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For additional information relating to this article, please contact:

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

August 27, 2020
CANADA'S BALANCE OF INTERNATIONAL PAYMENTS 2020Q2

      

Current Account, all countries, 2020Q2 vs 2020Q1 (seasonally adjusted)

Canada's current account receipts decreased 21.3% ($44.7 billions) to $165.2 billion, while Payments decreased 22.1% ($49.3 billions) to $173.8 billion. The Current account deficit narrowed by $4.6 billion to $8.6 billion.

  • Exports of Goods and Services decreased 23.0% ($39.8 billions) to $132.8 billion, while Imports of Goods and Services decreased 24.3% ($45.1 billions) to $140.6 billion. The resulting Goods and Services trade deficit narrowed by $5.3 billions to $7.9 billion.
  • Primary income receipts decreased 15.4% ($5.3 billions) to $28.9 billion, while Primary income payments decreased 13.2% ($4.4 billions) to $28.7 billion. The resulting Primary income surplus narrowed by $0.9 billions to $0.2 billion.
  • Secondary income receipts increased 8.6% ($0.3 billions) to $3.5 billion, while Secondary income payments increased 2.3% ($0.1 billions) to $4.5 billion. The resulting Secondary income deficit narrowed by $0.2 billions to $1.0 billion.

 

Current Account, all countries, 2020Q2 vs 2019Q1 (seasonally adjusted) 

Canada's current account receipts decreased 27.2% ($61.7 billion) while payments decreased 26.3% ($62.0 billion)

  • Exports of Goods and Services decreased 28.6% ($53.1 billions), while Imports of Goods and Services decreased 27.0% ($52.1 billion). As a result, Goods and Services trade deficit widened by $1.0 billion.
  • Primary income receipts decreased 22.7% ($8.5 billion) while Primary income payments decreased 26.1% ($10.1 billion). As a result, the Primary income deficit changed ($1.6 billion) to a surplus.
  • Secondary income receipts decreased 3.2% ($0.1 billion) while Secondary income payments increased 5.1% ($ 0.2 billion). As a result, the Secondary income deficit widened $0.3 billion.

 

BALANCE OF PAYMENTS WITH THE UNITED STATES

 

Current Account, Canada and US 2020Q2 vs 2020Q1 (unadjusted)

In Canada's current account with the United States, receipts decreased 26.6% ($36.7 billion) to $101.4 billion, while payments decreased 23.8% ($32.0 billion) to $102.2 billion. As a result, the Current account trade surplus with the US changed by $4.7 billion to a $0.8 billion deficit.

  • Canada's Exports of Goods and Services to the US decreased 25.2% ($29.6 billions) to $88.1 billion, while Canada's Imports of Goods and Services from the US decreased 26.5% ($30.5 billion) to $84.5 billion. The Canada-US goods and Services trade surplus widened by $0.9 billions to $3.6 billion.
  • Canada's Primary Income receipts from the US decreased 36.8% ($6.8 billion) to $11.6 billion, while Canada's primary Income payments to the US decreased 7.0% ($1.3 billions) to $16.7 billion. The resulting Canada-US primary Income surplus narrowed by $0.9 billions to $0.2 billion.
  • Canada's Secondary Income receipts from the US decreased 13.8% ($0.3 billions) to $1.7 billion. while Canada's Secondary Income payments to the US decreased 18.4% ($0.2 billions) to $1.0 billion. As a result, the Canada-US Secondary Income surplus narrowed by $0.1 billions to $0.8 billion.

 

BALANCE OF PAYMENTS  WITH NON-US COUNTRIES

                                                                                    

  

Current Account, Canada and non-US countries 2020Q2 vs 2020Q1 (unadjusted)

In Canada's current account with non-US countries, receipts decreased 4.9% ($3.3 billion) to $64.8 billion while Payments decreased 15.6% ($13.7 billion) to $74.0 billion. As a result, Canada's Current account deficit with non-US countries narrowed by $10.3 billions to $9.3 billion.

  • Canada's Exports of Goods and Services to non-US countries decreased 10.5% ($5.4 billion) to $45.9 billion, while Canada's Imports of Goods and Services from non-US countries decreased 13.8% ($9.4 billion) to $59.0 billion. As a result, Canada's Goods and Services trade deficit with non-US countries narrowed by $4.0 billions to $13.1 billion .
  • Canada's Primary income receipts from non-US countries increased 13.7% ($2.1 billion) to $17.3 billion, while Canada's Primary income payments to non-US countries decreased 19.1% ($2.9 billions) to $12.1 billion. As a result, Canada's Primary Income surplus with non-US countries widened by $4.9 billions to $5.2 billion.
  • Canada's Secondary income receipts from non-US countries decreased 3.5% ($0.1 billion) to $1.6 billion, while Canada's Secondary income payments to non-US countries decreased 19.1% ($2.9 billion) to $3.0 billion. As a result, Canada's Secondary Income deficit with non-US countries narrowed by $1.3 billions to $1.4 billion.

 

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

 

REFERENCES

Statistics Canada

Table: 36-10-0018-01  Quarterly

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

 

 



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