Total imports

Canadian imports in 2025 are forecast at $796.3 billion, representing a moderate 0.2% rise from 2024, shaped by ongoing economic recovery, persistent consumer demand and evolving global trade dynamics. Following earlier market shocks, key drivers include robust business investment and a gradual normalization in key sectors. The strength and volatility of the Canadian dollar against the US dollar and other major currencies play a central role, as exchange rate movements directly affect the affordability of imported goods and the competitiveness of domestic industries. Shifts increasingly influence the composition of imports in supply relationships; diversification away from the US in response to newly imposed tariffs is underway, but the depth of US-Canada economic integration limits an immediate realignment. Efforts to broaden import sources in Asia, particularly China, are also being tempered by ongoing trade disputes, which continue to weigh against full-scale import growth.

From 2020 to 2025, Canadian import trends were marked by exceptional volatility fueled by global and domestic shocks. Imports contracted sharply in 2020, dropping 9.4% to $675 billion amid global pandemic impacts, movement restrictions and suppressed business and consumer demand. As restrictions were lifted and global trade outlets reopened, imports rebounded strongly, reaching $794.4 billion in 2024. The pace and sectoral composition of this recovery were highly uneven: pandemic supply chain disruptions had outsized impacts on the automotive sector and technology-driven segments, with uneven restoration of supply networks causing uncertainties in volume and timing. Throughout the five-year period, macro trends such as global commodity price swings, a rising focus on nearshoring and supply chain digitization, and policy responses to Russia's invasion of Ukraine led to notable shifts in prices and logistics costs, altering the aggregate value and composition of imports.

Policy and business responses have focused on reducing overreliance on single markets through trade diversification and accelerating the adoption of digital tools for supply chain management. The transition toward a lower-carbon economy has begun reshaping the basket of imported goods, particularly in energy and technology. These developments, deliberate exchange rates, and monetary management have been central to smoothing shocks and ensuring resilience. Import growth from 2020 to 2025 averaged a CAGR of 3.4%, underscoring the strong post-pandemic rebound, though macro headwinds and geopolitical risks eventually curtailed growth prospects.