US Trade Deficit Widens Less than Anticipated in July

Canada posts Can$3b July trade deficit

US trade deficit rises, deficit with China at 1 year high

Canada's trade deficit shrank to C$3.04 billion ($2.45 billion) in July from C$3.76 billion in June, thanks in part to a stronger Canadian dollar that cut the value of imports, Statistics Canada said on Wednesday.

The trade deficit with China continued to widen in July, reaching $33.6 billion, the highest in almost a year. But it was still less than the US$44.6 billion analysts had been expecting.

Imports fell 6.0 per cent in July to Can$47.2 billion, following seven consecutive monthly increases.

Exports of goods decreased just over $0.4 billion to $128.6 billion in July.

Imports of goods decreased $0.5 billion to $193.9 billion.

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Data on global trade can be volatile from month to month, and the figures aren't adjusted for inflation. USA exporters benefited from a decline in the value of the dollar, which makes American products cheaper overseas.

In the first seven months of 2017, the value of USA exports rose 6% and US imports increased 6.7% compared with the same period a year earlier.

The U.S. imports more goods than it exports, though it runs a modest trade surplus for services. Trade was a drag on domestic growth during the previous three years.

US President Donald Trump has blamed the ongoing trade deficit with China for helping to offshore US factory jobs as well as slowing US economic growth. His administration is contemplating altering trade deals with Canada, Mexico and South Korea. The Canadian dollar gained 3.6 US cents against the greenback in July.

The US trade deficit is already about 10 percent higher in the first seven months of 2017, compared with the same period in 2016. The deficit with China is 6.8% wider.

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