the aviation sector in the United States. There are 750+ importers of aircraft and spacecraft in the US who import from Canada.

US Imports from Canada in the Last 10 Years

US-Canada Trade Agreements

The United States and Canada have several trade agreements, such as:

• U.S.-Canada Free Trade Agreement (FTA)

This agreement, which was signed in 1988 by Prime Minister Brian Mulroney and President Ronald Reagan, sought to remove all commercial barriers between the two nations. In 1994, it was replaced by NAFTA.

• NAFTA, or the North American Free Trade Agreement

This agreement, signed in 1994 by the US, Canada, and Mexico, established a trilateral economic bloc in North America.

• United States-Mexico-Canada Agreement (USMCA)

This agreement came into force in 2020 and superseded NAFTA. It covers environmental responsibilities including marine species preservation and bans on detrimental fishing subsidies. Additionally, it contains clauses that prevent technical obstacles to the commerce of wine and distilled spirits.

In addition to their strong energy ties, Canada and the US are collaborating to move toward renewable energy. The Energy Transformation Task Force (ETTF) is a collaborative effort between the US and Canada to promote economic expansion and energy security which can help in:

• Attempts to increase the security of the supply of vital minerals.

• Nuclear energy usage as a means of achieving net-zero greenhouse gas emissions.

• Objectives to reduce the carbon footprint of power generation in North America.

• Working together to defend the system from cyberattacks and other threats.

Factors Influencing Canada-US Trade

Many factors influence the US-Canada trade relationship, including:

• Geographic Proximity: The close geographic proximity of the two countries makes it easier and more cost-effective to transport goods across the border.

• Free Trade Agreement: The North American Free Trade Agreement (NAFTA), and its successor, the United States-Mexico-Canada Agreement (USMCA), have helped to facilitate trade between the two countries by reducing tariffs and trade barriers.

• Complementary Economies: Canada and the United States have complementary economies, with each country excelling in different industries. This mutual benefit encourages trade between the two nations.

• Currency Exchange Rate: Fluctuations in the exchange rate between the Canadian dollar and the US dollar can impact the competitiveness of Canadian exports in the US market.

Challenges and Opportunities for Canada-US Trade Relations

While the Canada-US trade relationship is strong, it is not without its challenges. Despite these challenges, there are also numerous opportunities for growth and collaboration in the Canada-US trade relationship. Some of the key challenges include:

• Trade Disputes: From time to time, trade disputes can arise between Canada and the United States, leading to tariffs and other trade barriers.

• Regulatory Differences: Differences in regulations and standards between the two countries can pose challenges for exporters and importers.

• Political Considerations: Changes in government policies and political climates can impact the trade relationship between Canada and the United States.

Conclusion

To conclude, the trade relationship between Canada and the United States is robust and mutually beneficial, with a diverse range of goods being traded between these two countries. The Canada-US trade relationship is vital to both countries' economies, with billions of dollars in goods and services exchanged between the two nations each year. Understanding the trade data and statistics between Canada and the United States can provide valuable insights into the opportunities and challenges that exist within this bilateral trade relationship.

Also read about:- 

USA Bilateral Trade by Country Blogs

Brazil-US trade records | US Major Imports-Exports with Brazil

US-China Trade Data: Import-Export Bilateral Trade Statistics 

US Mexico trade | Top US imports from Mexico in 2023-24

USA Import Export Data By Product Blogs 

Live US Steel Imports Data, Top 10 Steel Importers in USA

US Wine Imports, 1200+ USA Wine Importers Database

Top 10 Biggest US Food Exports in 2023

Sources :-

US Import Bill of Lading Data

US import data by Country, HS Code, Product