In­crease in ex­ports nar­row US trade gap

The Myanmar Times - - International Business -

A PICKUP in ex­ports, es­pe­cially au­tos, elec­tron­ics and soy­beans, nar­rowed the US trade gap in July, the Com­merce De­part­ment said.

But US trade over­all con­tin­ued to slow, amid slug­gish eco­nomic growth do­mes­ti­cally and around the world.

The trade deficit for the month fell to US$39.5 bil­lion, com­pared to $44.7 bil­lion in June, and $39.9 bil­lion a year ago.

To­tal ex­ports in July rose by $3.4 bil­lion to $186.3 bil­lion, and im­ports fell $1.8 bil­lion to $225.8 bil­lion.

That took the deficit for the first seven months of this year to $289 bil­lion, roughly in line with last year’s fig­ure.

But to­tal trade in goods and ser­vices for the seven months was down 4.3 per­cent from a year ago, show­ing the im­pact of the weak world econ­omy.

In a re­port for the G20 sum­mit in China that be­gan yes­ter­day, The In­ter­na­tional Mon­e­tary Fund warned that lack of ac­tion to boost growth by the ma­jor economies was re­sult­ing in slug­gish trade.

“Lack of de­ter­mined pol­icy ac­tion has also con­trib­uted to the slow­down in in­ter­na­tional trade, which, in turn, likely has neg­a­tive ef­fects on growth,” the IMF said.

US ex­ports got a par­tic­u­lar boost from a $3.6 bil­lion surge in soy­bean ex­ports in July, helped by a re­bound in prices af­ter last year’s slump.

Auto ex­ports rose a sim­i­lar amount in the month.

The sen­si­tive goods trade deficit with China in­creased by $1.4 bil­lion to $29.4 bil­lion. –

Newspapers in English

Newspapers from Myanmar

© PressReader. All rights reserved.