Canada was slowly weaning away from the US, even before the US President Donald Trump took office, with less of its trade dependent on the US economy, according to a Moneycontrol analysis.
While US still accounted for a significant 76 percent of Canada’s exports in 2024, this ratio has declined over the years. In 2002, 87 percent of Canada’s exports were headed to its North American neighbour, which reduced to 79 percent by 2007.
In terms of imports, the decline has been even more drastic. In 2024, just 49.5 percent of imports were from the US, compared with 62.6 percent in 2002.
Prime Minister Mark Carney, in his first address after the victory in election, targeted the US, calling the recent events a betrayal by the United States.
“Our old relationship of integration with the US is now over,” Carney, who secured a fourth term for liberals, noted.
Analysis shows that 90 percent of Canada’s $434 billion worth of exports had over 70 percent dependence on US goods, while US accounted for over half the exports from Canada in 95 percent of its categories.
In terms of imports, US had over 70 percent share in half of the $274 billion worth of products imported by Ottawa.
In the 2,214 categories where the US had over 50 percent share in Canada’s imports, over three-fourths of the total trade was from the US.
Canada’s top exports to the US were engines over 1000cc, where US accounted for nearly all of trade from the country and turbojets, where the US had 87 percent share.
President Donald Trump on April 28 had again asked Canadians to join America as the 51st state of the United States.
“Good luck to the Great people of Canada. Elect the man who has the strength and wisdom to cut your taxes in half, increase your military power, for free, to the highest level in the World, have your Car, Steel, Aluminum, Lumber, Energy, and all other businesses, QUADRUPLE in size, WITH ZERO TARIFFS OR TAXES, if Canada becomes the cherished 51st. State of the United States of America… America can no longer subsidize Canada with the Hundreds of Billions of Dollars a year that we have been spending in the past. It makes no sense unless Canada is a State!,” US President had said in a social media post on Truth Social.
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