Trade surplus with U.S. widened in December but down overall in 2024: StatCan

OTTAWA — Canada’s trade surplus with the U.S. widened in December as overall exports rose thanks in part to higher energy prices, Statistics Canada said Wednesday.

The global trade surplus in goods came in at $708 million for the month, compared with a revised deficit of $986 million in November, to mark the first merchandise trade surplus since February 2024.

The increase came as higher oil prices drove an 11 per cent growth in crude exports.

The trade surplus with the U.S. widened to $11.3 billion in December, up from $8.2 billion in November, as exports to the U.S. rose five per cent thanks in part to the higher energy exports.

The trade surplus with the U.S. has seen heightened attention as U.S. Donald Trump has repeatedly referenced it as part of his reasoning behind pressuring Canada with possible tariffs.

But as Canadian officials have said, the U.S. deficit is largely because of energy imports, while Canada has a deficit on manufacturing and services.

The stronger U.S. economy has created higher demand for imports while Canada’s softening economy has led to the opposite. Imports from the U.S. fell 1.5 per cent in December.

For 2024 as a whole, Canada’s merchandise trade surplus with the U.S. was down to $102.3 billion, compared with $108.3 billion in 2023. When services are included, the surplus narrows to $94.4 billion.

December’s overall exports rose 4.9 per cent to $69.5 billion, said Statistics Canada.

Exports of energy products rose 9.5 per cent, making it the category with the highest increase.

Exports of metal and non-metallic mineral products rose 9.2 per cent to a record high of $10 billion, helped by a 63.3 per cent increase in unwrought nickel and nickel alloys, along with a 35.6 per cent increase in waste and scrap of metal exports.

Meanwhile, total imports rose 2.3 per cent to $68.8 billion in December, driven by an 8.7 per cent increase in metal and non-metallic mineral products, a five per cent boost in industrial machinery, equipment and parts, and a 4.7 per cent gain in consumer goods.

This report by The Canadian Press was first published Feb. 5, 2025.

The Canadian Press