Prime Minister Mark Carney used a nationally televised pre-budget address to set an “ambitious” 10-year goal to double Canada’s non-US exports and to preview a Climate Competitiveness Strategy as the centerpiece of the upcoming Budget 2025 on November 4.
Carney quantified the target as roughly $300 billion in additional trade with markets outside the US over the next decade.
However, the scale of the task is stark. In 2024, three-quarters of Canada’s domestic exports by value went to the US, underscoring how thin the non-US base is today. Merchandise exports totaled about $721.1 billion in 2024, which highlights how much new volume would need to be found offshore to hit the goal.
Talking about the budget, Carney said it will “spur unprecedented investments in Canada over the next five years,” adding that “fortune favours the bold,” but he also cautioned that transformation “will take some sacrifices and some time.”
Policy planks previewed in the speech included a Climate Competitiveness Strategy that Carney said will prioritize results over objectives, a new immigration plan, and an international talent-attraction strategy to equip young Canadians with skills for higher-paying jobs.
Conservative Leader Pierre Poilievre said his party’s support will hinge on an “affordable budget” that cuts taxes and caps the deficit, signaling a likely negotiation over the size and timing of Ottawa’s planned investments.
The government has moved to a fall budget cycle, and Finance Canada has confirmed the tabling date of November 4. Carney’s office has cast the plan as pairing investment with restraint, with details and line items due in the budget documents.
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