US: Goods trade deficit likely to print $69.1bn for July - Nomura

Analysts at Nomura are forecasting a US goods trade deficit of $69.1bn for July after registering $67.9bn in June.

Key Quotes

“Incoming inbound and outbound container shipments data at US ports suggest both nominal imports and exports likely slowed in July. A strong increase in goods exports in May was at least in part driven by expedited shipments ahead of higher US tariffs and retaliatory duties by trading partners and goods exports will likely slow gradually in coming months as they return to a previous trend.”

“Tit for tat escalation in trade tensions may lead to transitory fluctuations in data, but will likely lead to declines in both imports and exports with muted net effect on goods trade deficit.”