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Thomas StorringDirector – Economics and Statistics
Tel: 902-424-2410Email: thomas.storring@novascotia.ca

November 28, 2019
CANADA'S BALANCE OF INTERNATIONAL PAYMENTS 2019Q3

THIRD QUARTER

 

In Canada 2019 Q3, the seasonally adjusted current account deficit increased $3.1 billion to $9.9 billion over 2019 Q2.                                                                                                     

                                                                     

In 2019 Q3,

  • exports (receipts) goods and services decreased $3,692 million to $183.3 billion, while imports (payments) goods and services decreased $1,277 million to $191.3 billion over 2019 Q2. The resulting international goods and services trade deficit increased $2.4 billion to $8.0 billion over 2019 Q2.
  • primary income receipts decreased $420 million to $37.6 billion over 2019 Q2. while primary income payments decreased $389 million to $38.2 billion over 2019 Q2. The resulting international primary income trade deficit increased $132 million to $0.5 billion over 2019 Q2.
  • secondary income receipts decreased $154 million to $3.5 billion over 2019 Q2. while secondary income payments increased $414 million to $4.8 billion over 2019 Q2. The resulting international secondary income trade deficit increased $568 million to $1.3 billion over 2019 Q2.
  • with the international goods and services trade deficit increasing ($2.4 billion); the international primary income trade deficit increasing ($132 million); the international secondary income trade deficit increasing ($568 million); the seasonally adjusted current account deficit increased $3.1 billion to $9.9 billion.

 

THIRD QUARTER BALANCE OF PAYMENTS WITH THE UNITED STATES

In 2019 Q3, the not seasonally adjusted Canada-United States current account surplus  decreased $1.5 billion to $9.2 billion over 2019 Q2.

 

In 2019 Q3, the balance of payments withe the United States had changes consisting of:

  • exports (receipts) goods and services decreased $6.1 billion to $130.5 billion, while imports (payments) goods and services decreased $5.5 billion to $118.7 billion. The resulting international goods and services trade surplus decreased $571 million to $11.7 billion over 2019 Q2.
  • primary income receipts decreased $1.3 billion to $17.0 billion, while primary income payments decreased $563 million to $20.2 billion. The resulting international primary income trade deficit increased $758 million to $3.2 billion over 2019 Q2.
  • secondary income receipts were unchanged at $1.8 billion, while secondary income payments increased $126 million to $1.2 billion. The resulting international secondary income trade surplus decreased $127 million to $0.6 billion over 2019 Q2.
  • with the international goods and services trade surplus decreasing ($0.5 billion); the international primary income trade deficit increasing ($0.8 billion);  the international secondary income trade surplus decreasing ($0.1 billion); the seasonally adjusted United States current account surplus decreased $1.5 billion to $9.2 billion.

 

THIRD QUARTER BALANCE OF PAYMENTS WITH NON-US COUNTRIES

 

In 2019 Q3, the not seasonally adjusted Canada-nonUS Countries current account deficit increased $1.9 billion to $20.3 billion over 2019 Q2.

 

In 2019 Q3,the balance of payments with nonUS countries consisted of:

  • exports (receipts) goods and services decreased $2.4 billion to $52.6 billion, while imports (payments) goods and services decreased $811 million to $73.6 billion. The resulting international goods and services trade deficit increased $1.5 billion to $21.0 billion over 2019 Q2.
  • primary income receipts increased $47 million to $20.0 billion, while primary income payments decreased $40 million to $17.6 billion. The resulting international primary income trade surplus increased $87 million to $2.4 billion over 2019 Q2.
  • secondary income receipts declined $111 million to $1.5 billion, while secondary income payments increased $313 million to $3.2 billion. The resulting international secondary income trade deficit increased $424 million to $1.7 billion over 2019 Q2.
  • with the international goods and services trade deficit increasing ($1.5 billion); the international primary income trade surplus increasing ($87 million);  the international secondary income trade deficit increasing ($0.4 billion); the seasonally adjusted with non-US countries current account deficit increased $1.9 billion to $20.3 billion.

 

 

 

SECOND QUARTER INTERNATIONAL BALANCE OF PAYMENTS TO GDP RATIO

The ratio of the current account balance to the Gross Domestic Product (or % of GDP)  is calculated by dividing the net values of exports less imports, primary income (interest and dividends) and secondary income (transfers) over a period by the gross domestic product for the same period. Although called a ratio, it is usually expressed as a percentage.

In the period 1999 Q3 to 2008 Q3, Canada’s BOP-GDP ratio was positive. ranging from 0.2% to 3.6%. With the recession in 2008, Canada's BOP-GDP ratio turned negative. In 2008 Q4 the ratio declined 3.6 points over 2008 Q3.

In the period 2008 Q4 to 2019 Q2, Canada's BOP-GDP has remained negative.

In Canada 2019 Q2, the seasonally adjusted current account as a % of GDP  narrowed 1.8 percentage points to a 1.1% deficit over the previous quarter, and  the deficit narrowed 1.7 percentage points over the same quarter last year.

 

REFERENCES

Statistics Canada

Table: 36-10-0018-01  Quarterly

Table: 36-10-0016-01  Quarterly by country (i.e US, ALL)

 OECD

        Table: Balance of Payments BPM6: Current account balance as a % of GDP

 

 



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