 |
Travel deficit shrinks to $4B
 |
The Canadian Press
Canada's international travel account deficit reached $4 billion during the third quarter, down $106 million from the previous quarter.
Statistics Canada attributes the shrinking travel deficit to a combination of record-high spending by overseas residents in Canada and lower spending by Canadian residents in the United States.
The agency says spending by residents from abroad visiting Canada rose 0.8 per cent to $4.2 billion during the third quarter, their highest level since the first quarter of 2005.
Spending by Canadian travellers abroad declined 0.9 per cent to $8.2 billion during the third quarter.
The international travel account deficit between Canada and countries other than the United States decreased $67 million to $834 million during the third quarter, its lowest level since the first quarter of 2010.
Statistics Canada Can says the travel deficit decrease was attributable to a 2.9 per cent increase in spending by travellers from overseas, to $2.4 billion, a record high by overseas residents in Canada.
This increase in spending coincided with a 0.6 per cent rise in travel by overseas residents to Canada to 1.1 million.
Canadian residents spent $3.2 billion in overseas countries in the third quarter, virtually unchanged from the second quarter.
The travel account deficit with the United States declined $39.0 million compared with the previous quarter to $3.2 billion in the third quarter, due to less spending by Canadians south of the border.
Spending by Canadian travellers in the United States fell 1.5 per cent to $4.9 billion in Q3.
This decline in spending coincided with a 0.3 per cent decrease in travel by Canadians to the United States to 12.6 million trips.
Spending by U.S. residents in Canada declined 1.9 per cent to $1.8 billion in the third quarter.
This, despite a 0.3 per cent increase in the number of trips by American residents to Canada, to 4.9 million in the third quarter.
395 page views
|
|
|
|