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Latin America
Looking at trade trends
U.S. trade data is a bit stale compared to that of China, but the data provides a good read on economic activity. The graphic below displays the trend in real non-oil exports and imports. The data is consistent with a slower trend in economic growth. Imports have trended sideways over the past few months and are below the March 2012 high. Exports are also below their recent peak in March 2012. It looks like companies are cautious about building inventories, while weak growth overseas is restraining export growth.
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*Disclaimer: The information in the Market Commentaries was obtained from sources believed to be reliable, but we do not guarantee its accuracy. Neither the information nor any opinion expressed therein constitutes a solicitation of the purchase or sale of any futures or options contracts.
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