U.S.-Canada Trade Fuels U.S. Manufacturing and Jobs Despite Overall Deficit

Manufactured Goods Trade Surplus with Canada vs. Deficits in Fuels and Crude Materials

In the trailing twelve months (TTM) ending Q3 2024, the U.S. achieved a $53 billion trade surplus in manufactured goods (primarily machinery and transport equipment) with Canada. However, this was outweighed by significant trade deficits, including $105 billion in fuels and related materials, $11 billion in crude materials, and $7 billion in food products, resulting in an overall $75 billion deficit.

Despite the overall deficit, U.S.-Canada trade remains vital for U.S. manufacturing. Imports of raw materials are essential for production processes, while exports of finished goods sustain domestic manufacturing activities, driving economic growth and supporting American jobs.