Wednesday, 16 October, 2019

Canada's June trade numbers surprisingly strong despite U.S. tariffs on metals

Energy exports rose 7.1 per cent to their highest since Energy exports rose 7.1 per cent to their highest since
Russell Knight | 06 August, 2018, 00:13

"We look for the trade deficit to widen modestly ahead as export growth slows on the heels of cooler global momentum while imports remain well-supported by fiscal stimulus and solid domestic demand", Oxford Economics' Gregory Daco and Oren Klachkin wrote in a note to clients Friday.

The U.S. trade deficit in June widened by $3.2 billion and Trump's own policies could be to blame. This led to a 36.8 percent decline in exports of affected steel products to the USA, following a spike in previous months. Exports of aluminum subject to the tariffs fell 7 per cent, after jumping 29 per cent in the prior three months. Exports fell 0.7 per cent from May, while imports into the US increased 0.6 per cent on the month.

In volume terms, exports rose 2.1 per cent and imports were down 1.3 per cent.

The federal agency said imports from the United States edged up 0.3 per cent in June to $32.9 billion.

Amid President Donald Trump's escalating trade dispute with China, the Commerce Department said the USA had a $32.5 billion trade deficit with the communist country in June.

Canada's largest trading partner, the United States, was the destination for a record $37.1 billion of exports, up 2.5 per cent - mainly because of passenger cars and light trucks. President Donald Trump's administration imposed tariffs of 25 per cent on steel and 10 per cent on aluminum in June, predicated on national security considerations; Prime Minister Justin Trudeau's government retaliated dollar-for-dollar on July 1.

South Sudan's Salva Kiir - New peace deal will not collapse
President Kiir also said the remaining outstanding issues will be finalized with his rivals as soon as he arrives in Khartoum. The conflict has been fuelled by divisions between the Mr Kiir's Dinka and Mr Machar's Nuer ethnic groups.

Facebook's new dating app allows users to choose from five different genders
Facebook also specified to its employees that testing the product is completely voluntary and has no impact on their employment. The app changed the user experience with customisable sections for politics, technology, food, and other subjects.

Three dead after magnitude-7 quake hits Lombok island
The resort island was struck by 6.4-magnitude quake last week that killed 16 and left hundreds of hikers stranded on a volcano. Head of the agency for meteorology, climatology and geophysica Dwikorita Karnawati, advised residents via TV.

A widening trade deficit is one reason economists expect USA growth to slow in the second half of the year after hitting a 4.1 per cent annual clip in the second quarter. "As a result, trade is likely to subtract from GDP growth in the coming quarters, reversing the significant positive contribution recorded in Q2". That reflected a jump in shipments overseas of soybeans, up 40 percent in the first half of the year compared with 2017, and petroleum and related products.

Soybean exports remained strong in June.

While soybean exports continued to rise in June, US shipments of automobiles, aircraft and pharmaceuticals fell.

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.

The U.S. economy accelerated to a 4.1 percent pace of growth in the second quarter, the fastest since 2014.

The latest numbers add to the case for the Bank of Canada to raise rates again in the near-term, Nye said, adding that he expects the central bank to continue its gradual approach to increasing the interest rates.

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