Itaú BBA - Stronger imports yield weaker trade surplus in July

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Stronger imports yield weaker trade surplus in July

August 1, 2019

Stronger imports yield weaker-than-expected trade surplus in July


For the version with all charts and tables, please open the attached pdf file
 

• The trade surplus in July reached $2.3 billion, missing our forecast ($3.2 billion) and market expectations ($3.4 billion). Stronger growth in imports was behind the deviation from our call. The seasonally-adjusted annualized quarterly moving average receded to $41.1 billion in July from $50.4 billion in June, while the surplus over 12 months receded to $55.1 billion from $56.7 billion. 
 

Thales Caramella
 

For the version with all charts and tables, please open the attached pdf file



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