The US trade deficit jumped sharply in August as exports fell to the lowest level in almost three years while imports increased, led by a surge in shipments of cell phones from China.
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The deficit widened to $3.1 billion in August from a revised $2.8 billion in July, the Australian Bureau of Statistics said on Tuesday.
The gap reflected a drop-off in… Oil prices have more than halved since last summer.
Today’s deficit moves the shortfall back towards the record C$3.56 billion deficit set in March. “This deal is without any doubt whatsoever in the best interest of the Canadian economy”.
The trade figures today also suggested domestic demand remains resilient, with imports rising for a fourth consecutive month, by 0.2 percent to C$46.5 billion.
The increase came as exports fell 3.6 per cent in August, while imports edged up 0.2 per cent.
The value of exports in seasonally adjusted terms fell $130 million and was dragged down by a 19 per cent – or $316 million – fall in gold exports.
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Net exports of goods under merchanting remained steady at A$36 million.
