Canada ranked as the United States’ top trading partner for 2022 (as of November data).
Last November saw our friend to the north’s monthly trade with the U.S. rise five percent year-over-year to $63.4 billion (USD). A healthy chunk, a.k.a $29.6 billion, were exports to America which also observed a year-over-year bump of 7 percent.
The most coveted commodities exchanged in the eleventh month were $8 billion worth of crude oil, $3.7 billion worth of auto parts, and $3.2 billion worth of passenger vehicles. Sounds like people are planning some road trips?
For the first ten months of 2022, the two countries’ trade totaled $733 billion.
You’ve got a friend in me
With sharing the world’s longest border, it’s advantageous for U.S. and Canada to be in good standing with one another. It would certainly be an awkward relationship otherwise.
Having a 5,525-mile border allows for 120 ports-of-entry. Every day, nearly $2.6 billion worth of goods and services cross between U.S. and Canada.
Trade between the two countries supports millions of jobs. The secure and efficient flow of goods across the border is a vital part of ensuring the mutual prosperity the two receive from their trade.
In 2021, Canada was the largest U.S. trading partner in goods and services, tallying a total north of $1 trillion.
Any commodity you name, the two have probably exchanged it. Top sectors include minerals, transportation equipment, and chemical products. However, metals, agriculture products, and miscellaneous manufactured items also make up a good chunk of this wide commodity portfolio.
Mexico is not far behind
And, while it appears Canada will capture another yearly title of being America’s BTPF (best-trading-partner-forever), America’s other neighbor is not too far behind.
From November data, Mexico was the runner up to Canada. The country’s total trade with the U.S. was $62.4 billion for the month. Like with Canadian trade, the two countries saw healthy year-over-year growth. In this instance, it was 6 percent.
Exports from the U.S. to Mexico were a particular strength. Increasing 23 percent year-over-year, $29.6 billion was the total for November.
Auto parts ($8.6 billion), heavy-duty trucks and buses ($3.8 billion), and passenger vehicles ($2.9 billion) were the hottest outbound items to Mexico.
For the first ten months of 2022, trade between the U.S. and Mexico totaled $718.3 billion. That amount is only $15 billion behind Canada.
While only makes it sound like a modest sum, relatively speaking it is feasible for Mexico to have surpassed Canada in December. We will all have to see for ourselves once the data is released.
Final Thoughts
For a closer look at America’s top trading partners, please refer to U.S. Census Bureau data.
Both of these countries—Canada and Mexico—are the beacons of cross-border trade. Our only two borders in the contiguous states are vital for the trucking and rail industries to move shippers’ freight to and from these neighboring lands.
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