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Canada's international trade in services
2003
Highlights
- 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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