Canada’s net liability to foreigners fell to its lowest level in more than 20 years in the second quarter of this year, Statistics Canada said.

Meanwhile, the country’s assets abroad leapfrogged $1-trillion for the first time ever, hitting $1,009.1 billion.

“Canada’s net external liabilities, the difference between its external assets and foreign liabilities, hit $153.8 billion, down $7.1 billion from the level at the end of the first quarter,” the agency said.

“These net external liabilities have tumbled by more than 15% from $181.1 billion at the end of 2004.”

“On the liability side, increases in foreign direct investment in Canada and in bank deposits led to a 1.2% rise in Canada’s international liabilities to $1,162.9 billion,” StatsCan said.

“As a result, net external liabilities at the end of June represented 11.4% of Canada’s gross domestic product, down from 12.1% at the end of March” and down from 20.1% in 2003.