Canada's current account deficit narrowed to CAD 8.6 billion in the second quarter of 2020 from an upwardly revised CAD 13.2 billion in the prior period and compared with market consensus of a CAD 12.2 billion shortfall. The goods and services gap decreased by CAD 5.3 billion to CAD 7.9 billion, as the goods deficit fell by CAD 1 billion to CAD 7.7 billion as exports fell by an unprecedented CAD 33.2 billion to CAD 106.9 billion and imports were down by a record CAD 34.2 billion to CAD 114.5 billion. The services shortfall dropped to CAD 0.2 billion from CAD 4.5 billion in Q1, mainly due to the slower activity in the tourism sector, resulting from the COVID-19 pandemic and related travel restrictions in force, which reduced the number of cross-border travellers. In addition, the secondary income deficit narrowed to CAD 1 billion from CAD 1.2 billion. Meanwhile, the primary income surplus went down by CAD 0.9 billion to CAD 0.2 billion, mostly due to a lower investment income surplus.

Current Account in Canada averaged -2653.61 CAD Million from 1946 until 2020, reaching an all time high of 12492 CAD Million in the fourth quarter of 2005 and a record low of -20035 CAD Million in the third quarter of 2010. This page provides - Canada Current Account - actual values, historical data, forecast, chart, statistics, economic calendar and news. Canada Current Account - data, historical chart, forecasts and calendar of releases - was last updated on September of 2020. source: Statistics Canada