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Canada's international trade in services

  • The deficit on Canada's international trade in services increased by $4.0 billion to $10.9 billion in 2003. Travel, transportation and commercial services represented each one third of the deficit. The increase was largely the result of a higher travel deficit. Overall, receipts decreased by 6.2% to reach $60.0 billion while payments remained virtually unchanged at $70.9 billion.
  • Travel had its worst performance since 1994 due to a number of serious problems, notably the SARS crisis. Spending by foreign travellers in Canada dropped dramatically while Canadians travellers increased their spending in countries other than United States. The travel deficit rose by $2.3 billion to $3.9 billion in 2003 due to the combined effect of a 11.9% drop in receipts and a 1.5% increase in payments.
  • Transportation services, covering both passengers and goods, showed a deficit of $3.9 billion in 2003, up by $0.9 billion from the previous year due almost entirely to lower revenues for passenger fares.
  • The deficit on commercial services rose by $0.7 billion due to a 3.0% decrease in receipts. Insurance services, royalties and licence fees and management services, accounted for over 60% of the decrease in overall commercial receipts.

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Date Modified: 2005-04-01 Important Notices