Bilateral Economic Relations
In the trade sector, Statistics Canada data for 2024 confirm a strong performance of the Made in Italy, with the trade balance favorable to our country.
In 2024, the total trade exchange between Canada and Italy amounted to 15.54 billion CAD (the amount is in line with the one of 2023).
In 2024, Italian exports to Canada slightly decreased compared to 2023 (from 12.9 billion CAD to 12.3 billion CAD). On the other hand, there was an increase in Canadian exports to our country (from 2.7 billion CAD to 3.3 billion CAD). This resulted in a reduction in the Canadian trade deficit, which remains significant.
Main sectors in 2024 (Italian exports to Canada):
- Pharmaceutical sector (906 million CAD, +13.4% compared to the previous year);
- Wine sector (649 million CAD, +3.4% compared to the previous year);
- Manufacturing industrial sector (606 million CAD, -27% compared to the previous year);
- Automotive and related manufacturing sector (554 million CAD, -19% compared to the previous year).
Some of the main sectors in 2024 (Canadian imports to Italy):
- Wheat products (597 million CAD, +1.9% compared to 2023);
- Aerospace industry (578 million CAD, +112.7% compared to 2023);
- Pharmaceutical industry (269 million CAD, -29.3% compared to 2023).
The United States remains the main destination for Canadian products, with a share of the exported value in 2024 equal to 76.4%. The trade balance between the two countries is favorable to Canada. The trade surplus with the United States is used to import goods from the rest of the world. There is an increase in Canadian imports from Asian countries such as Japan, South Korea, and Vietnam, which rank 5th, 6th, and 7th respectively among the main suppliers of goods. China, however, saw a slight decrease (-1.7%) but still maintained 2nd place ahead of Mexico (+1.6%).
Italy enjoys excellent trade relations with Canada and is the eighth largest supplier in the Canadian market, second in Europe after Germany, which occupies 4th place.
For more information and data in Euros, visit the InfoMercatiEsteri website.