Canada-U.S. trade down almost $2 billion since early 2024

The value of Canada's trade with the U.S. dropped by almost $2 billion between the first quarter of 2024 and the first three months of 2026.

Rachael Dolan, a spokesperson for Global Affairs Canada, said total trade in goods and services with the U.S. was 0.6 per cent — or $1.9 billion — lower in the first quarter of 2026 than in the same period of 2024.

Total Canada-U.S. trade in goods and services in the first three months of 2026 hit $322.8 billion. That sum includes $169.6 billion in exports and $153.1 billion in imports.

While Canadian exports to the U.S. declined by 1.6 per cent, or $2.8 billion, imports during that quarter increased by 0.6 per cent, or $935 million.

Dolan said precious stones and metals saw the largest percentage increase in total bilateral trade over the two years, rising by $2.8 billion. There was also a 52 per cent increase in two-way trade in cocoa and related products and a 15.5 per cent increase in aircraft and parts.

On the export side, the largest gains were also in cocoa and related products, up 58.8 per cent, as well as electronics — which saw a 9.2 per cent increase — and salts, sulphur, earth, stone and cement, which went up 57.9 per cent.

The largest decline in two-way trade was in motor vehicles and parts, which fell by 18.9 per cent, or $6.7 billion.

Dolan said other notable declines in total bilateral merchandise trade were in iron and steel, which was down 43.5 per cent, and mineral fuels and oils, which was down 3.3 per cent.

The U.S. is ramping up pressure on Canada ahead of formal talks on CUSMA, the Canada-U.S.-Mexico agreement on trade, and U.S. President Donald Trump has also threatened to slap new tariffs on Canadian goods.

Exports of goods and services to the U.S. totalled $709.6 billion in 2024 and $683.3 billion in 2025.

Imports totalled $618.3 billion in 2024 and $604.1 billion in 2025.

This report by The Canadian Press was first published Aug. 5, 2026.

By Catherine Morrison | Copyright 2026, The Canadian Press. All rights reserved.