Canadian automotive trade has exceeded $200 billion, according to DesRosiers Automotive Consultants (DAC).
Product imports and exports dropped 23.3% and 23.2%, respectively, in dollar value for 2020, but sharply rebounded since 2022; imports climbed 21.1% in 2023 from a year earlier, increasing to more than $140 billion. And exports, although still lagging the early 2000s, have increased.
“Long gone are the days when Canada maintained healthy trade surpluses in automotive,” said Andrew King, Managing Partner at DAC, in a statement. “EVs are bringing changes throughout the entire automotive ecosystem, and trade is no exception, as production systems restructure, new players emerge, and trade tensions rise to the fore.”
For 2023, Canadian exports of auto parts came in at $23.5 billion, while exports of light vehicles totalled $53.5 billion. Imports totalled $47.5 and $70.4 billion, respectively. In both cases, DAC said the United States remains its largest trading partner, accounting for 95.3% of Canada’s total auto exports and 57.7% of its overall auto imports.
In comparison, Mexico accounts for 2.5% of auto exports and 14.5% of auto imports.
