Canadian international trade in services, October 2023
Released: 2023-12-06
$16.4 billion
October 2023
0.3% 
(monthly change)
$17.7 billion
October 2023
-0.5% 
(monthly change)
-$1.3 billion
October 2023
$82.4 billion
October 2023
0.1%
(monthly change)
$80.7 billion
October 2023
-2.3%
(monthly change)
$1.7 billion
October 2023
Canada's monthly international trade in services deficit narrowed from $1.4 billion in September to $1.3 billion in October. Overall, imports of services were down 0.5% to $17.7 billion, while exports of services edged up 0.3% to $16.4 billion.
Imports of commercial services decreased 1.1% to $10.3 billion in October, mainly on lower payments of financial services. Imports of transportation services (-2.1%) also declined, as a result of lower payments related to maritime transportation services for goods entering Canada. Higher imports of travel services (+2.1%), led by a rise in Canadians' spending on travel overseas, partially offset the decline in commercial and transportation services.
The slight increase in exports occurred as a result of higher receipts of travel services (+0.9%) and transportation services (+1.4%), although they were partially offset by lower exports of commercial services (-0.2%).
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 imports of goods decreased 2.8% from September to $63.0 billion in October, and total exports of goods edged up 0.1% to $66.0 billion. This resulted in an increase in the goods surplus from $1.1 billion in September to $3.0 billion in October. Combined, the trade balance for goods and services amounted to a surplus of $1.7 billion in October, compared with a deficit of $0.3 billion in September.
The services trade deficit in September, originally reported at $1.6 billion in the previous release, was revised down to $1.4 billion with this month's release. The revisions to September's trade deficit resulted from a reduction in the travel services deficit and the slight commercial services deficit switching to a small surplus.
Chart 2
International trade in services, balances
Chart 3
Contribution to the monthly change in imports, October 2023
Chart 4
Contribution to the monthly change in exports, October 2023
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Note to readers
Revisions
This release incorporates statistical revisions back to January 2020 as part of the annual revision exercise of the Canadian System of Macroeconomic Accounts that were first published with the balance of international payments release for the third quarter of 2023. At the total level, exports and imports of services were revised downward for most months of 2020 and upward for almost all months from 2021 to 2023.
The revisions mainly reflect the integration of new benchmark survey data and updates resulting from the integration of trade data in the broader analytical context of the supply-use tables. For more information, consult the latest release on Annual international trade in services, 2022.
Next release
Data on Canadian international trade in services for November will be released on January 9, 2024.
Products
The updated Canada and the World Statistics Hub (13-609-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 (13-607-X) is available.
The User Guide: Canadian System of Macroeconomic Accounts (13-606-G) is also available. This publication will be updated to maintain its relevance.
Contact information
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