Canadian international trade in services, June 2022

Released: 2022-08-04

Canada's monthly international trade in services deficit widened from $1.1 billion in May to $1.3 billion in June. Overall, imports of services increased 2.8% to $14.0 billion, while exports were up 1.5% to $12.8 billion.

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

Imports of travel services rose 5.6% to $2.6 billion in June, a fifth consecutive monthly increase. Imports of travel services have nearly doubled (+96%) from January to June 2022. Meanwhile, exports of travel services were up 2.1% from May to $2.3 billion in June. In June, imports (-41.9%) and exports (-6.5%) of travel services were still below their levels in February 2020, before the COVID-19 pandemic.

Imports of commercial services were up 2.4% to $8.2 billion in June on higher imports of financial services. Exports of commercial services increased 1.2% to $8.7 billion.

Exports of transportation services rose 2.2% to $1.6 billion in June, largely due to higher receipts of passenger fares. Imports of transportation services were up 1.6% to $3.1 billion, led by higher payments related to the marine shipment of goods.

Chart 2 
International trade in services, imports

Chart 3 
International trade in services, exports

Chart 4 
International trade in services, balances

By comparison, total exports of goods increased 2.0% to $69.9 billion in June and total imports of goods were up 1.7% to $64.9 billion, resulting in a surplus of $5.0 billion. Combined, the trade balance for goods and services amounted to a $3.8 billion surplus in June, essentially unchanged from May.

Chart 5 
International trade in goods and services, June 2022

The services trade deficit in May, originally reported at $1.1 billion in the previous release, remained at the same level with the release of the June 2022 reference month data. Exports of services were revised up by $182 million, mainly due to upward revisions to travel services. Imports of services were revised up by $126 million, as an upward revision to travel services was partially offset by downward revisions to transportation services and commercial services.

On a quarterly basis, imports of services increased 12.3% to $41.3 billion in the second quarter of 2022, led by higher imports of travel services (+56.3%). Exports of services were up 7.0% to $37.6 billion, led by higher exports of travel services (+26.7%). The services trade balance for the second quarter amounted to a deficit of $3.7 billion—a $2.1 billion increase from a deficit of $1.7 billion in the first quarter.

Products

The updated Canada and the World Statistics Hub (Catalogue number13-609-X) is available online. It illustrates the nature and extent of Canada's economic and financial relationship with the world using interactive charts and tables. This product 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).