GHY Tradelines

An updated list of recently published government memorandums, notices, regulations and decisions for the week ending April 13, 2011 is now available on our website here.
 

(MercoPress)

The U.S. and forty countries which formalized a joint statement before the World Trade Organization complaining about Argentina’s trade restrictions are considering moving a step further and begin a “disputes settlement” process which could lead to an open condemnation if the administration of President Cristina Kirchner does not lift the protectionist network.

According to Buenos Aires daily Clarin quoting WTO sources in Geneva, “expectations are that it will be the U.S. that presents the “disputes settlement” process since the White House was the main sponsor of the joint statement. The process could end with a formal condemnation of Argentina opening the way for commercial reprisals”. Read more here.
 

(STR Trade Report)

Trade statistics released April 12 by the Department of Commerce show that the monthly U.S. trade deficit in goods and services reversed a recent trend in February and dropped $6.5 billion (12.4%) to $46.0 billion. Exports saw a small increase, up $0.2 billion to $181.2 billion, but imports fell $6.3 billion to $227.2 billion. Compared to a year earlier, the February trade deficit saw a $0.6 billion gain (compared to $5.0 billion in January) as exports climbed $15.4 billion (9.3%) and imports rose $16.1 billion (7.6%).

According to DOC, the goods trade deficit fell $6.0 billion in February to $61.4 billion while the services surplus edged up $0.5 billion to $15.4 billion. Exports of goods lost $0.6 billion to $128 billion while imports declined $6.5 billion to $189.4 billion. Services exports were up $0.8 billion to $53.2 billion and imports moved ahead $0.2 billion to $37.8 billion.

The politically sensitive bilateral trade deficit with China plummeted 25.4% to $19.4 billion and the deficit with Korea fell 71.4% to $0.4 billion in the month before the U.S. free trade agreement with that country took effect. Deficits also declined with the European Union (30.6% to $5.9 billion), Germany (12.2% to $3.6 billion), Ireland (4.3% to $2.2 billion) and Taiwan (38.5% to $0.8 billion) as well as major oil suppliers Canada (42.9% to $2.8 billion), Venezuela (5% to $1.9 billion) and Nigeria (30.8% to $0.9 billion). Deficits increased with Japan (12.9% to $7.0 billion) and Mexico (38.1% to $5.2 billion). The U.S. ran trade surpluses with Hong Kong (up 47.6% to $3.1 billion), Australia (up 6.3% to $1.7 billion), Singapore (down 12.5% to $0.7 billion) and Egypt (unchanged at $0.2 billion).
 

(The Globe and Mail – Kevin Carmichael)

The most alarming statistic in Bank of Canada Governor Mark Carney’s trade speech last week was this one: among Group of 20 countries, only Britain has lost a greater share of international trade since 2000 than Canada.

Some trading nation, eh?

Canada’s share of imports by the world’s major economies shrunk over the past couple of decades, with one exception: Mexico, the unsung hero of the global economy.

A few weeks ago, Export Development Canada chief economist Peter Hall did me the favour of crunching some numbers. […] Using the International Monetary Fund’s “Direction of Trade” data, Mr. Hall showed that Canadian exporters might finally be doing some serious business with Canada’s other partner in the North American free-trade agreement. Canada’s share of Mexican imports was 2.9% in 2010, down slightly from 3.1% in 2008 and 2009. But that’s markedly better than 1993, when Canadian exports represented 1.8% of Mexico’s purchases from abroad. Read more here.