Article source: ConstructConnect
Transocean Delivery Delays and an Oil Price-Slide Effect
At least neither the U.S. nor Canada has entered the coronavirus ‘soft spot’ with a worsening foreign trade picture.
For either country, a growing trade deficit would have meant another hard knock beyond the slings and arrows already assaulting gross domestic product (GDP) from coronavirus shocks.
In March, the U.S. goods and services foreign trade deficit shrank by -12.2% m/m. America’s deficit is now positioned at a level (-$479 billion USD annualized) below half a trillion dollars for the first time in three-and-a-half years, dating back to September 2016.
Canada’s merchandise trade deficit (i.e., for ‘goods’ alone) also retreated in the latest month, by more than a third versus February. The Canadian shortfall in March was a small -$12 billion CAD annualized.
