By John Galt
August 11, 2011 – 09:30 ET
The fact that the U.S. trade deficit widened to $53.1 billion due to a drop in exports is not a shock unless you’ve been living under a rock (Read the entire Census Bureau release by clicking on this link). The chart from the government should not come as a shock to anyone as our nation is no longer the export dynamo we once were:
The surprising report was the one from Canada which indicated a CA$1.6 billion trade deficit for June, up $1 billion from the prior month due to a sharp drop in energy exports. The report from Statistics Canada:
Canada’s merchandise exports fell 1.7% in June while imports decreased 0.2%. As a result, Canada’s trade deficit with the world widened from $1.0 billion in May to $1.6 billion in June.