The US trade deficit in August was $73. 3Billion up from prior month’s $70.30 billion. The China and US trade deficit rose to -$28.1B. By contrast Australia’s trade balance for August revealed a massive surplus of AUD15,077 million
Japan was affirmed by rating agency Fitch at ‘A’ with a negative outlook adding it expects the Bank of Japan inflation target of 2% to remain out of reach. Fitch expects growth of 2.5% in 2021 and 3.0% in 2022, as the economy recovers from a 4.6% contraction in 2020.
Pipeline Gas exports to Mexico have been rising on rising Mexican demand with insufficient domestic production capability. Costa Azul LNG import terminal conversion has seen even more US gas imported by Mexico.
The US trade deficit increased 3.1% to $71.2 billion in May as rebuilding inventories for rising demand in a reopening economy pulled in imports. Goods imports rose 1.2% to $234.7 billion and exports of goods gained 0.3% to $145.5 billion, a record high.
Japan’s April trade surplus was JPY 255.3 billion as exports from Japan jumped 38.0% yoy to JPY 7,181 billion and after a 16.1% rise in March. This was the steepest growth in outbound shipments since April 2010 with the recovery in global trade.
South Korea reported exports are surging again in the first 20 days of April. The Bank of Korea at it’s most recent policy meeting said the recovery of the Korean economy has strengthened somewhat. Exports have sustained their buoyancy and facilities investment has continued to recover robustly.
US crude exports could take big hit from Hurricane Laura, which is already a Category 4. Argus media reports Laura is set to make landfall near The Port of Beaumont, Texas, later Wednesday. This is the third top port hub for American crude exports.
The US trade deficit in November was $43.1B down from prior month’s $46.9 billion. The China and US trade deficit fell to to -$26.37B. Since then the ongoing trade war has been broken into phases, phase one is due to be ratified next week.
The October trade balance shows a much smaller surplus than expected with exports falling more than expected as did imports. Another example of the global trade situation hurting with the ongoing trade wars and macroeconomic deteoriation around the world. Exports to US down 11.4% y/y
The US trade deficit in June was $55.2B down from prior month’s $55.3 billion. The China and US trade deficit rose to a five month high to -$30.20B.Ironically a day after President Trump threatened to add 10% tariffs 10% on another $300 billion of Chinese imports.