Canadian international trade in services deficit narrowed to C$1.0B in May from C$1.1B in April; imports of services decreased 0.2% to C$18.1B, while exports of services increased 0.5% to C$17.0B: Statistics Canada

OTTAWA , July 3, 2024 (press release) –

Canada's monthly international trade in services deficit narrowed from $1.1 billion in April to $1.0 billion in May. Overall, exports of services increased 0.5% to $17.0 billion, while imports of services edged down 0.2% to $18.1 billion.

Exports of commercial services rose 1.2% to $11.0 billion in May, which was partially offset by lower exports of transportation services (-2.0%).

Imports of commercial services were down 1.2% to $10.3 billion in May, mainly because of lower payments of financial services. Imports of travel services increased 2.3% to $4.5 billion on higher spending by Canadian travellers visiting US destinations.

To explore the most recent results of Canada's international trade in services in an interactive format, see the International trade monthly interactive dashboard.

Chart 1: International trade in services

Total exports of goods decreased 2.6% to $62.4 billion in May, and total imports of goods were down 1.6% to $64.4 billion. This resulted in the goods trade deficit widening from $1.3 billion in April to $1.9 billion in May. Combined, the trade balance for goods and services amounted to a deficit of $2.9 billion in May, an increase of $0.5 billion from April.

Chart 2: International trade in services, balances

Chart 3: Contribution to the monthly change in exports, May 2024

Chart 4: Contribution to the monthly change in imports, May 2024

Note to readers
Next release
Data on Canadian international trade in services for June will be released on August 6.

Products
The updated Canada and the World Statistics Hub (Catalogue number13-609-X) is available online. This product illustrates the nature and extent of Canada's economic and financial relationship with the world using interactive charts and tables. It provides easy access to information on trade, investment, employment and travel between Canada and a number of countries, including the United States, the United Kingdom, Mexico, China, Japan, Belgium, Italy, the Netherlands and Spain.

The Methodological Guide: Canadian System of Macroeconomic Accounts (Catalogue number13-607-X) is available.

The User Guide: Canadian System of Macroeconomic Accounts (Catalogue number13-606-G) is also available. This publication will be updated to maintain its relevance.

Contact information
For more information, or to enquire about the concepts, methods or data quality of this release, contact us (toll-free 1-800-263-1136; 514-283-8300; infostats@statcan.gc.ca) or Media Relations (statcan.mediahotline-ligneinfomedias.statcan@statcan.gc.ca).

Industry Intelligence Editor's Note: This press release omits select charts and/or marketing language for editorial clarity. Click here to view the full report.

* All content is copyrighted by Industry Intelligence, or the original respective author or source. You may not recirculate, redistrubte or publish the analysis and presentation included in the service without Industry Intelligence's prior written consent. Please review our terms of use.