Chart 3: Services exports outperformed goods exports before COVID-19 (Seasonally adjusted annual rate, Index: 2015Q1 = 100) Index 140  130  120  110  100  90 2015  2016  2017  2018  Total goods and services  Total goods  Commercial services  Travel services  Source: Statistics Canada  2019 Total services  Last observation: 2019Q4  While many services exporters will struggle until a vaccine is widely available, some goods exporters have been able to adapt safety protocols and bounce back quickly.
Motor vehicle and parts output, for example, came to an almost complete stop in the spring. Since then, the sector has regained nearly all of the lost ground as factories adapted their value chains and production processes. The rapid rebound in goods exports is certainly encouraging.