US: Expect a deficit of $44.3bn for the final trade balance for June - Nomura

The goods trade balance posted a $63.9bn deficit in June, a slight narrowing from $66.3bn in May, according to the advance report of the goods trade balance from the Census Bureau, notes the analysis team at Nomura.

Key Quotes

“The advanced report showed goods exports continued to grow strongly by 1.4% m-o-m in June, while goods imports showed another decline of 0.4% m-o-m, with an upward revision to May imports. Based on this report, we forecast a deficit of $44.3bn for the final trade balance for June (Consensus: $44.5bn deficit). In addition to goods trade, incoming data suggest some improvement in net exports of services, which would narrow the trade gap further.”