Business Environment Profiles - Canada
Published: 28 January 2025
Total imports
805 $ billion
3.6 %
This report tracks the total imports of goods and services into Canada for each calendar year. Data is sourced from Statistics Canada and is presented in chained 2017 dollars.
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Canadian imports are influenced by various factors, including domestic economic conditions, exchange rates, global commodity prices and trade agreements. The United States remains Canada's largest source of imports, accounting for a significant portion of total imports. However, Canada has been diversifying its import sources, with China becoming an increasingly important trading partner. Domestic demand, particularly consumer spending and business investment, plays a crucial role in driving import growth. The strength of the Canadian dollar relative to other currencies also affects import levels, as a stronger dollar makes foreign goods more affordable. Additionally, global economic conditions and supply chain dynamics impact the volume and composition of Canadian imports.
Between 2020 and 2024, Canadian imports experienced significant fluctuations due to global events and economic challenges. In 2020, imports dropped sharply to $675 billion, a 9.4% decrease from 2019, largely due to the COVID-19 pandemic's impact on global trade and domestic demand. However, the subsequent years saw a strong recovery, with imports reaching $791 billion in 2024, surpassing pre-pandemic levels. This recovery was driven by the easing of pandemic-related restrictions, the reopening of economies and pent-up consumer demand. The automotive sector, which is a significant component of Canadian imports, experienced volatility during this period, with supply chain disruptions affecting import volumes.
For 2025, expectations for imports are cautiously optimistic, with projections indicating continued growth. Imports are expected to reach $805 billion in 2025, representing a modest increase of 1.8% from 2024. This growth is likely to be supported by ongoing economic recovery and increased domestic demand. However, potential challenges include the threat of trade tensions, particularly with the United States, and uncertainties in global economic conditions. The evolution of exchange rates, especially between the Canadian dollar and the US dollar, will play a crucial role in shaping import trends. Additionally, the implementation of new trade agreements and the ongoing diversification of import sources may influence the composition and volume of imports in 2025.
The outlook for imports is generally positive, indicating steady growth. By 2030, annual Canadian...
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