2018 Economic Calendar
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International Trade in Goods  
Released On 8/28/2018 8:30:00 AM For Jul, 2018
PriorPrior RevisedConsensusConsensus RangeActual
Balance$-68.3 B$-67.9 B$-69.4 B$-72.0 B to $-68.5 B$-72.2 B
Exports % change-1.5 %-1.2 %-1.7 %
Imports % change0.6 %0.7 %0.9 %

In some of the early data coming out in this period of trade disputes, the goods deficit of the July trade report totaled a much deeper-than-expected $72.2 billion. Exports of goods fell 1.7 percent in the month to $140.0 billion showing a very steep 6.7 percent month-to-month decline in food & feeds together with a 2.5 percent dip in exports of consumer goods and a 1.7 percent decline in the nation's largest export, that of capital goods.

Imports also added to the widening of the deficit in July, up 0.9 percent compared to June to $212.2 billion with foods & feeds up 2.1 percent, vehicles up 1.6 percent, and industrial supplies, which include petroleum products, up 0.9 percent. The nation's largest import category is consumer goods which was the only category to fall on the import side of the data, down 1.5 percent in the month.

July's $72.2 billion goods deficit compares with a monthly average of $66.7 billion in the second quarter which was a very good quarter for trade, representing 1.1 percentage points of the quarter's 4.1 percent pace. Today's results, however, pose a very slow start for the third quarter.

Consensus Outlook
The nation's goods deficit is expected to widen to a consensus $69.4 in July vs $67.9 billion in June (revised from an initial $68.3 billion). July's result will mark the first input for third-quarter net exports, which proved very favorable in the second quarter.

The Census Bureau is now publishing an advance report on U.S. international trade in goods. The Bureau of Economic Analysis will incorporate these data into its estimates of exports and imports for the advance GDP estimates. This is expected to reduce the size of revisions to GDP growth in the second estimates.

Note that data in the advance goods report are accounted for on a census basis and can differ slightly from subsequent data in the international trade report where goods data are accounted for on a balance of payment basis to adjust for changes in ownership that can occur without goods passing into or out of the US.  Why Investors Care

2018 Release Schedule
Released On: 1/262/273/284/265/306/277/268/289/2710/2511/2812/28
Release For: DecJanFebMarAprMayJunJulAugSepOctNov

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