Canadian international trade in services, April 2024

Released: 2024-06-06

Canada's monthly international trade in services deficit widened from $0.9 billion in March to $1.1 billion in April. Overall, imports of services increased 1.1% to $18.0 billion, while exports of services were essentially unchanged, at $16.9 billion.

Imports of commercial services were up 3.5% to $10.4 billion in April, amid widespread increases that also affected financial services. Imports of travel services were down 2.5% to $4.5 billion, on lower spending by Canadian travellers visiting US destinations.

Exports of travel services decreased 1.5% to $4.2 billion in April, and exports of transportation services were down 0.7% to $1.7 billion. These declines were almost entirely offset by higher exports of commercial services (+0.7%).

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 2.6% to $64.4 billion in April, and total imports of goods were up 1.1% to $65.5 billion. This resulted in the goods trade deficit narrowing from $2.0 billion in March to $1.0 billion in April. Combined, the trade balance for goods and services amounted to a deficit of $2.2 billion in April, a decrease of $0.7 billion from March.

The services trade deficit in March, originally reported at $1.0 billion in the previous release, was revised down by $71 million with this month's release. Imports were revised down by $73 million, and exports were largely unchanged. The revisions reflected in this month's release are primarily due to the integration of quarterly benchmark data from the balance of payments for the first quarter of 2024.

Chart 2 
International trade in services, balances

Chart 3 
Contribution to the monthly change in imports, April 2024

Chart 4 
Contribution to the monthly change in exports, April 2024

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).