Canada’s Exports To The U.S. Near Record Low

Canada’s exports to the U.S. have declined for a fourth consecutive month and are near an all-time low.

The latest data shows that Canadian exports to the U.S. decreased 0.9% in May, while the average share of total Canadian exports to the U.S. fell to 68.3% from 75.9% at the end of 2024, near a record low.

The ongoing drop in exports from Canada to America comes as the two countries engage in a protracted trade battle.

At the same time, Canada’s exports to other countries have reached a record high.

Canadian exports to the U.S. that have slowed in recent months include products ranging from steel and aluminum to oil and natural gas and fertilizer used by American farmers.

The slowdown has impacted the stocks of Canadian companies such as Algoma Steel (ASTL), Suncor Energy (SU), and fertilizer company Nutrien (NTR).

The latest data also shows that Canada’s imports from the U.S. have decreased for three consecutive months.

Numbers from Statistics Canada indicate growing diversification as Canadian exports to countries other than the U.S. increased by 5.7% in May of this year, a record high.

Countries that Canada is increasingly exporting to beyond the U.S. include higher unwrought gold shipments to the United Kingdom (U.K.), more crude oil sent to Singapore, and increased healthcare products shipped to the European Union (EU).

Canada remains the second largest U.S. trade partner after Mexico.