Key Economic Events
- In 2007, the U.S. merchandise trade deficit with Canada declined for the first time since 2002. The U.S. trade deficit with Canada benefitted from increased U.S. exports of transportation equipment and energy-related products.
- U.S. exports of transportation equipment and energy-related products accounted for nearly one-half of the increase in U.S. merchandise exports to Canada in 2007. U.S. exports to Canada benefitted from the depreciation of the U.S. dollar against the Canadian dollar and increased competitiveness of U.S. products against Canadian counterparts. Strong economic growth and consumer sales in Canada also benefitted U.S. exports.
- The value of U.S. imports of merchandise from Canada were boosted by rising world energy prices in 2007. Over one-half (57 percent) of the increase in U.S. imports from Canada were energy-related products.
Trade Shifts in 2007 from 2006
- U.S. trade deficit: Decreased by $5.4 billion (5 percent) to $99.4 billion
- U.S. exports: Increased by $14.9 billion (8 percent) to $213.1 billion
- U.S. imports: Increased by $9.5 billion (3 percent) to $312.5 billion
Other Government Resources
- Canadian Department of Foreign Affairs and International Trade
- U.S. Central Intelligence Agency: World Factbook
- U.S. Department of Energy, Energy Information Administration: Country Analysis Brief - Canada
- U.S. Department of State: Country Analysis Brief - Canada