But in Canada, the trade in services is growing
Trade in services has been growing at a much faster pace than goods. Last year, many service sectors saw exports growing at near double-digit rates or faster, including:
- financial services
- telecom, computer and information
- intellectual property
Growth in Canada’s economy, which was based on trade in natural resources in its early years, is now driven mainly by service industries. Roughly 80 per cent of Canadians are now employed in services.
Statistics don’t fully capture the contribution of services
Trade in services is difficult to track and is probably underestimated. For example, many manufactured goods include a large services component that is buried in the price. By some estimates, as much as 30 per cent of the value of goods exports is actually created through services.