Exports and Imports of Goods and Services

International trade in goods and services is part of a vast system of statistics on Canada's transactions with non-residents. The system measures the flow of thousands of different goods and services across the border to and from countries around the world. The statistics on goods can be compiled on either a customs-basis or a balance of payments basis. The Canadian System of Macroeconomic Accounts (CSMA) uses the latter interpretation.

International trade in goods and services consists of exports of goods and services which in turn consists of sales, barter, gifts or grants of goods and services from residents to non-residents, and imports which consist of purchases, barter or receipts of gifts or grants of goods and services by residents from non-residents.

In general terms, international trade in goods and services can be defined as the statistical compilation of transactions of goods and services between residents of an economy and non-residents over a given period.

The balance of payments convention constitutes the conceptual framework for international trade within the CSMA. To the extent possible, this framework reflects the standards and conventions set out in the "System of National Accounts 2008" and in the "Balance of Payments and International Investment Position Manual, Sixth Edition". These standards and conventions provide the means for developing a record of transactions between residents and non-residents.

The conceptual framework of the balance of payments establishes the line between residents and non-residents. Such delineation is important because the balance of payments records only transactions between these units. Institutional units that reside, (e.g., produce, consume) in Canada are considered residents of Canada. Canadian residents may be legal entities (businesses) or persons. For individuals, this usually means that that they must have their principal residence in Canada. For businesses (unincorporated firms, corporations or public enterprises), their residence is linked to their Canadian production activities. In other words, they are Canadian residents if they carry out production in Canada through resident entities. These entities may be Canadian corporations or a Canadian branch or subsidiary of a foreign corporation.

The following table includes estimates of the export and import of goods and services by product class. The products are grouped according to the North American Product Classification System (NAPCS).