Statistics Canada reports that Canadas international travel deficit reached its highest level in 12 years during the second quarter, fuelled by record spending by Canadians abroad.
Canadians spent approximately $1.5 billion more outside the country than foreigners spent in Canada (seasonally adjusted) from April through June.
The increase in deficit was the result of record spending overseas, as Canadas travel deficit with the United States actually fell in the second quarter. Spending by Americans in Canada was down 0.9 per cent, but the drop in Canadian spending south of the border was even larger (-1.5 per cent), and as a result the U.S. travel deficit shrank.
In contrast, the deficit for overseas travel grew. First quarter spending by Canadians traveling overseas and by overseas visitors to Canada both reached all-time highs, but the increase in Canadian spending was greater.