Trade Deficit Narrows as Exports Rise and Imports Drop: 2nd Quarter Trade Impact Still Negative
In March, the balance of trade was -$64,923. For the quarter balance of trade is down 1.5%, about 0.75% per month on average by my calculation but footnote 2 states “Data are presented on a Census basis. The information needed to convert to a balance of payment basis is not available.”
Ignoring the footnote, the second quarter balance of trade appears to be slightly negative. This will not impact GDP much.
Mike “Mish” Shedlock