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

May 28, 2020
CANADA'S BALANCE OF INTERNATIONAL PAYMENTS 2020Q1

During the COVID-19 pandemic, comparisons of year-to-date averages and sums do not show Nova Scotia’s rapidly changing economic situation.  The DailyStats will focus on year-over-year comparisons, comparing one month with the same month in the prior year.  Where possible the DailyStats will make comparisons of seasonally adjusted data from the pre-COVID-19 period (January  and February 2020) with the period during which COVID-19 measures were in place from March 2020 onwards

 

 

FIRST QUARTER

 

In Canada 2020Q1, the seasonally adjusted current account:

  • Receipts decreased 4.3% ($9.5 billions) over 2019Q4 and decreased 2.5% ($5.6 billions) over 2019Q1 to $214.4 billion.
  • while Payments trade decreased 3.3% ($7.8 billions) over 2019Q4 and decreased 5.0% ($11 .8 billions) over 2019Q1 to $225.5 billion.
  • The resulting Current account trade deficit widened by $1.8 billions to $11.1 billion over 2019Q4, and narrowed by 35.9% ($6.2 billions) over 2019Q1.

In Goods and services 2020Q1,

  • Exports decreased 3.2% ($5.9 billions) over 2019Q4 and decreased 2.8% ($5.0 billions) over 2019Q1 to $174.8 billion.
  • Imports decreased 2.4% ($4.5 billions) over 2019Q4 and decreased 5.2% ($10.0 billions) over 2019Q1 to $184.6 billion.
  • The resulting Goods and services net trade deficit widened by $1.3 billions to $9.8 billion over 2019Q4 and narrowed by 33.7% ($5.0 billions) over 2019Q1.

                                                                                             

     

In Primary income 2020Q1,

  • Exports Primary trade decreased 6.5% ($2.5 billions) over 2019Q4 and increased 0.02% ($ 9 millions) over 2019Q1 to $36.4 billion.
  • Imports Primary trade decreased 7.7% ($3.1 billions) over 2019Q4 and decreased 4.5% ($1.7 billions) over 2019Q1 to $36.5 billion.
  • The resulting Primary net trade deficit narrowed by $0.5 billions to $0.1 billion over 2019Q4 and narrowed by 93.4% ($1.7 billions) over 2019Q1.

 In Secondary income 2020Q1,

  • Exports decreased 27.0% ($1.2 billions) over 2019Q4 and decreased 14.5% ($ .5 billions) over 2019Q1 to $3.2 billion.
  • Imports decreased 3.3% ($0.2 billions) over 2019Q4 and decreased 1.3% ($ .1 billions) over 2019Q1 to $4.3 billion.
  • The resulting Secondary net trade deficit widened by $1.0 billions to $1.2 billion over 2019Q4, and widened 71.7% ($ .5 billions) over 2019Q1.

 

 TRADE WITH THE UNITED STATES

In Canada 2020 Q1, the seasonally adjusted United States current account.

  • Receipts decreased 2.4% ($3.5 billions) over 2019Q4 and decreased 0.2% ($0.3 billions) over 2019Q1, to $142.3 billion.
  • Payments trade decreased 0.1% ($0.1 billions) over 2019Q4 and decreased 2.7% ($3.8 billions) over 2019Q1, to $135.9 billion.
  • The resulting Current account trade surplus narrowed by $3.4 billions to $6.4 billion over 2019Q4, and widened by $3.5 billions over 2019Q1.

                                                                                             

  

 

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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