Canada’s services trade hit hard by pandemic
Our services exports plunged $25 billion in 2020, an unprecedented decline for the sector
What a difference a year makes. With a record $139 billion in international sales in 2019, Canada’s service exports were growing much faster than goods exports, thanks to emerging global opportunities. But this industry—especially transport services and travel operators—have been severely impacted by COVID-19 with a dramatic decline in travel and non-essential services due to lockdowns and border closures.
Read this report by EDC Economics to find out more about how the pandemic has affected this key Canadian sector.