Two Surpluses, Opposite Directions
U.S. services trade surplus with Mexico and Canada, 2020–2025.
Mexico surplus
Canada surplus
Source: BEA International Transactions Accounts, FT-900 Exhibit 20b
Chart: Daniel Covarrubias, Ph.D. · The Bridge
With Mexico, 2022 was the inflection point. The surplus almost vanished (+$202M) as post-COVID travel recovery was asymmetric. Since then, the surplus has rebounded sharply.
With Canada, 2024 was the peak. The surplus began to compress in 2025 as U.S. services exports to Canada declined slightly while Canadian services exports to the U.S. grew steadily.
Read the full analysis on The Bridge →The Bridge publishes weekly data-driven analysis of North American trade, technology, and policy.
Subscribe on Substack