Canadian international trade in services, May 2023

Released: 2023-07-06

Canada's monthly international trade in services deficit narrowed from $1.2 billion in April to $1.1 billion in May. Overall, imports of services were down 0.5% to $15.7 billion, due to lower commercial services (-1.2%), namely financial services. Exports were essentially unchanged, at $14.6 billion. Higher exports of commercial services (+0.2%) were almost entirely offset by lower travel services (-0.2%) and transportation services (-0.4%).

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 imports of goods increased 3.0% from April to $65.0 billion in May, and total exports of goods declined 3.8% to $61.5 billion, resulting in a deficit of $3.4 billion for the month of May. Combined, the trade balance for goods and services amounted to a deficit of $4.6 billion in May compared with a deficit of $316 million in April.

The services trade deficit in April, originally reported at $1.2 billion in the previous release, was essentially unchanged in the context of the current reference month's release, as imports (+$194 million) and exports (+$144 million) were revised up.

Chart 2 
International trade in services, balances

Chart 3 
Contribution to the monthly change in imports, May 2023

Chart 4 
Contribution to the monthly change in exports, May 2023

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).