Canada-Mexico Bilateral Trade Analysis 2023
Complete trade statistics: $40.31B total volume •Canada deficit: $26.43B
Canada → Mexico
$6.94B
Exports (2023)
Mexico → Canada
$33.37B
Imports (2023)
Trade Balance
$26.43B
Deficit for Canada
Total Trade
$40.31B
Combined Volume
Trade Flow Visualization
Direct trade relationship between Canada and Mexico. Green line shows exports from Canada, red line shows imports.
Detailed Product Trade Analysis
Comprehensive breakdown of trade flows by product category, revealing the specialized nature of the Canada-Mexico commercial relationship and competitive positioning in global markets.
Canada → Mexico Exports
Export Market Intelligence
🎯 Strategic Export Focus
Canada's export portfolio to Mexico demonstrates strong diversification across multiple sectors, with oil seeds: low erucic acid rape or colza seeds, whether or not broken representing a key competitive advantage in this bilateral market.
Mexico → Canada Imports
Import Dependency Profile
📦 Import Strategy Analysis
Canada's import pattern from Mexico reveals significant dependencyin vehicles: with only spark-ignition internal combustion reciprocating piston engine, cylinder capacity over 1500 but not over 3000cc, highlighting complementary economic structures and potential supply chain optimization opportunities.
Competitive Trade Position Analysis
Market Leadership
Canada demonstrates competitive strength in exportingoil seeds: low erucic acid rape or colza seeds, whether or not broken to Mexico, leveraging comparative advantages.
Trade Complementarity
The bilateral relationship showsmoderatecomplementarity, with each country specializing in different sectors.
Growth Potential
The $40.31B trade volume indicates substantial economic integration with room for expansion in emerging sectors.
Executive Summary: Canada-Mexico Trade Relationship
Key Trade Highlights 2023
- Total Trade Volume: $40.31 billionrepresenting a significant bilateral economic relationship
- Trade Balance: Canada maintains a deficit of $26.43 billion
- Export Focus: Canada's primary exports include oil seeds: low erucic acid rape or colza seeds, whether or not broken, vehicle parts: gear boxes and parts thereof, vehicles: with only spark-ignition internal combustion reciprocating piston engine, cylinder capacity over 1500 but not over 3000cc
- Import Dependencies: Key imports from Mexico include vehicles: with only spark-ignition internal combustion reciprocating piston engine, cylinder capacity over 1500 but not over 3000cc, vehicles: spark-ignition internal combustion piston engine, for transport of goods, (of a g.v.w. not exceeding 5 tonnes), n.e.c. in item no 8704.1, vehicles: with only spark-ignition internal combustion reciprocating piston engine, cylinder capacity over 1000 but not over 1500cc
Strategic Trade Indicators
📈 Market Position: This bilateral trade relationship represents a significant global trade partnerships, with complementary economic strengths driving sustained commercial exchange.
Historical Trade Analysis & Economic Context
Trade Evolution Timeline
2019-2023: Recent Trends
Current trade volume of $40.31B represents the culmination of evolving bilateral commercial relationships, influenced by global supply chain shifts and changing economic priorities.
2015-2019: Growth Period
Sustained expansion in bilateral trade driven by complementary economic structures, with Canada leveraging its comparative advantages in oil seeds: low erucic acid rape or colza seeds, whether or not broken.
2010-2015: Foundation Building
Establishment of modern trade frameworks and reduction of barriers, facilitating increased commercial exchange and investment flows between the two economies.
Pre-2010: Early Development
Initial stages of bilateral trade relationship development, with focus on traditional export-import patterns and gradual market integration.
Key Economic Drivers
Comparative Advantage
Canada's specialization in oil seeds: low erucic acid rape or colza seeds, whether or not brokencomplements Mexico's demand patterns, creating natural trade synergies.
Supply Chain Integration
Deep integration in global value chains has strengthened bilateral linkages, particularly in vehicles: with only spark-ignition internal combustion reciprocating piston engine, cylinder capacity over 1500 but not over 3000cc.
Market Access & Trade Policy
Favorable trade agreements and market access conditions have facilitated the growth of this $40.31B bilateral relationship.
Trade Pattern Insights
Trade Relationship Outlook
The $40.31B bilateral trade volume positions this relationship for continued growth, supported by technological advancement, evolving consumer preferences, and strengthening economic ties. Key opportunities lie in expanding cooperation in emerging sectors while managing potential supply chain vulnerabilities.
Economic Impact & Strategic Outlook
Economic Impact Assessment
Trade Volume Impact
The $40.31 billion bilateral trade volume represents a significant economic factorfor both economies.
Industrial Integration
Trade flows in oil seeds: low erucic acid rape or colza seeds, whether or not broken and vehicles: with only spark-ignition internal combustion reciprocating piston engine, cylinder capacity over 1500 but not over 3000cc demonstrate deep industrial linkages and supply chain integration.
Trade Balance Effects
Canada's trade deficit of $26.43 billion impacts its overall economic position in this bilateral relationship.
Strategic Future Outlook
🚀Growth Opportunities
⚠️Risk Factors
🎯Strategic Recommendations
- Strengthen cooperation in high-value sectors beyond current trade patterns
- Develop alternative supply chains to reduce dependency risks
- Explore joint ventures in emerging technology sectors
- Enhance trade facilitation and reduce transaction costs
Market Position & Competitive Summary
The bilateral trade relationship between Canada and Mexico represents a total trade volume of $40.31 billion in 2023. This partnership demonstrates an unfavorable trade balance for Canada, with imports exceeding exportsby $26.43 billion.
Export Strengths
Canada's exports to Mexico total $6.94 billion, with competitive advantages in oil seeds: low erucic acid rape or colza seeds, whether or not broken, representing $554.76M or8.0% of bilateral exports.
Import Dependencies
Imports from Mexico amount to $33.37 billion, highlighting economic interdependence in vehicles: with only spark-ignition internal combustion reciprocating piston engine, cylinder capacity over 1500 but not over 3000cc, with Vehicles: with only spark-ignition internal combustion reciprocating piston engine, cylinder capacity over 1500 but not over 3000cc comprising7.3% of total imports.
The trade relationship reflects broader economic patterns and comparative advantages. The trade deficit indicates Canada's strategic sourcing from Mexico. This partnership is characterized by complementary trade flows, with each country specializing in different product categories based on their respective economic strengths, industrial capabilities, and position in global value chains.
Download Bilateral Trade Data
Access detailed trade data between Canada and Mexico in multiple formats.
Data Source: CEPII BACI (Base pour l'Analyse du Commerce International) • Last Updated: January 2025 • Coverage: 1995-2023