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Graphic Truth: US trade deficit with Canada & Mexico

March 14, 2024
Matthew Kendrick
Paige Fusco

The US trade deficit in goods with Canada and Mexico reached an all-time high in 2023 of over $220 billion — and despite what you may hear from certain former US presidents, that’s a good thing. Yes, more money than ever is leaving the US and going to the neighbors. And in exchange, American consumers get more stuff from their neighbors than ever before and for better prices than they can find at home.

Trade skeptics will argue it costs US jobs, but Canadian and Mexican consumers bought plenty of US goods — the US exported over $676 billion in products to its neighbors in 2023. That’s the magic of trade agreements: Efficiency. Everyone spends less and makes more, freeing up capital to reinvest, grow businesses, and set off a virtuous cycle.

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