Canadian international trade in services, March 2024

Released: 2024-05-02

Canada's monthly international trade in services deficit widened from $0.9 billion in February to $1.0 billion in March. Overall, exports of services decreased 2.0% to $16.9 billion, and imports of services were down 1.4% to $17.9 billion.

Exports of commercial services declined 2.8% to $10.3 billion in March. Exports of transportation services were down 2.6% to $1.7 billion.

Imports of travel services decreased 4.3% to $4.1 billion in March, largely because of lower spending by Canadians returning from travel to non-US destinations. Imports of transportation services declined 2.8% to $3.0 billion, mainly because of lower payments of passenger fares.

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 5.3% to $62.6 billion in March, and total imports of goods were down 1.2% to $64.8 billion. This resulted in the goods trade balance going from a surplus of $0.5 billion in February to a deficit of $2.3 billion in March. Combined, the trade balance for goods and services amounted to a deficit of $3.3 billion in March, an increase of $2.8 billion from February.

The services trade deficit in February, originally reported at $1.0 billion in the previous release, was revised down by $118 million with this month's release. Imports were revised down by $211 million, mainly because of downward revisions to travel services. Exports were also revised down, by $93 million, because of downwards revisions to travel services and commercial services.

Chart 2 
International trade in services, balances

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

Chart 4 
Contribution to the monthly change in imports, March 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).