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OTTAWA \u2014 Canada\u2019s trade surplus with the U.S. widened in December as overall exports rose thanks in part to higher energy prices, Statistics Canada said recently.<\/p>\n
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.<\/p>\n
The increase came as higher oil prices drove an 11 per cent growth in crude exports.<\/p>\n
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.<\/p>\n
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.\u00a0<\/p>\n
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.<\/p>\n
The stronger U.S. economy has created higher demand for imports while Canada\u2019s softening economy has led to the opposite. Imports from the U.S. fell 1.5 per cent in December.\u00a0<\/p>\n
For 2024 as a whole, Canada\u2019s 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.<\/p>\n
December\u2019s overall exports rose 4.9 per cent to $69.5 billion, said Statistics Canada.<\/p>\n
Exports of energy products rose 9.5 per cent, making it the category with the highest increase.\u00a0<\/p>\n
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.<\/p>\n
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.<\/p>\n
\u00a92025 The Canadian Press<\/strong><\/p>\n<\/p><\/div>\n