Canadian international trade in services, August 2023

Released: 2023-10-05

Canada's monthly international trade in services deficit widened from $1.2 billion in July to $1.5 billion in August. Overall, imports of services were up 0.7% to $16.4 billion, while exports of services declined 0.7% to $15.0 billion.

The increase in imports was led by higher payments of transportation services (+4.9%). Imports of marine transportation services rebounded in August following significant declines in July related to the British Columbia port strike and its effects on the imports of goods. Lower imports of commercial services (-0.6%), mainly in the form of financial services, partially offset the overall increase.

The decrease in exports was mainly attributable to lower receipts for commercial services (-1.1%). Exports of travel services (-0.7%) also declined in August, while exports of transportation services (+2.8%) rose.

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 increased 5.7% from July to $64.6 billion in August, and total imports of goods were up 3.8% to $63.8 billion, resulting in a surplus of $0.7 billion in August. Combined, the trade balance for goods and services amounted to a deficit of $0.7 billion in August, compared with a deficit of $1.7 billion in July.

The services trade deficit in July, originally reported at $1.4 billion in the previous release, was revised down to $1.2 billion with this month's release, as exports (+$40 million) were revised up and imports (-$126 million) were revised down.

Chart 2 
International trade in services, balances

Chart 3 
Contribution to the monthly change in imports, August 2023

Chart 4 
Contribution to the monthly change in exports, August 2023

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

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