Including $806 billion invested in finance and insurance overseas.

Canadian direct investment abroad was $2.47 trillion at the end of 2024, increasing 12% from 2023, the largest percentage rise since 2019, according to a Statistics Canada release.

The top sectors that contributed to the increase were finance and insurance at $806 billion (up $88 billion), management of companies and enterprises at $539 billion (up $61 billion) and mining, quarrying and fossil fuel extraction at $243 billion (up $10 billion). These sectors combined accounted for over two-thirds of Canada’s total outward investments at the end of 2024.

Canadian direct investment is still heavily weighted in the U.S., with $1.3 trillion invested there, up $172 billion from 2023 and representing 52% of total holdings abroad. Meanwhile, investment in Europe reached $486 billion, up $59 billion, representing one-fifth of Canada’s total outward position.

There was also $384 billion invested in the Caribbean, $164 billion in Asia and Oceania and $91 billion in South and Central America.

At the same time, foreign direct investment in Canada increased by $79 billion (5.5%) to $1.5 trillion in 2024, mainly led by mergers and acquisitions.

Foreign direct investment in Canada increased the most in the manufacturing sector, climbing by $2 billion to $251 billion at the end of 2024.

Foreign direct investment in Canada came mainly from the U.S. Our largest trading partner increased their investment by $45 billion to $683.8 billion at the end of 2024, representing 45.5% of all foreign direct investment stock in Canada.

Holdings from Europe were also up by $14 billion to $508 billion, representing about one-third of total inward direct investment. Lastly, investment from Asia and Oceania increased by $19 billion, reaching $188 billion.