$322.8 billion in Canada-U.S. goods and services trade was recorded in Q1 2026, down 0.6%—or $1.9 billion—from the same period in 2024.
Exports to the U.S. fell 1.6%, or $2.8 billion, to $169.6 billion, while imports rose 0.6%, or $935 million, to $153.1 billion.
Motor vehicles and parts drove the decline, with two-way trade in the sector dropping 18.9%, or $6.7 billion; iron and steel fell 43.5% and mineral fuels and oils slipped 3.3%.
Some categories still expanded, led by precious stones and metals up $2.8 billion, cocoa-related trade up 52%, and aircraft and parts up 15.5%.
The pullback comes as Washington increases pressure ahead of CUSMA talks and Trump threatens new tariffs on Canadian goods; annual Canadian exports to the U.S. also fell from $709.6 billion in 2024 to $683.3 billion in 2025.
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