Highlights of Canada’s merchandise trade performance - 2024 update

ISSN 2819-2753

May 2025

Table of contents

• Highlights
• 1. Overview
  • 1.1. Trade by sector
  • 1.2. Prices and volumes
• 2. Regional Review
  • 2.1. Regional trade performance overview in 2024
  • 2.2. United States
  • 2.3. Latin American and the Caribbean
  • 2.4. Europe and Central Asia
  • 2.5. Indo-Pacific
  • 2.6. Middle East
  • 2.7. Africa
• Bibliography
• Appendix

Highlights

• Canada's merchandise trade improved modestly in 2024, with exports and imports increasing by 1.3% and 1.5%, respectively.
• Prices played a small role in boosting exports but were responsible for the entire growth in imports; excluding prices, export volumes grew by 1.0%, while import volumes actually remained unchanged.
• The gains were broad-based across sectors; however, growth was relatively concentrated in some regions – export growth came from Canada’s trade with Europe and import growth was focused on Latin America, and to a lesser extent, the Indo-Pacific region.
• Trade by Sector:
  • Exports: Although gains were recorded in several sectors, the metal and non-metallic mineral products and the energy products sectors were responsible for the largest increase in exports, partially offset by a large drop in motor vehicles and parts.
  • Imports: Imports of consumer goods and of farm, fishing and intermediate food products were the main contributors to growth. Meanwhile, imports of energy products, metal and non-metallic mineral products, and industrial machinery, equipment and parts all declined.
• Regional Trade Performance:
  • United States: Bilateral trade between Canada and its largest trade partner reached a record in 2024, as flat Canadian exports to the U.S. (+0.0%) were more than offset by growth in imports (+0.9%).
  • Latin America & Caribbean: Exports to Latin America fell sharply (-10.9%), particularly to the major partners such as Mexico, Brazil and Colombia. However, imports increased 7.6%, also led by most of the main trading markets in the region.
  • Europe and Central Asia: This region saw its strongest export growth (+23.5%) since 2007, driven by gold exported to the United Kingdom, while imports declined (-0.3%), marking the first decrease in 4 years.
  • Indo-Pacific: Canada's merchandise trade with this region was mixed in 2024, with growth in imports (+2.9%) and a decline in exports (-1.6%). While the increase in imports was widespread, the decline in exports was primarily driven by Hong Kong, China, and Japan.
  • Middle East: Both exports to (-2.9%) and imports from (-10.3%) the Middle East were down in 2024. An increase in exports to Canada’s main partner in the region, the United Arab Emirates (UAE), was offset by contractions to Iraq and Saudi Arabia. On the other hand, Kuwait, Israel and Saudi Arabia led the overall decline in imports from the region.
  • Africa: Declining exports (-1.4%) were mainly driven by exports to Tunisia, while the fall in imports (-9.5%) was mainly led by Nigeria and South Africa.

1. Overview

Global GDP growth is estimated to have been 3.3% in 2024, below the pre-pandemic (2000-2019) average of 3.7%. Canada’s growth in 2024 is estimated to have been 1.5% (in US$ terms), which, while only modest, ranked behind only the U.S. (+2.8%) among the G7 (International Monetary Fund-IMF, April 2025).

The year 2024 was a year full of contrasts. On one hand, the effects of the pandemic faded away, leading to a stabilization of production and inflation. On the other hand, new trade tensions, as well as extreme weather events ranging from droughts to floods, reintroduced uncertainty and affected commodity prices. As a result, products that are seen as safe havens, such as gold, did well with the price of gold and base metals rising in 2024. On the other hand, those products that are based on strong economic growth did less well. Energy, grains and fertilizer prices fell. Despite these events, global trade volumes improved in 2024; however, trade has fragmented with geopolitically aligned countries trading more together, while trade has decreased between geopolitically distant countries (IMF, 2024).

Canada is a major resource exporter and therefore, commodity prices have an impact on trade values. In 2024, the price of base metals rose, but was counteracted by lower prices for energy, wheat and potash. On the other hand, Canada manufactures high-quality, high-tech goods, and the demand for these products, such as aeronautics, electronics and pharmaceuticals, boosted exports in 2024. In 2024, Canadian merchandise^{Footnote 1} trade increased moderately (+1.4%); imports rose 1.5% to $765.7 billion, and exports^{Footnote 2} increased 1.3% to reach $721.1 billion. The increase in both exports and imports was broad-based across industries, with 7 out of 11 product sectors growing for each. For exports, growth was led by metal and non-metallic mineral products and energy. For imports it was consumer goods and farm, fishing and intermediate food products that led the way.

Figure 1: Value of Canadian merchandise exports and imports

1.1. Trade by sector

Canadian exports (+1.3%) returned to growth in 2024, largely driven by 2 sectors. First, increases in global prices of precious metals (+21.2%) and base metals (+3.8%), as reported by the World Bank, supported a 10.4% rise in Canada’s exports of metal and non-metallic mineral products (+$8.6 billion).

The other sector that supported the growth in exports is energy. In May, the Trans Mountain pipeline expansion started its operation, contributing to increase oil exports to the U.S., China, India, South Korea, Brunei and others (EnergyNow Media, 2024), leading to a 4.1% (+$7.6 billion) rise in Canadian energy product exports in 2024. This growth was despite an aforementioned weakening of oil prices in 2024.

To a lesser extent, aircraft and other transportation equipment and parts (+6.3%) contributed to improved exports, benefiting from increased passenger traffic and higher prices (IATA, Global Outlook 2024). The chemicals, plastics and rubber product sector only saw a modest 0.4% increase in exports, driven by higher rubber prices. On the other hand, farm, fishing and intermediate food products fell 4.4% in 2024, as the prices for several grains, including wheat, maize, and soybean, fell further in 2024. Driven by price declines in a number of components of metal ores and non-metallic minerals, such as fertilizers, nickel, or iron ores, exports in this sector fell 11.9%.

Figure 2: Canadian merchandise export growth, by sector

Imports of merchandise rose in 7 out of 11 product sectors; this was led by a 5.2% rise in consumer goods (+$7.7 billion), accounting for approximately one-fifth of total import value. The gain was driven largely by a 9.0% increase in the food and beverages sub-sector. Due to extreme weather conditions that led to dwindling reserves, certain food products experienced record prices jump, such as coffee, tea, cocoa and rice. Also, the value of farm, fishing and intermediate food product imports was up 11.6% (+$3.3 billion), led by higher prices of fresh fruits, vegetables, nuts, and pulse.

Two sectors were responsible for the decline in imports. Energy products fell 8.3% (-$3.6 billion), reflecting lower imports of refined petroleum products compared to 2023. Meanwhile, the decrease in industrial machinery, equipment and parts (-1.8%) was mainly driven by lower imports of heavy machinery.

Figure 3: Canadian merchandise import growth, by sector

1.2. Prices and volumes

In 2024, world merchandise trade volumes grew 1.8% while the volume of Canadian exports grew 1.0% and imports remained unchanged (+0.0%).

Export volumes grew in 2024 across 7 out of 11 products categories following a strong increase in 2023 (+5.2%). After a marked decline in prices in 2023 due to weak global commodity prices, Canadian merchandise export prices rose by 0.5% in 2024. The most dominant price increase was in metal and non-metallic mineral products (+9.8%), while other prices, including metal ores and non-metallic minerals (-14.8%) and farm, fishing and intermediate food products (-9.2%), experienced declines.

Although commodity prices have had a smaller impact on trade in 2024 compared to previous years, they remain significant. Fertilizer prices have dropped by 24.1%, while precious metals have risen by 21.2%, with gold increasing by 21.8% (figure 4).

Figure 4: World Bank Commodity price data (Real 2010 USD)

Although import volumes remained unchanged in 2024, notable increases were observed in farm, fishing, and intermediate food products (+5.8%), basic and industrial chemical, plastic, and rubber products (+5.7%), as well as forestry products and building and packaging materials (+5.6%). However, imports of metal ores and non-metallic minerals saw a significant decline of 10.7%. Despite these shifts, import volumes remained above pre-pandemic levels. Import prices have been on an upward trend since 2021, and increased by 1.5% in 2024, making it the smallest annual rise during this period. This increase was mainly due to a 22.8% rise in the prices of metal ores and non-metallic minerals while a decrease in energy products prices (-7.2%) was pulling the prices down.

In 2024, Canadian dollar depreciated against many Canada’s major trading partners’ currencies, particularly the U.S. dollar, which fell from 0.751 CAD/USD at the start of the year to 0.695 CAD/USD by year-end. As a result, this made Canadian imports more expensive, especially with our largest trading partner, while simultaneously enhancing the competitiveness of Canadian exports.

Figure 5: Canadian merchandise export and import price and volume index, 2017 = 100

2. Regional Review

2.1. Regional trade performance overview in 2024

The overall increase in Canada's merchandise exports in 2024 was driven by exports to Europe and Central Asia (+23.5%), recovering after a sharp decline to the region in 2023 (-14.0%). Canada’s exports to all other regions fell or remained unchanged in 2024, with the fastest decline in percentage terms being that of exports to Latin America and the Caribbean (-10.9%).

Canada's merchandise import growth in 2024 was more mixed, with the fastest increase coming from Latin America and the Caribbean (+7.6%), followed by the Indo-Pacific region (+2.9%) and the U.S. (+0.9%). Meanwhile declines in imports from the Middle East (-10.3%), Africa (-9.5%) and Europe and Central Asia (-0.3%) mostly offset the increases.

Figure 6: Annual Canadian merchandise trade growth by region, 2024

Figure 7: Countries by regions

The U.S. remained by far Canada’s largest merchandise export destination, accounting for 75.9% of merchandise exports in 2024 (figure 8), down 1.0 percentage point from 2023. The share of exports to Europe and Central Asia increased considerably from 7.8% to 9.5% in 2024.

Figure 8: Share of Canada’s merchandise of exports by region, 2024

Figure 9: Change in the value of Canadian merchandise exports by trading partner, 2024 vs 2023

The regional shares of Canadian imports were quite similar to those in 2023, except for imports from Latin America and the Caribbean (10.0%), which increased by 0.6 percentage points. Imports from the U.S. still account for nearly 50% of Canada’s imports.

Figure 10: Share of Canada’s merchandise of imports by region, 2024

Figure 11: Change in the value of Canadian merchandise imports by trading partner, 2024 vs 2023

2.2. United States

Bilateral merchandise trade between Canada and the U.S. increased by a modest 0.3% in 2024 to reach $924.4 billion—establishing a new record.

Canadian merchandise imports from the U.S. increased by 0.9% to $377.0 billion in 2024; however, this was the smallest increase in the last 4 years. The increase was broad-based, including a notable rise in imports of consumer goods (+7.5%), reaching a record high of $56.9 billion. Farm, fishing and intermediate food products (+5.4%) and electronic and electrical equipment and parts (+4.8%) also contributed notably to growth. However, these increases were partially offset by significant declines in imports of energy products, which fell for a second consecutive year (this time, by -9.2%), with lower energy prices (-7.2%) contributing to the decline.

On the other hand, Canadian merchandise exports to the U.S. held steady in 2024 (+0.0%) at $547.4 billion. Flat exports were especially notable considering the solid U.S. GDP growth of 2.8% for the year—higher than the U.S. pre-pandemic average of 2.2% (2000-2019) and well above most advanced economies (+1.8%) (IMF, April 2025). This absence of exports growth follows historic increases in 2021 and 2022, and exports are still higher than pre-pandemic levels. The motor vehicles and parts sector experienced a $6.4 billion decline (-7.9%). The decrease in Canadian auto manufacturing production in 2024 was mainly driven by retooling efforts to transition from motor vehicles production to electrical vehicles production, especially in Ontario. Many U.S. operations also shut down factories in Canada in response to falling demand (Decloet, 2024). Metal and non-metallic mineral products fell by $3.4 billion (-6.1%) in 2024, but the level was still higher than before the pandemic. Increases in exports of energy products of $5.7 billion (+3.5%), consumer goods of $2.0 billion (+3.1%), electronics and electrical equipment of $1.7 billion (+10.0%) and forestry products of $1.2 billion (+3.3%) partially offset declines in other sectors.

Figure 12: Canadian bilateral merchandise trade with the United States, 2024/2023

2.3. Latin American and the Caribbean

Latin America and the Caribbean's economic growth remained stable in 2024, with GDP growth estimated at 2.4%, (IMF, April 2025). In Mexico, growth is estimated to have reached 1.5% in 2024, down from 3.3% in 2023, due to weaker domestic demand as a result of tightening monetary policy. In Brazil, growth is estimated to have reached 3.4% in 2024, slightly higher than GDP growth in 2023 (+3.2%).  Meanwhile Argentina’s GDP remained negative at -1.7% estimated in 2024, from -1.6% in 2023 (IMF, Avril 2025).

Despite economic growth, Canada’s merchandise exports to Latin America and the Caribbean fell sharply, decreasing 10.9% in 2024 to $18.6 billion, with many of the main partners experiencing exports declines: Mexico (-3.5%), Brazil (-41.2%), Colombia (-9.1%) and Chile (-28.2%). In contrast, exports to Peru, the third most important partner in the region, grew 20.3% due to a boost in energy exports (non-crude oil).

Figure 13: Canadian merchandise exports to top partners in Latin America and the Caribbean, 2024/2023

Mexico is Canada’s largest export market in Latin America and the Caribbean, accounting for 43.6% of Canada’s exports to the region in 2024. There was a sharp decline in exports of farm, fishing and intermediate food products (-32.2%) to Mexico, on lower exports of canola and wheat. There were also decreases in Canada’s exports to Mexico of forestry products and building and packaging materials (-14.2%), led by paper products, and by aircraft and other transportation equipment and parts (-17.7%). These were only partially offset by an increase in exports of industrial machinery, equipment and parts (+16.6%).

Drops in the price of fertilizers affected Canada’s exports to Brazil, Canada’s second largest export market in the region. Exports to Brazil fell 41.2%, mainly due to a 57.2% decline in exports in the metal ores and non-metallic minerals sector—notably in potash. Exports of farm, fishing and intermediate food products to Chile, notably wheat, were down 42.2%, and energy products (mostly coal) fell 99.8%, both due to lower export volumes compared to the previous year.

Figure 14: Canadian merchandise imports from top partners in Latin America and the Caribbean, 2024/2023

In contrast, imports from Latin America and the Caribbean expanded 7.6% in 2024 to $76.4 billion, largely due to imports of metal ores and non-metallic minerals from Brazil (+24.2%) and Peru (+28.1%), driven by rising gold prices. Imports from Canada’s largest suppliers in the region, Mexico (+2.4%) and Brazil (+11.0%), also contributed to the increase. The products that accounted for most of the increase from Mexico were electronic and electrical equipment and parts (+6.0%) and farm, fishing and intermediate food products (+11.7%). Meanwhile, from Brazil, Canada increased its imports of farm, fishing and intermediate food products (+26.1%) - mostly on higher imports volume of sugar and coffee.

Figure 15: Canadian merchandise trade with Latin America and the Caribbean, by product, 2024/2023

Exports to Latin America and Caribbean declined in 5 out of 11 product sectors. More specifically, metal ores and non-metallic minerals (-51.3%) and farm, fishing, and intermediate food products (-21.0%), due to the drop in the price of wheat, were mainly responsible for the overall decrease in exports to the region. An increase in energy products exports (+21.6%), in large part to Peru and Guatemala, partly offset the decrease.

Trade in the region is dominated by imports, which were 4 times higher than exports. Canada’s imports advanced in 8 out of 11 products sectors, led by metal ores and non-metallic minerals (+23.6%), notably gold to Peru due to by higher prices, by farm, fishing and intermediate food products (+22.0%), notably the volume of fats and oils from Argentina, and by energy products (+69.9%), mostly from Ecuador and Trinidad and Tobago.

2.4. Europe and Central Asia

In Europe, economic growth has remained sluggish, with a mere 1.4% growth rate in 2024 following a 1.0% increase in 2023 (Oxford Economics, 2025), grappling with a mix of political uncertainty in a number of countries, as well as the ongoing war in Ukraine, which has contributed to high energy prices in the region, albeit at lower than the peak levels of 2022 (European Commission, 2025). This, alongside persistently low productivity levels and lower industrial production in some European countries, continues to weigh on economic growth. Major economies in the region, such as Germany (-0.2%), France (+1.1%), Italy (+0.7%), and the United Kingdom (+1.1%), are contributing significantly to this slow growth, further challenging the region’s economic recovery (IMF, 2025). Despite these economic challenges, 2-way merchandise trade between Canada and the Europe and Central Asia region grew 7.7% in 2024 to $178.1 billion, following a decline in 2023 of 1.6%. In fact, the Europe and Central Asia region was the only region where Canada increased its merchandise exports in 2024.

Canadian exports to Europe and Central Asia rose 23.5% reaching $68.8 billion in 2024, more than recovering from a notable 14.0% decrease in 2023. The main contributor was a substantial rise of $12.6 billion (+87.8%) in Canadian exports to the United Kingdom. This growth was largely driven by a remarkable 153.7% increase in exports of metal and non-metallic mineral products, mainly unwrought gold. The metal ores and non-metallic minerals category accounted for 81.3% of total Canadian exports to the United Kingdom, up from 60.2% in 2023. This increase can be partly attributed to a general increase in gold price, which rose by 21.8% in 2024 (World Bank, 2025), as well as to a recovery in trade volume to 2022 levels.

In addition to the United Kingdom, which remained Canada’s top export market in the region, exports to Switzerland (+30.1%) and Italy (+21.2%) also saw substantial increases, rising by $1.4 billion and $547 million respectively. These gains were driven by strong increases in both the metal and non-metallic mineral products and aircraft and other transportation equipment and parts sectors. The main declines in exports were to Norway (-25.2%), the Netherlands (-8.9%) and to Germany (-9.6%).

Figure 16: Canadian merchandise exports to top partners in Europe and Central Asia, 2024/2023

Canada's imports of merchandise from Europe and Central Asia fell by 0.3% to $109.3 billion in 2024, marking the first annual decline since 2020. This drop was mainly driven by Germany, the largest source of Canadian imports in the region, with a $1.1 billion decline (-4.6%) mainly due to lower imports in metal and non-metallic mineral products and industrial machinery, equipment and parts sectors. This was followed by declines in imports from Portugal, which fell by $749 million (-21.8%), and from Switzerland, which decreased by $433 million (-5.1%) in 2024. These declines were primarily due to lower imports of consumer products from both countries. A $1.2 billion (+14.0%) increase in imports from France—the third-largest source of Canadian imports in Europe and Central Asia—was driven by the aircraft and other transportation equipment and parts sector.

Figure 17: Canadian merchandise imports from top partners in Europe and Central Asia, 2024/2023

An increase in exports to the region was observed in 5 out of 11 product sectors, driven mainly by metal and non-metallic mineral products (+73.1%) to the United Kingdom. Aircraft and other transportation equipment and parts sector also had a notable growth (+15.9%) in exports in 2024. At the other end, there was a notable decline in metal ores and non-metallic minerals (-10.7%) mainly to Belgium and Germany (figure 18).

The decline in imports was observed in 6 out of 11 product sectors. The largest percentage drops were seen in metal ores and non-metallic minerals (-16.8%) and energy products (-14.1%). The motor vehicles and parts sector also experienced a substantial decline (-8.5%), representing a $1.0 billion drop in imports primarily from Belgium, Spain and Germany. This was partially offset by a significant increase in aircraft and other transportation equipment and parts (+26.4%), which reached a record high of $7.8 billion in 2024.

Figure 18: Canadian merchandise trade with Europe and Central Asia, by product, 2024/2023

2.5. Indo-Pacific

Two-way merchandise trade between Canada and the Indo-Pacific increased by 1.6% to $258.6 billion in 2024, recovering from a decrease of 4.9% in 2023. This recovery was led by a 2.9% rise in imports from the Indo-Pacific region reaching $183.0 billion, while exports fell by 1.6% to $75.5 billion.

Although the region’s economy is estimated to have grown by a solid 5.3% in 2024 (IMF, April 2025), the recovery in Canada’s trade with the region has been somewhat constrained by China’s economic slowdown. GDP growth in China decelerated to 5.0% in 2024 primarily due slower household consumption, a sharp decline from the 9.0% average growth rate observed between 2000 and 2019. Similarly, India’s growth slowed to 6.5% in 2024, compared to a 2023 growth rate of 9.2% (IMF, 2025).

The decline of $1.2 billion in exports in 2024 (-1.6%) marks the second consecutive year of decreasing exports to the Indo-Pacific region. As Canada’s largest export market, China saw a $504 million drop in exports (-1.7%) in 2024, primarily driven by a decline of $1.7 billion (-16.2%) in farm, fishing and intermediate food products. Canada’s second-largest export market, Japan, also experienced a significant decline of $782 million (-5.0%) in 2024 mainly due to a drop of $985 million in energy products ( -18.8%). Exports to Hong Kong declined even more sharply, falling by $1.3 billion (-27.5%), largely due to a $1.6 billion drop in exports of metal and non-metallic mineral products (-44.9%). In contrast, there were notable bright spots in the region; the strongest export growth in 2024 were headed to South Korea (+9.5%), Singapore (+31.1%), and Vietnam (+31.0%), all of which have seen increases over the past 3 years. Canada also posted export growth to the Philippines (+9.6%), India (+2.7%) and Taiwan (+2.8%).

Figure 19: Canadian merchandise exports to top partners in Indo-Pacific region, 2024/2023

Overall imports from the region increased by 2.9%, making the highest import year after 2022; however, China—Canada's prime import source in the region—bucked the trend, declining $461 million (-0.5%). This was due to decreases in industrial machinery, equipment, and parts (-14.8%), motor vehicles and parts (-6.2%) and electronic and electrical equipment and parts (-5.7%). In October 2024, Canada imposed a 100% tariff on electric vehicles (EV) from China. There was a substantial decrease in EV imports between October and December 2024 compared to the same period last year. However, aside from China, import growth was widespread, with South Korea and Vietnam being the largest contributors, increasing by $2.9 billion (+21.2%) and $1.4 billion (+10.7%) respectively. South Korea saw increases in motor vehicles and parts (+18.1%), while Vietnam experienced growth in consumer goods (+11.7%). Additionally, both countries saw an increase in imports of electronic and electrical equipment and parts.

Figure 20: Canadian merchandise imports from top partners in Indo-Pacific region, 2024/2023

The decrease in exports was observed in 6 out of 11 product sectors, led by declines in motor vehicles and parts (-24.4%), metal and non-metallic mineral products (-20.7%) and industrial machinery, equipment and parts (-14.5%). Higher exports of aircraft and other transportation equipment and parts (+33.9%) and energy products (+15.9%) to the Indo-Pacific region partially offset the overall decline in exports.

The increase in energy products, which set the second highest record (after 2022), was partly fueled by the opening of the newly expanded transmountain pipeline in May 2024 (figure 21). In the second half of 2024, this expanded pipeline enabled Albertan oil to reach Asian countries such as China, South Korea and Brunei (Stephenson, 2024).

In 2024, an increase in Canadian imports was noted across 8 out of 11 product sectors, with the most growth in energy products (+38.2%) and metal ores and non-metallic minerals (+36.9%). The most significant change in terms of overall value occurred in imports of consumer goods, with a $3.0 billion increase (+6.1%), mainly coming from China, Vietnam, and Cambodia. This increase in consumer goods imports was offset by a decline in industrial machinery, equipment, and parts, which saw a drop of $1.9 billion (-7.9%), primarily from China and Japan.

Figure 21: Canadian merchandise trade with the Indo-Pacific region, by product, 2024/2023

2.6. Middle East

After slowing substantially, from 6.3% in 2022 to 1.3% in 2023, GDP in the Middle East remained stable in 2024 and is estimated to have grown by 1.4% (Oxford Economics, 2025). Both exports and imports to the region declined in 2024, by 2.9% and 10.3% respectively. In the region, disruptions to shipping commodities, particularly oil, as well as conflicts, and extreme weather events (IMF, 2024) might have affected trade. While there were reductions in exports to Saudi Arabia amounting to $207 million (-11.5%) and $276 million to Iraq (-76.0%), these were offset by a sharp $482 million (+28.5%) increase in exports to the United Arab Emirates (UAE), boosted by the delivery of airplanes and helicopters.

Figure 22: Canadian merchandise exports to top partners in the Middle East, 2024/2023

In the Middle East, import contractions amounted to $567 million (-10.3%), with the largest coming from Kuwait, Israel and Saudi Arabia.  Energy products (-$442 million) accounted for most of the decline, led by Kuwait (-81.3%) and Saudi Arabia (-2.5%). In Israel, various products were responsible for the contraction, including a 13.3% drop in consumer goods (-$44 million), on fewer imports of pharmaceutical products, and a 13.8% fall in basic and industrial chemical, plastic and rubber products (-$33 million).

Figure 23: Canadian merchandise imports from top partners in the Middle East, 2024/2023

Exports decreased in 7 out of 11 products sections in the region, led by a $144 million decline in aircraft and other transportation equipment and parts (-9.5%), as the last of five Airbus 220s, some of which are produced in Canada, was delivered to Iraqi Airways in 2023 (Aerotime, 2023). There was also a $152 million drop in metal ores and non-metallic minerals (-51.6%), mainly because exports of iron ores to Qatar, valued at $87 million in 2023, completely stopped in 2024.

Imports were down for 6 out of 11 products section, mainly driven by energy (-17.1%), notably from Kuwait, and metal and non-metallic mineral products (-22.1%), mainly from lower imports of iron and steel from United Arab Emirates.

Figure 24: Canadian merchandise trade with the Middle East, by product, 2024/2023

2.7. Africa

In some parts of Africa, inflation remains in the double-digit range, hampering economic growth. Sub-Saharan Africa’s GDP is forecast to have grown at 4.0% in 2024, from 3.6% in 2023 (IMF, April 2025).  Canada generally imports twice as much from Africa as it exports, and 2024 was no exception. While both imports (-9.5%), and exports (-1.4%) declined in 2024, they amounted respectively to $9.5 billion and $5.4 billion. Falling from the eighth to the nineteenth largest export market in Africa, the 68.7% drop in exports to Tunisia (-$108 million) accounted for most of the decline in exports to the region; in 2024, Canada exported no wheat to that country, compared to $96 million in 2023. Exports also fell to Botswana (-19.7%) and Nigeria (-7.7%).

Offsetting these drops, exports to 4 of the 5 largest markets increased: Algeria (+4.9%), Morocco (+2.7%), South Africa (+31.7%) and Egypt (+17.9%). The increase in exports to South Africa was mainly due to aircraft and other transportation equipment. An increase in the volume of iron ores drove the gain in metal ores and non-metallic minerals exports to Algeria. In Morocco, larger volumes of wheat and fertilizers led the increase.

Figure 25: Canadian merchandise exports to top partners in Africa, 2024/2023

Large volume variations mostly explain the 9.5% contraction in imports from Africa in 2024. There was a sharp drop in imports from South Africa (-15.4%), as the volume of gold imports almost halved. A drop in the volume of crude oil drove the overall loss in imports from Nigeria (-22.7%), while the fall in Egypt (-62.0%) was almost entirely due to gold.

Figure 26: Canadian merchandise imports from top partners in Africa, 2024/2023

These were partially offset by increases in imports from Mauritania (+25.6%) on higher imports of metal ores and non-metallic mineral products, notably due to higher gold prices. Meanwhile, imports from Morocco climbed 28.5%, led by basic and industrial chemical, plastic and rubber products, mainly due to a higher volume of exports of fertilizers.

Figure 27: Canadian merchandise trade with Africa, by product, 2024/2023

Exports to the region increased in 7 out of 11 product sectors, including metal ores and non-metallic minerals (+36.3%), motor vehicles and parts (+20.3%), notably to Nigeria, and aircraft and other transportation equipment and parts (+17.3%). Increases in electronics and electrical equipment and parts (+17.8%), and consumer goods (+5.3%) were driven by exports to South Africa.

Imports from Africa were up in 6 out of 11 product sectors, particularly farm, fishing and intermediate food products (+36.2%), which was impacted by the increase in the price of cocoa (+121.5% according to the World Bank, 2025), as the overall volume of imports of cocoa from the region was down in 2024. Consumer goods (+37.1%) imports were on the rise, the largest share coming in the form of fresh fruits and prepared food products from South Africa.

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Appendix

Table 1: Canadian merchandise exports and imports by regions and selected top trade partners

Table 2: Canadian merchandise exports and imports by sectors