Canada recorded a surplus of US$35.7 billion in its trade with the United States in 2024, equivalent to 4 percent of the two countries’ total bilateral goods and services trade that year. Without energy trade (oil and gas, other fuels and fuel products, and electricity), which the United States needs to sustain its industrial competitiveness, the United States would register a trade surplus of US$63.2 billion with Canada – US$28.3 billion in goods and US$34.9 billion in services – most of it in high-value activities generating high wages in the United States.
