Canadian international trade in services, January 2023

Released: 2023-03-08

Canada's monthly international trade in services deficit increased from $1.3 billion in December 2022 to $2.3 billion in January 2023. Overall, imports of services increased 5.2% to $16.3 billion, while exports were down 1.3% to $14.0 billion.

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

Imports of travel services rose 15.0% from December to $3.6 billion in January, mainly because of an increase in the number of Canadian resident travellers returning from US destinations. The increase in January follows a decrease in December, when major winter storms during the peak holiday travel period led to a significant number of flight cancellations and delays. Meanwhile, exports of travel services were down 2.9% to $3.0 billion.

Imports of transportation services increased 6.1% from December to $3.1 billion in January, almost entirely because of an increase in payments of passenger fares. At the same time, exports of transportation services declined 1.1% to $1.6 billion, largely because of lower receipts of passenger fares.

Imports of commercial services were up 1.6% from December to $9.4 billion in January, largely because of an increase of financial services. At the same time, exports of commercial services decreased 0.9% to $9.2 billion.

Chart 2 
Contribution to the monthly change in imports, January 2023

Chart 3 
Contribution to the monthly change in exports, January 2023

Chart 4 
International trade in services, balances

In January, total exports of goods increased 4.2% from December to $67.0 billion and total imports of goods were up 3.1% to $65.1 billion, resulting in a surplus of $1.9 billion. Combined, the trade balance for goods and services amounted to a deficit of $378 million in January, compared with a deficit of $119 million in December.

The services trade deficit in December, originally reported at $1.2 billion in the previous release, was revised to $1.3 billion with the current reference month's release. Imports were revised up by $170 million, mainly because of upward revisions to commercial services. Exports were revised up by $23 million, also largely because of upward revisions to commercial services. The revisions reflected in the current reference month's release are primarily because of the integration of quarterly benchmark data from the balance of payments for the fourth quarter of 2022 and revisions to the data for the other three quarters of 2022.

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).