Claim checker: “The U.S. has a big trade imbalance with Canada.”
The U.S. ran a goods trade deficit with Canada of in 2024 (Census). But the U.S. also ran a services trade surplus of (USTR). Netting goods and services together, the overall balance in 2024 was for the U.S.
2025 year-to-date (Jan–Jun), the U.S. goods deficit with Canada is (Census, not seasonally adjusted).
Monthly U.S. Goods Trade with Canada
2024 (full year) vs. 2025 YTD (Jan–Jun), USD billions (NSA)
2024 Snapshot: Goods vs. Services
U.S. exports & imports with Canada, USD billions
Annual Goods Trade (2018–2025 YTD)
USD billions (NSA). Shaded bands mark tariff episode (2018–2019), COVID shock (2020Q2), and USMCA start (2020-07-01).
Claim Builder
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Sources: U.S. Census (goods), USTR/BEA (services).
Top Goods Categories (2024)
HS2 groups, USD billions. Two panels: Exports → Canada and Imports ← Canada.
Services Breakdown (2024)
Travel, Transport, Financial, IP, Other. USD billions.
Context: Exchange Rate
Annual average CAD per USD
2024 average: CAD per 1 USD (FRED AEXCAUS).
Exchange rates influence cross-border prices and can affect measured trade values.
Methodology & Caveats
- Goods data are on a Census basis, not seasonally adjusted.
- Services data are annual estimates for 2024 (BEA/USTR).
- 2025 YTD includes months available (Jan–Jun).
- Totals may not equal sums due to rounding.
Sources
- U.S. Census Bureau, Trade in Goods with Canada (2023–2025 monthly, totals).
- Office of the U.S. Trade Representative (USTR), Canada Country Page, goods & services totals for 2024.
- Federal Reserve Bank of St. Louis (FRED), series AEXCAUS (annual average CAD per USD), 2024.