Canada-Russia Trade 2026: The Definitive Outlook

Bilateral trade between Canada and Russia peaked in 2021 at over $2.2 billion. Since then, the market has seen a drastic contraction, falling to $744.5 million in 2022 and reaching a five-year low of approximately $94.8 million by 2024. This represents a significant downward shift in total trade volume over the observed period.

Canada consistently maintains a trade deficit with Russia. Imports reached a high of $1.7 billion in 2021 compared to $494 million in exports. By 2024, both metrics declined sharply, with imports totaling $58.8 million and exports at $36 million. The gap has narrowed significantly as overall trade activity has diminished.

The bilateral trade market has experienced a sharp negative growth rate of -48.53%. This substantial contraction indicates a significant reduction in the exchange of goods and services between the two nations, reflecting a broader trend of commercial decoupling and declining economic engagement over the analyzed timeframe.

In 2021, Medicaments (HS 300490) were the primary import, valued at $134.4 million. Other significant imports included agricultural machinery such as seeders ($26.9M) and harvesting equipment ($22.8M), alongside dog treats ($20.9M). The import profile was characterized by a mix of essential pharmaceuticals and specialized industrial equipment.