Canada's current account balance (on a seasonally adjusted basis) recorded a $1.6 billion deficit in the fourth quarter, narrowing $3.1 billion from the previous quarter. The lower deficit mainly reflected a stronger goods surplus.
In the fourth quarter, in the financial account (unadjusted for seasonal variation), inflows of funds from abroad to finance the current account deficit came primarily from transactions in currency and deposits. Foreign holdings of these instruments in Canada increased considerably over the quarter. This activity was moderated by strong Canadian acquisitions of foreign securities.
For the year 2023, recalibrating supply chains, volatility in commodity prices, recovery in global stock markets, and international travel reaching new heights all had an impact on balance of payments flows.
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