Canadian international trade in services, February 2024

Released: 2024-04-04

Canada's monthly international trade in services deficit narrowed from $1.2 billion in January to $1.0 billion in February. Overall, exports of services increased 1.9% to $17.4 billion, while imports of services rose 0.8% to $18.4 billion.

Exports of travel services were up 6.9% to $4.9 billion in February on higher spending by US- and non-US-resident visitors in Canada. Exports of transportation services (+5.3%) also recorded an increase, while commercial services were down 0.8%.

Imports of transportation services rose 5.9% to $3.1 billion in February, largely because of higher payments for maritime transportation services for goods entering Canada. Imports of commercial services declined 0.4% to $10.6 billion, mainly because of lower payments of financial services.

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 increased 5.8% from January to $66.6 billion in February, and total imports of goods rose 4.6% to $65.2 billion. This resulted in the goods trade surplus increasing from $0.6 billion in January to $1.4 billion in February. Combined, the trade balance for goods and services amounted to a surplus of $0.4 billion in February, compared with the deficit of $0.6 billion in January.

The services trade deficit in January, originally reported at $1.3 billion in the previous release, was revised down by $72 million with this month's release. There were small revisions to both imports and exports of services.

Chart 2 
International trade in services, balances

Chart 3 
Contribution to the monthly change in exports, February 2024

Chart 4 
Contribution to the monthly change in imports, February 2024

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).