US: Advanced goods trade balance to register $65.3bn deficit in June - Nomura

Based on incoming container data at US ports, goods exports growth likely slowed in June after a strong jump in May, which was driven by a transitory surge in soybean exports, according to analysts at Nomura.

Key Quotes

“Soybean exports will likely decline in coming months, slowing overall exports growth. Moreover, container data suggest that nominal imports likely rose sluggishly in June.”

“All in all, we expect the advance estimate of goods trade balance for June to register $65.3bn deficit following $64.8bn in May.”