Canadian international trade in services, December 2023

Released: 2024-02-07

Canada's monthly international trade in services deficit narrowed from $0.9 billion in November to $0.7 billion in December. Overall, exports of services increased 1.3% to $16.9 billion, while imports of services were up 0.3% to $17.6 billion.

Exports of commercial services were up 1.0% to $10.8 billion in December. Exports of travel services increased 2.5% to $4.3 billion, on higher spending by both US and non-US resident visitors in Canada.

The slight increase in imports occurred as a result of higher imports of transportation services (+1.6%) and commercial services (+0.4%), which were partially offset by lower payments of travel services (-1.1%) in December.

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 exports of goods decreased 1.9% from November to $64.1 billion in December, and total imports of goods edged up 0.2% to $64.4 billion. This resulted in the goods trade balance going from a surplus of $1.1 billion in November to a deficit of $0.3 billion in December. Combined, the trade balance for goods and services amounted to a deficit of $1.0 billion in December, compared with a surplus of $0.2 billion in November.

On an annual basis, exports of services increased 12.7% to $194.9 billion in 2023, and imports were up 10.6% to $209.0 billion. As a result, Canada's international trade in services deficit narrowed from $16.0 billion in 2022 to $14.1 billion in 2023. Commercial services and transportation services were largely responsible for the narrowing deficit, as exports of commercial services (+$10.0 billion) increased more than imports (+$7.2 billion), and exports of transportation services increased (+$0.8 billion) while imports declined (-$1.0 billion). The travel services deficit widened from $0.7 billion in 2022 to $3.4 billion in 2023, as imports (+$13.7 billion) increased more than exports (+$11.0 billion).

The services trade deficit in November, originally reported at $1.0 billion in the previous release, was revised down to $0.9 billion with this month's release. Imports of services were revised down by $65 million, while exports of services were revised up by $19 million.

Chart 2 
International trade in services, balances

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

Chart 4 
Contribution to the monthly change in imports, December 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

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