Canada's monthly international trade in services balance went from a surplus of $0.2 billion in September to a small deficit of $0.1 billion in October. Overall, imports of services increased 2.0% to $18.4 billion, and exports of services were up 0.7% to $18.3 billion.
Services trade balance
Source(s): Table 12-10-0144-01.
Imports of services
Source: Table 12-10-0144-01.
Exports of services
Source: Table 12-10-0144-01.
Imports of travel services were up 5.1% to $5.1 billion in October, mainly because of higher spending by Canadian travellers overseas. Imports of transportation services also increased, up 2.7% to $3.2 billion.
Exports of transportation services rose 6.4% to $2.0 billion in October, largely due to higher receipts of passenger fares. Offsetting movements in exports of travel services (+0.3%) and commercial services (-0.2%) were observed during the month.
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
Description - Chart 1
Data table: International trade in services
Note: Data are seasonally adjusted.
Source: Table 12-10-0144-01.
Total exports of goods increased 1.1% to $64.2 billion in October, and total imports of goods were up 0.5% to $65.1 billion. This resulted in a narrowing of the goods trade deficit from $1.3 billion in September to $0.9 billion in October. Combined, the trade balance for goods and services amounted to a deficit of $1.0 billion in October.
Goods and services trade balance
Source: Table 12-10-0144-01.
Chart 2: International trade in services, balances
Description - Chart 2
Data table: International trade in services, balances
Note: Data are seasonally adjusted.
Source: Table 12-10-0144-01.
Chart 3: Contribution to the monthly change in imports, October 2024
Description - Chart 3
Data table: Contribution to the monthly change in imports, October 2024
Note: Data are seasonally adjusted.
Source: Table 12-10-0144-01.
Chart 4: Contribution to the monthly change in exports, October 2024
Description - Chart 4
Data table: Contribution to the monthly change in exports, October 2024
Note to readers
Revisions
This release incorporates statistical revisions back to January 2021 as part of the annual revision exercise of the Canadian System of Macroeconomic Accounts. These revisions were first published with the balance of international payments release for the third quarter of 2024.
The revisions mainly reflect the integration of new benchmark survey data and updates resulting from the integration of trade data in the broader analytical context of the supply-use tables. For more information, consult the latest release on Annual international trade in services, 2023. As well, a new article, entitled "Revisions to 2022 and 2023 exports of travel services'' presents revisions to 2022 and 2023 exports of travel services, focusing mainly on integrating new estimates of the expenditures of temporary foreign workers in Canada.
Next release
Data on Canadian international trade in services for November 2024 will be released on January 7, 2025.
Reference
Data table: 12-10-0144-01.
- Note: some data tables may best be viewed on desktop.
Definitions, data sources and methods: survey number 1536
Previous release: Canadian international trade in services, September 2024
Contact information
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