2017 Economic Calendar
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International Trade in Goods  
Released On 7/27/2017 8:30:00 AM For Jun, 2017
PriorPrior RevisedConsensusConsensus RangeActual
Balance$-65.9 B$-66.3 B$-65.0 B$-67.2 B to $-63.2 B$-63.9 B
Exports % change0.4 %0.1 %1.4 %
Imports % change-0.4 %-0.3 %-0.4 %

Net exports in second-quarter GDP look to get a break as June's goods deficit is a smaller-than-expected $63.9 billion vs expectations for $65.0 billion. Exports surged 1.4 percent in June led by food products but also including a big gain for capital goods exports and also vehicle exports. Imports of goods fell 0.4 percent with sizable declines for industrial supplies and consumer goods.

In another plus for second-quarter GDP, advance data on wholesale and retail inventories, which were also released with the goods report, both rose 0.6 percent.

The burst in exports is a positive not only for GDP but for a factory sector which, as reflected by this morning's durables report, is still mixed but looking better.

Consensus Outlook
Exports of goods were up in May and imports of goods were down and further improvement, helped by low oil prices, is expected in June with the consensus at a $65.0 billion deficit vs May's $67.5 billion. June's total will be an input into second-quarter GDP and will be closely watched. Advance data for wholesale and retail inventories in June, which are also GDP inputs, will also be released with this report.

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

2017 Release Schedule
Released On: 1/262/283/284/275/256/287/278/289/2810/2611/2812/28
Release For: DecJanFebMarAprMayJunJulAugSepOctNov

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