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US Trade Deficit Narrows More Than Expected To USD42.4 Billion

US Trade Deficit Narrows More Than Expected To USD42.4 Billion

Export volumes in August fell by 1.9 percent, marking their first consecutive three-month decline since 2011.

The U.S. global trade deficit narrowed in August, falling 2.7% to $42.4 billion, according to the U.S. Census Bureau and the U.S. Bureau of Economic Analysis. July's trade deficit was downwardly revised slightly from $43.7 billion to $43.6 billion.

Economists had expected the trade deficit to narrow to $42.7 billion from the $43.7 billion originally reported for the previous month. Analysts had been expecting a smaller 2.3 percent decrease.

"The most obvious theme is that energy exports were disrupted and energy imports rose, presumably in reaction to Harvey", said Stephen Stanley, chief economist at Amherst Pierpont Securities, in a note to clients.




Since peaking in May, exports have slumped almost 11 per cent in value, and 6 per cent by volume.

The Canadian dollar weakened after the release, dropping to C$1.2545 to the USA dollar, or 79.71 US cents, from C$1.2478, or $80.14 US cents.

Imports were virtually unchanged in July, while exports were down in consumer goods, basic and industrial chemical, plastic and rubber products, and metal ores and non-metallic minerals.

By reversing July's increase, the August dip in the trade deficit could support GDP growth in the third quarter. Exports of services declined 0.4% to $66.1 billion. "Furthermore, U.S. auto sales have rebounded smartly recently, and the elevated inventory levels that we had highlighted as a threat to Canadian exports have also come down to more normal levels".


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