Trade winds carry no goods cheer in August
SummaryAkin to July, much of the decline in exports and imports in August was driven by the sharp year-on-year contraction in oil shipments led by lower price and volume.
Goods trade marked another month of lacklustre performance. Trade deficit widened to a 10-month high of $24 billion in August as import and export performance remained dismal. Headline exports contracted by 6.9% year-on-year last month, a faster pace compared to the 5.2% drop seen in imports.