Canadians spend more abroad than visitors

OTTAWA, May 28 (UPI) -- Canadians spent $7.2 billion more traveling outside the country in the first quarter than visitors to Canada spent, Statistics Canada reported Wednesday.

The difference between spending by Canadian residents abroad and spending by foreigners inside Canada fell to an estimated $3.1 billion in the first quarter, down $295 million from the record high set in the fourth quarter of 2007, StatsCan said.

Foreign travelers spent an estimated $4.1 billion in Canada in the first quarter, down 1.2 percent from the fourth quarter of 2007.

One factor the agency said was behind reduced visitor spending growth was the rising value of the Canadian dollar, known as the loonie. On Sept. 20, it reached parity with the U.S. dollar, which decreased buying power for visitors from the United States and abroad.

As a result of the currency values, Canadians spent $4.1 billion in the United States in the first quarter, down from the high of $4.6 billion reported in the fourth quarter of 2007, StatsCan said.