US Trade Deficit Widens More Than Expected In January

US Trade Deficit Widens More Than Expected In January

Import prices fell 0.4%, while export prices grew 1.5%.

Statistics Canada reported Wednesday that both exports and imports fell during the month.

Washington, DC, March 7, 2018-The goods and services deficit was $56.6 billion in January, up $2.7 billion from $53.9 billion in December, revised, the U.S. Census Bureau and the U.S. Bureau of Economic Analysis announced.

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Exports were down 2.1 percent, the largest drop since July 2017, as exports of passenger cars and light trucks fell due to unusual plant closures. While the fall in import volumes was anticipated after a solid performance in the earlier months, the trend of subdued export numbers pours cold water on the notion that the Canadian economy is rotating away from consumption and housing toward investment and trade, noted TD Economics. In real or volume terms, exports fell 3.6 percent, while imports dropped 3.9 percent. If energy is stripped out, they're actually down by more than twice that. But NAFTA renegotiations pose some risk, and new protectionist rhetoric from the US administration concerning steel and aluminum tariffs only serves to further elevate trade uncertainty.

In January, Canada exported $34.1 billion worth of goods to the United States, a decline of 2.9 per cent.

"However, exports have disappointed for a number of months now, and with increased uncertainty for the future due to steel/aluminum tariffs and NAFTA renegotiations, the BoC will be correct in sounding more cautious regarding that part of their forecast and taking it very slowly in moving interest rates higher from here", he says. As a result, Canada did indeed have a trade surplus in goods with the USA of about $3.1 billion in January.

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