Nominal Imports of Services for Canada
NMSSAXDCCAQ • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
54,885.00
Year-over-Year Change
28.43%
Date Range
1/1/1961 - 1/1/2025
Summary
The Nominal Imports of Services for Canada measures the value of services imported into Canada, providing insight into the country's international trade dynamics.
Analysis & Context
This economic indicator provides valuable insights into current market conditions and economic trends. The data is updated regularly by the Federal Reserve and represents one of the most reliable sources for economic analysis.
Understanding this metric helps economists, policymakers, and investors make informed decisions about economic conditions and future trends. The interactive chart above allows you to explore historical patterns and identify key trends over time.
About This Dataset
This economic indicator tracks the total value of services purchased by Canadian residents from foreign providers. It is used by economists and policymakers to assess Canada's balance of trade and the health of its service sector.
Methodology
The data is collected through surveys of Canadian businesses and individuals by Statistics Canada.
Historical Context
This metric is closely watched for its implications on Canada's economic growth and international competitiveness.
Key Facts
- Canada is the 10th largest importer of services globally.
- Service imports make up around 30% of Canada's total imports.
- The largest service import categories for Canada are travel, transportation, and intellectual property.
FAQs
Q: What does this economic trend measure?
A: The Nominal Imports of Services for Canada measures the total value of services purchased by Canadian residents from foreign providers.
Q: Why is this trend relevant for users or analysts?
A: This metric provides insight into Canada's international trade dynamics and the health of its service sector, which is crucial for assessing the country's economic growth and competitiveness.
Q: How is this data collected or calculated?
A: The data is collected through surveys of Canadian businesses and individuals conducted by Statistics Canada.
Q: How is this trend used in economic policy?
A: This indicator is closely watched by policymakers and economists for its implications on Canada's balance of trade and overall economic performance.
Q: Are there update delays or limitations?
A: The data is typically published on a monthly basis with a short delay, providing timely insights into Canada's service trade.
Related Trends
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Stock Market Total Value Traded to GDP for Canada
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Consumer Price Indices (CPIs, HICPs), COICOP 1999: Consumer Price Index: Miscellaneous Goods and Services for Canada
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Goods, Value of Exports for Canada
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Consumer Price Indices (CPIs, HICPs), COICOP 1999: Consumer Price Index: Miscellaneous Goods and Services for Canada
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Citation
U.S. Federal Reserve, Nominal Imports of Services for Canada (NMSSAXDCCAQ), retrieved from FRED.