The agency attributes the drop to lower spending by Canadian travellers to the United States and higher spending by overseas residents visiting Canada.
Canadian travellers spent $8.3 billion outside the country during the first quarter, down 0.2 per cent from the fourth quarter of 2011.
Receipts from all foreign travellers in Canada increased 1.6 per cent to $4.3 billion during the first quarter, the highest level since the fourth quarter of 2004.
The travel deficit with the United States fell by $91.7 million to $3.2 billion in the first quarter, mostly because of lower spending by Canadian travellers in the United States and slightly higher spending by visiting Americans.
The deficit with overseas countries rose by $6.9 million to $782 million