Canada's monthly trade deficit shrinks in June to smallest since January 2017

06 August, 2018, 02:05 | Author: Mary Valdez
  • Could the Trade War Backfire

Exports jumped 4.1 per cent, their biggest one-month increase since November, 2016, to a record $50.7-billion, while imports dipped 0.2 per cent.

Meanwhile, the deficit declined with Japan but that came amid an overall decline in trade between the world's largest and third-largest economies.

The June figures capped an otherwise positive quarter for US trade, as a narrowing of the deficit contributed the most to economic growth since 2013.

The median estimate of economists surveyed by Bloomberg called for a June trade deficit of $46.5 billion.

In June, the United States posted a surplus of $22.5 billion in the trade of services such as banking and education.

At the same time, trade spats have seen the United States and Canada impose tariffs on some products that cross the border.

As the numbers were released, Beijing warned it was ready to impose new tariffs on $60 billion in American products if Trump pressed ahead with plans to hit another $200 billion in Chinese goods with steep punitive duties. Afterward, they tend to look for alternative suppliers.

The data underscored the importance to Canada of the United States, which took 73.0 percent of all Canadian goods exports in June. Earlier in the year, the USA had been increasing imports of both groups of metals.

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"Exports will rise over the quarter, but strong domestic demand growth will lift imports more rapidly", he said in a client note. "The narrowing to the smallest deficit since January 2017 was in large part due a surge in exports to an alltime high".

Soybean exports remained strong in June.

In the second quarter, the USA economy grew at an annualized rate of 4.1%, the fastest pace of growth since 2014. Energy exports were up 7.1 per cent month over month, while energy imports were down 15.1 per cent.

The result could weigh on revised calculations of second quarter growth, which President Donald Trump hailed as a key achievement of his economic policies last week after it was reported as the strongest GDP increase in almost four years.

There is little to suggest that will change soon.

Rising demand by USA households and businesses is expected to keep supporting purchases of foreign-made goods in coming months.

The Canadian dollar was little changed at C$1.3001, or 76.92 US cents. A weaker Canadian dollar in the month was a contributing factor. "We expect the trade deficit to continue to widen, as a fiscal stimulus-led boost to demand leads to higher imports". Economic growth is on track for a 3 per cent annualized pace in the second quarter, and the trade data bolsters the case for another central bank rate increase by October, he said.



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