The United States-Mexico-Canada Agreement (USMCA) was signed on July 1st, 2020, redefining North American trade. Now, the U.S. enjoys a healthy trade balance with both nations, importing and exporting $1.6 trillion of goods in 2024 alone.
For this graphic, Visual Capitalist partnered with the Greenbrier Companies to explore North American trade and determine the most valuable commodities.
Trillions in Trade
In 2024, the U.S. traded over $760 billion of goods with Canada and nearly $840 billion with Mexico. Below is a list of the top 10 commodities the U.S. trades with its closest neighbors.
This data was taken from the Bureau of Transportation Statistics and was ranked by the total trade balance of the specific goods.
| Rank | Commodity | Total Trade Value |
|---|---|---|
| 1 | Vehicles and Parts* | $270B |
| 2 | Computers and IT Equipment | $239B |
| 3 | Oil and Other fuels | $208B |
| 4 | Machinery | $182B |
| 5 | Special Label Items** | $60B |
| 6 | Plastic Products | $59B |
| 7 | Measuring and Testing Instruments | $50B |
| 8 | Iron and Steel | $27B |
| 9 | Air and Spacecraft Parts | $25B |
| 10 | Furniture | $25B |
*Railway parts not included. **Items not for sale or that have special handling requirements, such as personal belongings or hazardous materials.
In 2024, these 10 commodities accounted for $1.1 trillion of U.S. trade between Canada and Mexico. But, the most valuable goods traded between the nations were vehicles and parts, totaling $270 billion.
However, the U.S. trade balance for vehicles and parts between its North American neighbors is heavily weighted towards imports. The U.S. imported $189 billion worth of cars and parts from Canada and Mexico but only exported $81 billion.
North America’s auto industry is so valuable because of the interconnectivity of its supply chain. Often, a part crosses the borders between nations several times before being installed.
Robust International Trade
America’s trade between Canada and Mexico adds trillions of dollars to the nation’s economy every year, driven heavily by the interconnectivity between the three nations’ economies.
America’s 140,000-mile rail network moves hundreds of billions of dollars every year. Rail drives economic growth, strengthens supply chains, and advances a more sustainable future.
Información extraída de: https://www.visualcapitalist.com/sp/tgc02-north-american-trade/
