We’ve created the largest free trade area in the world, a trading bloc that links 506 million people producing $31 trillion worth of goods and services each year.
The three CUSMA partners account for approximately 30 per cent of the world’s GDP with 6 per cent of the world’s population.
Under CUSMA, annual two-way trade between Canada and the U.S. reached $1.1 trillion in 2023. Trade between the three members surpassed $2 trillion in 2023.
More than $5 billion of trade takes place every day between the U.S. and its CUSMA trading partners.
U.S. exports to Canada and Mexico have increased more than U.S. exports to any other country since the 2007 recession. In fact, Canada and Mexico account for 40% of the growth in overall U.S. goods exports and trade with the two countries reached nearly $1.4 trillion in 2018.
Trade with Canada and Mexico supports 12 million American jobs and 49 U.S. states count Mexico or Canada as one of their top three merchandise export markets.
The Brookings Institution reports that 13.1% of Canadian jobs are connected to exports to our CUSMA partners.
400,000 people cross the Canada–U.S. border daily.
Canada ships about 3.8 million barrels of crude oil to the U.S. every day. And, every day the U.S. exports 799,000 barrels of crude the other way supplying 71 per cent of Canada’s total imports shipped mainly to refineries in Eastern Canada.
Saskatchewan supplies more oil to the United States than Iraq.
Saskatchewan’s uranium is responsible for supplying power to 1 in 17 homes in the United States.
We’re an important market for U.S. goods. Canada is the largest export market for 36 states. Mexico is the largest export market for an additional 6 states. See the complete chart here.
Our economies are integrated. It’s estimated that about 50 per cent of U.S. trade with Canada and Mexico takes place between related companies. The resulting specialization has boosted productivity in all three countries and made all three countries more competitive.
An article from the Council on Foreign Relations notes that for every dollar of goods Canada exports to the U.S., there is 25 cents worth of American inputs in those Canadian products. By comparison, there are just four cents of U.S. inputs in every dollar of goods imported from China, and just two cents in Japanese products.
At Waterloo, Iowa, there is a John Deere tractor factory. Some of the tractors made at Waterloo are sold in Saskatchewan, where they’re used in the production of oats. A portion of those Saskatchewan oats are shipped back to Iowa, to Cedar Falls, where they’re used to make food such as Cheerios and Quakers Oats. Last year, Iowa exported $894 million worth of goods to Saskatchewan. Saskatchewan shipped $893 million worth of goods the other way. That’s integrated, balanced trade. And that’s just one province and one state…multiply that by nine other provinces and 49 other states and you get the most successful trading relationship in the world.
