The balance on international trade in goods posted a CAD 1.6 billion surplus in the first quarter of 2014, following a CAD 2.2 billion deficit in the previous quarter. On a geographical basis, the trade surplus with the United States widened by CAD 3.1 billion to CAD 13.2 billion on the strength of exports of energy products. The deficit with all other countries declined for a second consecutive quarter.
The deficit on international transactions in services increased by CAD 0.4 billion to CAD 6.3 billion in the first quarter. This was reflected in all three major categories of services. The surplus on commercial services was down by CAD 0.2 billion as imports increased by more than exports. Financial services advanced for both imports and exports. The deficit on international travel edged up by CAD 0.1 billion, mostly on higher expenses of Canadians travelling overseas. The transportation deficit also edged up by CAD 0.1 billion, reflecting higher payments on water transport of goods.
The deficit on cross border investment income edged down to CAD 6.6 billion in the first quarter. Increases in receipts exceeded payments in the quarter.