Published: 2024-07-23T12:02:46.000Z
Preview: Due July 24 - U.S. June Advance Goods Trade Balance - Deficit to increase further
Senior Economist , North America
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We expect June’s advance goods deficit to see a sixth straight increase, to $100.0bn, from $99.4bn in May, reaching its highest level since May 2022.
We expect exports and imports to both rebound from weaker May data, exports by 2.0% despite a 0.5% decline in price and imports by 1.5% with prices flat. Supporting exports will be higher Boeing exports in June and a rise in manufacturing output.
While we expect exports to see the larger rise in percentage terms imports will see the larger rise in USD terms. The data, together with advance retail and wholesale inventory data released with the advance goods trade data could bring some fine tuning of forecasts for Q2 GDP, due on July 25.
