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May 30, 2024CANADA'S BALANCE OF INTERNATIONAL PAYMENTS Q1 2024 
Quarter-over-quarter (all countries, seasonally adjusted, Q1 2024 vs. Q4 2023)
Canada's current account receipts increased $1.7 billion to $309.0 billion while current account payments increased $2.6 billion to $314.4 billion. The resulting net current account deficit widened by $0.9 billion to $5.4 billion.
Goods exports were down $2.5 billion to $191.7 billion while goods imports were up $0.7 billion to $192.8 billion. As a result, the goods balance changed from a surplus to a deficit of $1.1 billion.
Services exports were up $0.5 billion to $50.6 billion while services imports increased $0.02 billion to $54.3 billion. The services deficit narrowed by $0.5 billion to $3.6 billion.
Primary income receipts increased $3.1 billion to $61.5 billion while primary income payments increased $2.0 billion to $61.6 billion. The primary income deficit narrowed by $1.1 billon to $0.09 billion.
Secondary income receipts increased $0.61 billion to $5.2 billion while secondary income payments decreased by $0.24 billion to $5.73 billion. The resulting net secondary income deficit narrowed by $0.84 billion to $0.53 billion.
International trade in goods is the main determinant of Canada's balance of international payments, followed by primary income flows (including interest and divided income) and services trade. Secondary income flows (such as remittances and overseas development assistance) represent a smaller portion of Canada's international balance of payments.
Source: Statistics Canada. Table 36-10-0018-01 Balance of international payments, current account, seasonally adjusted, quarterly (x 1,000,000)
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