Canada's deficit on international transactions in services contracted significantly to $5.5 billion in 2020, from a deficit of $18.0 billion in 2019. This was the lowest trade in services deficit since 2005.
Canada's exports of services totalled $125.8 billion in 2020, a 15.9% decline from 2019. Meanwhile, imports amounted to $131.3 billion, down 21.6% compared with 2019. The impact of the COVID-19 pandemic on global tourism activities has been the major factor in these unprecedented downward movements in overall international trade in services.